Role of CRM in Banking
ROLE OF CRM IN BANKING
ABSTRACT
Banks play an important role in the economic development of developing countries. The traditional functions of banking are limited to accept deposits and to give loans and advances. Today banking is known as innovative banking. Information technology has given rise to new innovations in the product designing and their delivery in the banking and finance industries. Customer services and customer satisfaction are their prime work. Current banking sector has come up with a lot of initiatives that oriented to provide better customer services with the help of new technologies. In the recent past, banks have slowly realized the importance of building and maintaining customer relationships. Concentrating and continuing customer relationship management in banks are the emerging trends in banking industries.
ROLE OF CRM IN BANKING
Dr. K. VISWA SAROJINI DEVI,
ASSISTANT PROFESSOR OF COMMERCE,
THIRUVALLUVAR COLLEGE, PAPANASAM.
INTRODUCTION
There is an unprecedented growth in the field of banking. Indian banking industry is gradually moving towards adopting the best practices in accounting, corporate governance and risk management. Today the banking industry is stronger and capable of withstanding the pressures of competition.
The bankers in India face a tough competition, and in this competition, they make hectic efforts to increase and retain their clientele base. Their offerings have become much more customer centric and customer specific than ever before. Maintaining a good relationship with customers is becoming important in banking industries. Banks can no longer rely on customer inertia in order to retain customer loyalty. Customers are drifting away from inherited relationships to managed relationships, from face-to-face to virtual banking and from branch specific to anywhere banking. Therefore, every bank should pay full attention to
ABSTRACT
Banks play an important role in the economic development of developing countries. The traditional functions of banking are limited to accept deposits and to give loans and advances. Today banking is known as innovative banking. Information technology has given rise to new innovations in the product designing and their delivery in the banking and finance industries. Customer services and customer satisfaction are their prime work. Current banking sector has come up with a lot of initiatives that oriented to provide better customer services with the help of new technologies. In the recent past, banks have slowly realized the importance of building and maintaining customer relationships. Concentrating and continuing customer relationship management in banks are the emerging trends in banking industries.
ROLE OF CRM IN BANKING
Dr. K. VISWA SAROJINI DEVI,
ASSISTANT PROFESSOR OF COMMERCE,
THIRUVALLUVAR COLLEGE, PAPANASAM.
INTRODUCTION
There is an unprecedented growth in the field of banking. Indian banking industry is gradually moving towards adopting the best practices in accounting, corporate governance and risk management. Today the banking industry is stronger and capable of withstanding the pressures of competition.
The bankers in India face a tough competition, and in this competition, they make hectic efforts to increase and retain their clientele base. Their offerings have become much more customer centric and customer specific than ever before. Maintaining a good relationship with customers is becoming important in banking industries. Banks can no longer rely on customer inertia in order to retain customer loyalty. Customers are drifting away from inherited relationships to managed relationships, from face-to-face to virtual banking and from branch specific to anywhere banking. Therefore, every bank should pay full attention to
References: 1. E. Gordon and K. Natarajan (2011), Banking Theory Law and Practice, Himalaya Publishing House, Mumbai. 2. Dr. Gurusamy, Banking Theory Law and Practice. 3. The Banking Regulations Act, 1949. 4. Dutta, K. & Dutta, A. (2009), Customer Expectations and Perceptions across the Indian Banking Industry and the Resultant Financial Implications, Journal of Services Research, 9, 31-49. 5. Khandwalla, P. N. (1995). Management Style. New Delhi: Mc-Graw Hill. 6. Rangarajan. (2010). Effective Role of Customer Relationship Management in Banking Sector, Global Research Review, New Delhi.