A Study on Customer relationship management implementation towards bank with reference
ABSTARCT :
In today's highly competitive and dynamic banking environment, the concept of Customer Relationship Management (CRM) has emerged as a strategic necessity rather than a mere business function. CRM is a comprehensive approach that enables banks to understand, anticipate, and manage the needs of current and potential customers. The evolution of the banking sector, particularly after liberalization and digitization, has compelled banks to shift from product-centric strategies to customer-centric approaches. As customers become more informed, connected, and demanding, the need to build and maintain strong, long-term relationships has intensified. CRM systems help banks to analyze customer data, enhance service quality, foster loyalty, and drive profitability. By integrating technology, people, and processes, CRM aids in delivering personalized services that align with individual customer preferences. The implementation of CRM in banks signifies a transformation in how financial institutions operate, moving beyond traditional banking practices to a model focused on customer value and experience.
This study explores the implementation of CRM in banks, assessing its impact on customer satisfaction, retention, and overall performance. With increasing competition from fintech firms and digital-only banks, traditional banks are compelled to innovate in their customer engagement strategies. CRM tools offer insights into customer behavior, enabling banks to tailor products, anticipate needs, and proactively manage relationships. However, CRM implementation is not without its challenges. Banks often face hurdles related to data integration, employee training, cultural resistance, and the high cost of technological investment. This study aims to understand how banks overcome these challenges and successfully leverage CRM for strategic advantage. Additionally, it investigates customer perceptions towards CRM initiatives, examining whether they experience improved service and engagement as a result. By focusing on both institutional practices and customer responses, this research provides a holistic view of CRM in banking.
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