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A Study on Customer Relationship Management in Banking Services

Abstract:

Consumers mainly select their banks based on how convenient the locations of bank’s branches are to their homes or offices. After the development of new technologies in the business of bank, such as Internet Banking and ATMs, now customers are freely choosing the bank for their transactions. The pressures of competitive and dynamic markets have contributed to the growth of CRM in the Financial Services Sector. 5% increase in customer retention can increase profitability by 35% in banking business, 50% in insurance and brokerage, and 125% in the consumer credit card market. Banks are now focusing more on retaining customers and increasing market share. Customer Relationship Management is becoming an important factor in Indian banking sector. Now each and every bank is realizing the significance of relationship with customer to survive in the competitive world. So, in this paper, we have discussed the Role of Customer Relationship Management (CRM) in the Indian banking Sector.

Author Name : Dr.A.Hema Malini

Keywords: Banking Sector, Customer Relationship Management, Customer Centric, Financial Institution.