Customer Relationship Management

Customer Relationship Management (CRM) in Indian Banking Sector

In recent years, a rapid revolution is transforming the banking industry around the world. In early 1990s, banks and other financial intermediaries have been affected by greater risk and sharp competition due the wave of deregulation in India. Due to cross-border flows and entry of new players and products, banks are forced to adjust the product-mix and modify their processes and operations to remain competitive. Also, better tracking and fulfillment of commitments, multiple delivery channels for customers and faster resolution of incoordination is possible due to extensive use of technology.

Today banks are market driven and market responsive and every bank’s CEO is more concerned about how to increase or at least maintain the market share in every line of business against the backdrop of sharp competition.… Read the rest

Abey Francis

Case Study: Dell Social Business Strategy

Dell Inc. is one of world’ largest multinational technology corporation that manufactures sells and supports personal computer and other computer related. Dell was founded as PC’s Limited in 1984 by Michael Dell, with a start-up money totaling $1,000, when he was attending the University of Texas. Michael Dell started his business with a simple concept that selling computer systems directly to customer would be the best way to understand their needs and give them the most computing solutions. The first product of the company is a self-designed computer called Turbo PC which had lower prices than major brands. PC’s Limited was not a first company to do this but was the first to succeed, grossing $73 million in its first year trading.… Read the rest

Abey Francis

What is Electronic Customer Relationship Management (eCRM)?

Information Technology has made a huge impact on how a business operates; thereby it is being seen as an important area of commerce which needs to be tapped. Despite the large scale investments in trying to automate a business entity, many businesses have failed to attract customers. The factors such as time frame of response, understanding customer needs and new ways to attract customers are making it difficult for the businesses to cope up with. Customers pose a key role in success of an e-business and it has called for extensive research in understanding the key areas of Customer Relationship Management (CRM) in the field of Information technology.… Read the rest

Abey Francis

The 7 Core Principles of Customer Service

In any field either business, company or an institution they are usually guided by the principles of customer service. These principles help them improve the services and maintain a good relationship with their customers. Here are some of the principles of customer service that are core in any business or company. Through the core services, customer service techniques will govern the organization of the quality of service. The seven principles of customer service include; speed, accuracy, clarity, transparency, accessibility, friendliness and efficiency.

  1. Speed: This has been critical to many organizations. Through speed and responsiveness, it will determine the quality of service provided in an institution.
… Read the rest
Abey Francis

Need of Customer Relationship Management (CRM) in Banks

Retail banking refers to mass-market banking where individual customers typically use banks for services such as savings and current accounts, mortgages, loans (e.g. personal, housing, auto, and educational), debit cards, credit cards, depository services, fixed deposits, investment advisory services (for high net worth individuals) etc.

Before Internet era, consumers largely selected their banks based on how convenient the location of bank’s branches was to their homes or offices. With the advent of new technologies in the business of bank, such as Internet banking and ATMs, now customers can freely chose any bank for their transactions. Thus the customer base of banks has increased, and so has the choices of customers for selecting the banks.… Read the rest

Abey Francis

Customer Relationship Management (CRM) in the Banking Sector

Competition and globalization of banking services are forcing banks to be productive and profitable. To retain High Net Worth individuals, banks should focus strongly on relationship management with customers. Innovative Customer Relationship Management (CRM) strategies and cutting edge software can help, to a great extent, in achieving the desired results. To provide customized services, banks are opening Personalized Boutiques which provide all the required financial needs of a customer.

The entire service industry is now metamorphosed to become customer- specific. In this context, the management of customer relationship in financial services industry demands special focus. Gone are the days when customers at a bank did not mind the long serpentine queues and waited patiently for their turn with a token in their hand.… Read the rest

Abey Francis