Customer relationship management in banking sector
Author(s): Monika Jindal
Abstract: 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. In this day and age, customers are regarded as an article of trade. With the growth of Service Marketing, Customer Relationship Management (CRM) advanced and became popular in India. CRM became crucial to cope up with exceeding competitive global market. (CRM) in a bank bring about important phases such as incorporating the communication tools to meet the needs of customers, referring each customer as individuals, and making the customer relationship an impressive and long-lasting experience. Nowadays, many businesses such as banks, insurance companies, and other service providers realize the importance of Customer Relationship Management (CRM) and its potential to help them acquire new customers retain existing ones and maximize their lifetime value. This paper deals with the role of Customer Relationship Management in banking sector and the need for Customer Relationship Management to increase customer value by using some analytical methods in CRM applications.