A Literature Review on Customer Relationship Management in Banks

A Literature Review on Customer Relationship Management in Banks

Narayan C. Baser, Dhavalkumar Gunvantlal Thakar
DOI: 10.4018/IJCRMM.2015100103
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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 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. The purpose of this study is to determine the usefulness of CRM implementation on customer contentment and perceived business performance. It takes stock of findings and conclusion of different researchers so that it can provide fruitful insight into the CRM implementation. Also the paper put forward the view of various researchers together so that a conclusive picture can be drawn regarding CRM and its benefits.
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Love Kumar Patwa and Kush Kr. Patwa’s (2014) paper, “An Analytical Study of CRM Practices in Public and Private Sector Banks in the State of Uttar Pradesh” (Pacific Business Review International, Vol. 6, Issue 7, pp. 60-69), examines the relative Customer Relationship Management (CRM) performance and evaluates its collision on customer retention between the private and public banks of Uttar Pradesh. Stratified random sampling technique is used for present study for administrating the questionnaire. The sample had been collected from the 04 banks situated in Uttar Pradesh. The researchers have considered two public (UBI & OBC) and two private (AXIS & ING VYSYA) sector banks for the study. The sample size of the study is 328 respondents. It was found that the private sector banks have been able to implement the CRM practices more effectively when compared to their public sector counterparts. This indicates that strategically speaking, the private sector banks have been more innovative in understanding their customers and in building good relations with them. The analysis of the results received suggest that the banks (public and private) are equally affected by the kind of CRM initiative they undertake. The banks are now under tremendous pressure to retain the older customers because of the competition in banking sector. This would not only ensure better customer relations but also loyalty among them, which is very critical and important in today’s competitive world. The banks can do this by building a strong relationship with the customers.

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