...RELATIONSHIP MANAGEMENT | CRM IN BANKING INDUSTRY | Submitted by- Kartikeya Vairagare 046 laxita Chauhan 048 Manvendra Gautam 050 Mohit dave 053 Pranit Bhagat 055 Piyush Shende 057 Shambhavi Singh 078 | Introduction In recent time, we has witnessed that the World Economy is passing through some intricate circumstances as bankruptcy of banking & financial institutions, debt crisis in major economies of the world and euro zone crisis. The scenario has become very uncertain causing recession in major economies like US and Europe. This poses some serious questions about the survival, growth and maintaining the sustainable development. However, amidst all this turmoil India’s Banking Industry has been amongst the few to maintain resilience. The tempo of development for the Indian banking industry has been remarkable over the past decade. It is evident from the higher pace of credit expansion, expanding profitability and productivity similar to banks in developed markets, lower incidence of non- performing assets and focus on financial inclusion have contributed to making Indian banking vibrant and strong. Indian banks have begun to revise their growth approach and re-evaluate the prospects on hand to keep the economy rolling. 1. HISTORICAL BACKGROUND Bank of Hindustan was set up in 1870; it was the earliest Indian Bank. Later, three presidency banks under Presidency...
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...January - June, 2001 E-CRM IN INDIAN BANKS AN OVERVIEW R.K. Mittal Rajeev Kumra T ECHNOLOGY, people and customer are the three elements on which hinges the success of banking in the fast changing economic environment. The ultimate performance of a bank depends upon the satisfaction of its customers. In the emerging competitive and technological driven banking era, banks have to strive hard for retaining and enlarging their customer base. E-CRM, which is the latest buzzword in the corporate sector, is perceived as one of the effective tool in this direction by the banks. Its emphasis is on defining the customers as valuable in the long-term and on viewing customer relationships as a learning relationships. The concept of CRM, when seen in the context of e-business, it translates into e-CRM, which essentially deals with managing customer interactions over the web. The present paper attempts to analyze the concept of e-CRM in Indian banks from its various dimensions covering specifically its need, process, present status and future prospects. Introduction The advancement in information and communication technology has made the new millennium, emillennium. The dividing line between banks and non-banking financial institutions, like insurance and mutual funds, is getting blurred. Competition from players in the market has resulted into products and services traditionally offered by banks and financial institutions, are now being offered by non-banking organizations more efficiently...
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...THESIS ON E-ENABLED RELATIONSHIP MANAGEMENT IN BANKING SECTOR IN INDIA EXECUTIVE SUMMARY Relationship banking may be defined as the provision of financial services by a financial intermediary on the basis of long-term investment in obtaining firm or customer specific information through multiple interactions with diverse financial services (Boot, 2000). E- Enabled Relationship banking system refers to use of Information Technology and especially the internet. Customers could get connected by a network service provider directly to a host computer system of a bank such that customer service requests can be processed automatically without need for intervention by customer service representatives. Most of these systems are capable of distinguishing between those customer service requests which are capable of automated fulfillment and those requests which require handling by a customer service representative. Marketing is different from selling mainly in terms of orientation. In selling the efforts are product centred where as customer centric is the key to marketing. Marketing starts with target market and earns through customer satisfaction. Bank credit is a service product and not a physical product like soap. The service product is difficult to market because it is intangible, perishable (ends with single transaction), its heterogeneity makes each...
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...Abstract In the last few years, the Iranian banking system has consistently ignored customer-orientation and its fundamental. Therefore, the banking system has not been able to use recent modern marketing very well, because of various economic and social problems such as the governmental banking system and the excess of the demand rate over supply. People do not have any incentive to use Iranian banking system, because banking system do not pay attention to their priority values and needs and just present similar services in all branches of country’s banks. Therefore, the customers refer to the banks inevitably to satisfy their elementary needs, in other words it should said that, in the current situation the people serve the banks, not the banks serve people. Regarding the environmental changes that are front of us, the banks should emphasize on its equipping, recognizing the customer’s need and expectations and regard to market situation. Because every bank can recognize and secure these needs before rivals will success in the competition field. This study attempted to analysis the role of customer communication management in Iranian banks and its weakness, strengths and goals, in addition, its executing 2 effects and the basic role of customer as a basic and critical element for remaining the banking system. Finally, some suggestions present for reforming and improving the quality of services in the banking system. Keywords: Customer Relationship Management...
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......... 4 Measurement of CRM Technologies................................................................ 9 * Informationg Gathering Process................................................... 9 * Storing the information and Analyzing the Data.......................... 12 * Delivering Information................................................................. 17 * Integrated Front Ofiice................................................................. 19 * The next development.................................................................. 20 Practices of Relationship Marketing................................................................. 21 * Relationship marketing from boc’s point of view....................... 21 * Activities undertaken to develop relationships with customers... 23 * Different Levels of relationship Marketing.................................. 29 INTRODUCTION The Bank of Ceylon is the premier state owned commercial bank in Sri Lanka which has been operating in the banking industry for the past 72 years since 1939. Bank of Ceylon has evolved continuously over the years, undergoing changes in its business operations, branch network, ownership, people, products and services to emerge as the largest financial service provider in Sri Lanka. Through a network of 307 local and 2 overseas branches in Male and Chennai, Bank of Ceylon provides diversified fully-fledged banking services in the following...
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... PROJECT GUIDE PROF. .............................................. College Name PROJECT REPORT ON “CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK” SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF DEGREE OF B.COM – BANKING & INSURANCE BY ................................... ROLL NO – ............... T.Y.BBI (SEMESTER V) .................... CERTIFICATE NAAC ACCREDITED B++ This is to certify that, Mr./Miss Of T.Y.B.B.I Semester V (2011-12) has successfully completed project on Under the guidance of _________________________________________ (Signature of Project Guide) (Signature of Principal) (Signature of Coordinator) (Signature of External) DECLARATION I Mr./Miss the student of S.I.W.S N.R Swami College of Commerce & Economics, studying in T.Y. B.Com – Banking & Insurance ( Semester V), hereby declare that I have completed the project report on “CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK” in the academic year 2011 – 2012. The information submitted is genuine and practical to the best of my knowledge. Date: __________ _____________...
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...CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK UNIVERSITY OF MUMBAI PROJECT REPORT ON “CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK” T.Y.B.B&I (SEMESTER V) ACADEMIC YEAR: 2011 – 2012 SUBMITTED BY ............................ ROLL NO – ................... PROJECT GUIDE PROF. .............................................. College Name PROJECT REPORT ON “CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK” SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF DEGREE OF B.COM – BANKING & INSURANCE BY ................................... ROLL NO – ............... T.Y.BBI (SEMESTER V) .................... CERTIFICATE NAAC ACCREDITED B++ This is to certify that, Mr./Miss Of T.Y.B.B.I Semester V (2011-12) has successfully completed project on Under the guidance of _________________________________________ (Signature of Project Guide) (Signature of Principal) ...
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...CRM : Making it simple for banking industry. Submitted To: Submitted by: Prof. K. Siva Reddy Sachin Bansal 09BSHYD0711 Tanmay Garg 09BSHYD0912 Prerak Dhawan 09BSHYD0586 Preetish Kr. Singh 09BSHYD0585 Sarita Sethi 09BSHYD0742 Priyanka Gunturu 09BSHYD0600 Index 1. Introduction to banking 3 Importance of banking 3 Need for CRM 4 2. Introduction to CRM 5 Phases of CRM 5 Benefits of CRM 6 Types/variations of CRM 7 Implementations of CRM 10 Importance of CRM in banking 12 Challenges in CRM implementation 14 3. CRM initiatives at SBI 16 CRM and SBI Life 16 4. CRM initiatives at HDFC Bank 19 About HDFC bank 19 Challenges 20 CRM solutions 20 Results 21 VbV facility for HDFC customers 21 Offers 21 RAP computer telephony integration 22 5. Research Methodology 23 Objective 23 Methodology 23 Demographics of sample 23 Data Analysis 24 Qualitative Analysis 25 Quantitative Analysis 27 Data Interpretation 29 6. Conclusion 30 7. References 31 Introduction to Banking Sec 5 (b) of the Banking Regulation Act, 1949 defines banking as “accepting for the purpose of lending or investment...
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...CRM in Banks: A Comparative Study of Public and Private Sectors in Pakistan Asim ul Haq H. M. Jamal Sarwar Tahir Hanif Management Sciences Department, Hajvery University, Lahore E-mail:aaim_14@yahoo.com, tahir.ibp@gmail.com, funkaari@hotmail.com Abstract The banking industry of Pakistan is now running in a dynamic challenge concerning both customer base and performance. Today, many banks are rushing to become more customer focused. A key component of many initiatives is the implementation of Customer Relationship Management (CRM) concept. CRM has its origin in the basic paradigm of bank marketing, i.e. to satisfy customers with the best possible alternative in the market through a relational exchange process. This paper reports on a research study of the adoption and use of CRM in banking sector and is just a small step in understanding the multidimensional construct of customer relationships and its implications in competitive environment. Keywords: CRM, Customer satisfaction, Service quality, Bank Introduction The banking sector is facing enormous challenges of attracting the new customers and retaining the existing ones. The problems commonly encountered by the bankers are shifting of customer loyalty, difficulty in synchronizing demand and supply, controlling the performance quality of human interaction, etc. – need to be articulated and tackled by managers. The attraction, retention, and building strong customer relationships through quality services are at the heart...
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...INTRODUCTION TO CRM 1.1 INTRODUCTION [pic] CRM, or Customer relationship management, is a number of strategies and technologies that are used to build stronger relationships between companies and their customers. A company will store information that is related to their customers, and they will spend time analyzing it so that it can be used for this purpose. Some of the methods connected with CRM are automated, and the purpose of this is to create marketing strategies which are targeted towards specific customers. The strategies used will be dependent on the information that is contained within the system. Customer relationship management is commonly used by corporations, and they will focus on maintaining a strong relationship with their clients. There are a number of reasons why CRM has become so important in the last 10 years. The competition in the global market has become highly competitive, and it has become easier for customers to switch companies if they are not happy with the service they receive. One of the primary goals of CRM is to maintain clients. When it is used effectively, a company will be able to build a relationship with their customers that can last a lifetime. Customer relationship management tools will generally come in the form of software. Each software program may vary in the way it approaches CRM. It is important to realize that CRM is more than just a technology. Customer relationship...
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...CRM – The Strategic Imperatives G. SHAINESH Professor of Marketing Indian Institute of Management Bangalore shaineshg@iimb.ernet.in Session Coverage • Explosion of CRM in Marketing and IT • Enablers for the Growth of CRM • Criticality of Customer Relationships • Why Businesses Should Adopt CRM? • Implementing CRM G. Shainesh. IIM Bangalore 2 Explosion of CRM in Marketing & IT • Academics as well as practitioners • Conferences • Journals – Special Issues • Associations & Forums • Centers for CRM • IT Solutions – Siebel, E.piphany, Oracle, SAP, Sage CRM, Microsoft Dynamics, SugarCRM, Salesforce G. Shainesh. IIM Bangalore 3 Enablers for the Growth of CRM • Emergence of service economy, • Emergence of market economy, • Global orientation of businesses, and • Aging population of the economically advanced economies G. Shainesh. IIM Bangalore 4 Enablers for the Growth of CRM ---1 • Emergence of service economy – 60-80% of GDP of developed nations – ~56% in India – greater customer orientation in services due to simultaneity / inseparability – Services early adopters of CRM • hotels, airlines, banking, financial services, telecom and retailing. G. Shainesh. IIM Bangalore 5 Enablers for the Growth of CRM----2 • Emergence of market economy – Deregulation of industries across the world in the 90s • banking, telecommunications, broadcasting and airlines – Market oriented economy necessitated customer focus and boosted the importance...
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...CRM Best Practices: A Case Study of an Indian Private Bank Kallol Das* and Renuka Garg** The current study attempts to conduct a study of deployment of CRM Best Practices in the context of Indian retail banking, specific to an Indian private sector bank, one of the largest banks in the country with presence in 17 other countries.The research objective involves describing how the selected bank is deploying the CRM Best Practices toward building relationships with their retail customers. The case study method is the recommended research method in such situations when we deliberately want to cover the contextual conditions because they may be highly pertinent to the phenomenon of study. The study identifies 29 CRM Best Practices after extensive literature review. There are six sources of evidence that can be used for triangulation of data. The current study uses only two to three sources of evidence and as a result the construct validity of the case study research is affected. Though several research papers have been published in the area of CRM practices, no publication was found, across the countries, in connection to CRM Best Practices. Introduction RM has been a part of marketing literature since more than a decade. Interestingly, there is still much debate over what exactly constitutes CRM (Sin et al., 2005). According to Parvatiyar and Sheth (2001), some of the themes represent a narrow functional marketing perspective while others offer a perspective that is broad and paradigmatic...
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...CRM JOE PEPPARD, Cranfield University School of Management, UK Today, many financial services organisations are rushing to become more customer focused. A key component of many initiatives is the implementation of Customer Relationship Management (CRM) software. Our research has highlighted that most institutions take a rather narrow view of CRM and as such, benefits have been limited. While second generation CRM has emerged to embrace the total organisation (hence Enterprise CRM), success in general has still not been widespread. In the paper, a framework is presented which is based on incorporating ebusiness activities, channel management, relationship management and backoffice/front-office integration within a customer centric strategy. © 2000 Elsevier Science Ltd. All rights reserved Once upon a time retailers, banks, insurance companies and car dealers had a close relationship with their customers. They often knew them individually, understood what they wanted, and satisfied their needs through personal customised service. As a result, they earned loyalty and a large share of their customers’ business. This, however, was a costly and inefficient system and customers effectively subsidised this relationship by paying higher prices. Over the years, through mass marketing and increased consumerism customers traded relationships for anonymity, reduced variety and lower prices. Today, through the effective use of information and communications technology, such a tradeoff is now not...
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...Relationship Management (CRM) Best Practices and Customer Loyalty A Study of Indian Retail Banking Sector Kallol Das School of Management, International Institute of Information Technology, P-14 Rajiv Gandhi Infotech Park, Hinjawadi, Pune, Maharashtra, India E-mail: getkdas@gmail.com Jitesh Parmar Shrimad Rajchandra Institute of Management & Computer Application Gopal Vidyanagar, Bardoli Mahuva Road, Dist. Surat, Gujarat, India E-mail: jiteshsp@gmail.com Vijay Kumar Sadanand Bhoj Reddy Engineering College for Women Hyderabad Vinay Nagar Saidabad, Hyderabad - 500059 Andhra Pradesh, India E-mail: nenuvijay@gmail.com Abstract The current study explores the association between deployment of customer relationship management (CRM) best practices and loyalty of profitable customers in Indian retail banking sector. The study comprises two parts. The first part called the CRM best practices survey involves the use of descriptive research design. The second part viz. case study research involves the use of embedded customer loyalty survey. The hypothesis testing based on literal and theoretical replication is done using the concept of pattern matching. The findings reveal that there is no perfect bank, as yet, across the three bank types, which has deployed all the 29 CRM best practices to the fullest extent. The results of literal and theoretical replication done by using pattern matching technique indicates no strong association between deployment of CRM best practices...
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...Technology in Banking Insight and Foresight Institute for Development and Research in Banking Technology (Established by Reserve Bank of India) Foreword The Indian banking industry, almost in keeping with the deep entrepreneurial approach of the country s business, has come a long way. This report is an effort to capture some exemplary initiatives and developments so far as well as discuss the emerging trends. The insights and understanding of the technology trends and ground-level work being done by the banks has been culled from the nominations received from banks for the IDRBT Banking Technology Excellence Awards 2010. The transformation of Indian banks in the last decade has been phenomenal from local branch banking to global presence and anywhere-anytime banking. Most of the regular banking transactions can today be carried out from mobile phones. Sustained reforms and information technology (IT) have played a pivotal role since the initiation of the second phase of reforms post 1998. The benefits of technology such as scale, speed and low error rate are also reflecting in the performance, productivity and profitability of banks, which have improved tremendously in the past decade. Regulatory initiatives from the Central Bank have also played a large role in the banking sector. Robust technology-enabled organizations have now become the mainstay of the industry. Initiatives such as electronic clearing service (ECS), national electronic funds transfer (NEFT), real-time...
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