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E-Crm in Indian Banks

In: Business and Management

Submitted By balladur
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Delhi Business Review ? Vol. 2, No. 1, 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 and effectively. In India the monopoly of banks over payment systems would be broken very soon after the launching of satellite based money order services by the P & T department. Now banking activities are not confined to borrowing (collection of savings) and lending (disbursement of loans), but provides a plethora of services keeping in...

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