Customer Relationship Management in Indian Commercial Banks

Abstract

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 longlasting experience. The purpose of this study is to determine the usefulness of CRM implementation on customer contentment and perceived business performance. Various references in respective field conclude that successful CRM implementation requires complete efforts for the development of the three segments, i.e. attainment, enhancement and service recovery phases. In addition, there is a sturdy relationship between CRM implementation and customer satisfaction as well as apparent business conductance. A survey on commercial banks in India reveals that CRM implementation is absolutely linked with customer satisfaction and apparent business conductance. Moreover it is revealed that frequent rate of getting in touch with customers and recovery of services facilitates in retention of customers. Leaking bucket theory also suggests that retention of customers is 10 percent more profitable then attracting new customers every time. Attainment, regular contact and evaluation of customers direct towards improved customer loyalty (by repeat purchase, positive word of mouth publicity) and employee sentiments. In a administrative point of view, this research provides an outline of the impact of CRM efforts on the magnitude of customer satisfaction and apparent business conductance.