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Advantages And Disadvantages Of Customer Relationship Management In Banking

1423 Words6 Pages

In Current scenario, the banking sector across the globe and in India has recorded exceptional transformation which is being the trend undergoing. This wave is started in 1990 at global level and it is been started in India after 2000 which enables the risk as well as the high competition among the financial institutions especially banks. The foreign trade beyond borders and horizons are tending the traditional as well the modern banks to adopt and to Implement the latest technologies and trends. The concepts like technical advancements, Product mix, CRM, etc which are being introduced by new players are tending traditional bank players to Incorporate latest trends like operations, CRM etc to strengthen their operations and stay ahead in competition.
Customer Relationship Management is the technical and technology enabled system which is constantly tending and mending companies to identify the changing customers preferences in goods, products and services etc and plan strategy as per the customer satisfaction levels. Customer Relationship Management helps in developing business vulnerably, it is a constant process which helps organizations build long term relationship with its customers.
The CRM in Banking segment have multi sector advantages which can be predominantly classified into Advantages for Banks, Advantages tom customers, and advantages for employees.

(i) Advantages to Customers
 There is a more structured and professional proceed to customer contact.

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