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Essay On Crm In Banking

1802 Words8 Pages

CRM is a process that helps in maximizing private banks’ medium to long term profits which is a result of customer knowledge, the perception of the customers, customized treatment of customers, and improved fulfillment of their needs. CRM is a hot topic in the banking sector. Banks have realized that CRM is the magic bullet that helps financial institutions to establish profitable and long-term relationships. CRM can also empower private banks achieve competitive advantage over public banks by delivering high-value services to their customers.

After reading various articles from different published sources, articles, journals, business magazines, annual reports, etc. I found a lot of concepts that were of great help and importance, and I can also compare them with the actual field research that was performed on the customers of ING Vysya Bank. The study on CRM has brought new results in small business perspective such as a bank branch and it also shows the relevance of CRM model within the banking industry. The research has also made me aware of my relationship with the bank …show more content…

In a research by Ruta, Daiva and Virginija (2008), they define CRM as a system that integrates new strategic initiatives of communication with the customers. They formulate CRM as a business strategy that will meet customers’ needs such as preferred services, personal portfolio management, etc. ING Vysya Bank provides premium services to the preferred customers, and the customers are entitled to various benefits which a normal customer is not entitled. These benefits include a dedicated relationship manager to the clients, comprehensive business banking solutions, relationship pricing across products and other lifestyle privileges with the premium credit

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