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Public Sector Bank Case Study

812 Words4 Pages

According to the question, the public sector bank is currently striving to differentiate itself from the private sector banks’ which are its immediate competition. The main challenge is that the bank has been unable to cultivate more profitable relationships with the customers which has impacted its growth. The customers at the bank complain about the employees who are not informed about each customer 's account information, needs, preferences, and interaction history.

Now, to compete with the private sector banks, the public sector bank must implement CRM (Customer Relationship Management), which would help them to gain insights into the customer preferences and will enable them to serve their customers better.

Customer Relationship Management …show more content…

Many organisations try up-selling and cross-selling their products for enhancing the value of their customers. Generally, customers do not give any positive response to products that are not related to their requirements. In such a case, an organisation may need to go for a down-sell option. The customer development process of the public sector bank can be successful if they manage to up-sell or cross-sell different banking schemas to their existing customers to meet the requirements of customers. Thus, it will achieve high-level of customer …show more content…

Mobile CRM:
It is an application that allows remote employees to interact with customers and access and update their data, using mobile devices such as smart phones and tablets. The advent of a number of smart phones worldwide has led organisations to use mobile phones as a key medium for customer engagement.
The benefits that the introduction of Mobile CRM will bring to the public sector bank are: o It will allow the bank to reach out its customers quickly o It will increase the sales productivity and effectiveness of the bank. o It will help the bank in following up processes. o It will improve the lead conversion rates, thereby gaining a competitive edge. o It will reduce the cost associated with sales staff turnover.

The Mobile CRM will also dissolve the current challenges of the bank: o Customer account information: The mobile application will readily provide the customer account information via secured

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