International Journal of Financial Management and Economics
Vol. 4, Issue 2 (2021)
Customer relationship management practices in banks: A study
The days of the unsophisticated, uninformed, easily led customer is over-service, delivery method and price have become predominant that influence customer decision making. In such a scenario, customer relationship management enables a return to win-win thinking, transforming information into services that can lower the buyers costs without erasing the vendors profits. Over the last decade, many companies have adopted the art of customer relationship management. They have collected and sifted mountains of data on preferences and behaviour, divided buyers into even-finer segments, and honed their products, services and marketing pitches. Few Banks have bothered to look carefully at the broad context in which customers select, buy and use products and services. They have been so focused on fine-tuning their own offering that they have failed to see how those products and services fit into the real lives of their customers. Thinking in terms of customer’s scenarios has always been useful, but the arrival of the internet makes the technique more powerful than ever. This paper focuses upon the study of Customer Relationship Management practices in Banks.