Analytical study of CRM: As a strategic tool in Banking sector in Western Vidarbha with reference to Akola District Prof. Dr. G. L. Pedhiwal.
HOD (Co-ordinator) Smt.L.R.T. College of Commerce, Akola.
& Sanjay J.Tale
Abstract : Customer relationship management systems are being widely across various sectors and have emerged as a popular business strategy in today's competitive environment in companies. It has been viewed as a process aimed at collecting customer data, find profiles of customers and use the customer knowledge in specific marketing activities. It is a discipline which enables the companies to identify and target their most profitable customers. CRM implementation is on way in many Indian banks. However such implementations are not without hiccups. This paper takes a look at the status of a CRM in major banks operating in Western Vidarbha District. CRM involves new and advance marketing strategies which not only retain the existing customers but also acquire new customers and also analyzes their efforts in terms of a strategic framework and points out some of the deviations that have occurred in the implementations. It has been invented as a unique technique capable of remarkable changes in total output of companies.
INTRODUCTION: Rising competition, proliferating customer contact, intensifying attacks on customer information, increasing customer expectations, identifying new marketing opportunities etc have made Banking Sector to face superior challenges than ever before in executing their Customer management strategies. Every organization believes in the significance of knowing the customer. The current economic environment and financial crisis has most probably led many financial services institutions to focus on their CRM strategies while screening customer relationship as a key to profitability of a retail activity and managing the cost and risk associated with... [continues]
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