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Deploying the Customer Relationship Management (Crm) in Retail Banking

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Deploying the Customer Relationship Management (Crm) in Retail Banking
DEPLOYING THE CUSTOMER RELATIONSHIP MANAGEMENT (CRM) IN RETAIL BANKING
A Research Paper

Company: HDFC Retail Banking, India.

Submitted By
ANIL KUMAR DEVARAKONDA (111-00-2004)
DATE: August 21st, 2011

COURSE: MKTG 510 – Electronic Commerce

INSTRUCTOR: PROFESSOR GEORGE EDEH

UNIVERSITY OF NORTHERN VIRGINIA
7601 LITTLE RIVER TURNPIKE,
ANNANDALE, VA 22003

Abstract
This research paper attempts to conduct a study of deployment of Customer Relationship Management (CRM) best practices in the context of retail banking, specific to HDFC private sector retail bank, one of the largest banks in India with presence in 14 other countries. The research objective involves describing how the selected bank is deploying the Customer Relationship Management (CRM). Best Practices toward building relationships with their retail customers. The case study method is the recommended research method in such situations when we deliberately want to cover the contextual conditions because they may be highly pertinent to the phenomenon of study. The research study identifies some CRM Best Practices after extensive literature review.

Customer Relationship Management: Customer relationship management (CRM) is a widely-implemented strategy for managing a company’s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes principally sales activities, but also those for marketing, customer service, and technical support. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service. Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments. Measuring and valuing customer relationships is critical to implementing this strategy.

Benefits of CRM:
A CRM


References: Retrieved from http://www.hdfcbank.com Retrieved from http://www.google.com Electronic Commerce, EfraimTurban, Pearson Education Inc. 2008. Sin, L. Y., Tse, A. C., and Yim, F. H. (2005), “CRM: Conceptualization and scale development”, European Journal of Marketing Jackson, B. (1985), “Building customer relationships that last”, Harvard Business Review
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