Preview

How Does Customer Relationship Management Help Companies Develop Customer Insights and Deliver Superior Customer Value

Powerful Essays
Open Document
Open Document
3689 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
How Does Customer Relationship Management Help Companies Develop Customer Insights and Deliver Superior Customer Value
From the 1991 India economic crisis to its status of third largest economy in the world by 2011, India has grown significantly in terms of economic development. So has its banking sector. During this period, recognizing the evolving needs of the sector, the Finance Ministry of Government of India (GOI) set up various committees with the task of analyzing India 's banking sector and recommending legislation and regulations to make it more effective, competitive and efficient.[1] Two such expert Committees were set up under the chairmanship of M. Narasimham. They submitted their recommendations in the 1990s in reports widely known as the Narasimham Committee-I (1991) report and the Narasimham Committee-II (1998) Report. These recommendations not only helped unleash the potential of banking in India, they are also recognized as a factor towards minimizing the impact of global financial crisis starting in 2007. Unlike the socialist-democratic era of the 1960s to 1980s, India is no longer insulated from the global economy and yet its banks survived the 2008 financial crisis relatively unscathed, a feat due in part to these Narasimham Committees.[2]

Recommendations of the Committee
The 1998 report of the Committee to the GOI made the following major recommendations:
[edit] Autonomy in Banking
Greater autonomy was proposed for the public sector banks in order for them to function with equivalent professionalism as their international counterparts.[11] For this the panel recommended that recruitment procedures, training and remuneration policies of public sector banks be brought in line with the best-market-practices of professional bank management.[4][6] Secondly, the committee recommended GOI equity in nationalized banks be reduced to 33% for increased autonomy.[4][12][13] It also recommended the RBI relinquish its seats on the board of directors of these banks. The committee further added that given that the government nominees to the board of banks are often

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Customer relationship management or CRM is not just the application of technology, but is a strategy to learn more about customers' needs and behaviours in order to develop stronger relationships with them. It enables businesses to:…

    • 542 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    5. “The Narasimham Committee recognized that the quantitative success of the public sector banks in India was achieved at the expense of deterioration in qualitative factors.” Critically examine this statement.…

    • 13649 Words
    • 55 Pages
    Powerful Essays
  • Powerful Essays

    The Indian banking can be broadly categorized into nationalized (government owned), private banks and specialized banking institutions.The Reserve Bank of India acts a centralized body monitoring any discrepancies and shortcoming in the system. Since the nationalization of banks in 1969, the public sector banks or the nationalized banks have acquired a place of prominence and has since then seen tremendous progress. The need to become highly customer focused has forced the slow-moving public sector banks to adopt a fast track approach. The unleashing of products and services through…

    • 3120 Words
    • 13 Pages
    Powerful Essays
  • Powerful Essays

    Hospitals are the important places for the patients to get treatments and medicines in order for them to cure their sickness. Hospital Kuala Lumpur has many databases of its patients’ profiles. However, there is a significant problem where the patients have to queue up for a very long time to register before they can get any treatment from the doctors. In addition to that, they also have the same problem when they go to other department such as pharmacy where they have to reregister themselves again before getting their medicines. This project is used to identify the various procedures at the hospital as well as to investigate the possible operational problems that may lead to excessive patients’ waiting time. A patient’s experience in waiting time will radically influence his or her perceptions on quality of the service.…

    • 2259 Words
    • 10 Pages
    Powerful Essays
  • Powerful Essays

    Pest Analysis for Bank

    • 1636 Words
    • 7 Pages

    * 2. The banking system remains, as always, the most dominant segment of thefinancial sector. Indian banks continue to build on their strengths under theregulators watchful eye and hence, have emerged stronger. The banking sector in India has made significant progress in the last five years –the growth is well reflected through parameters including profitability, annual creditgrowth, and decline in non-performing assets (NPAs) Growth in the sector has been favoured by factors including low defaulterratio, strong economic growth, central bank’s regular intervention and pre-emptiveadjustment of monetary policy. The policy makers for the banking sector, which comprise the Reserve Bank ofIndia (RBI), Ministry of Finance and related government and financial sectorregulatory entities, have made several notable efforts to improve regulation in thesector…

    • 1636 Words
    • 7 Pages
    Powerful Essays
  • Good Essays

    Making sense of customer relationship management   Software applications that automate the marketing, selling and service functions of the businesses. Levels of CRM: ◦ Strategic CRM ◦ Operational CRM ◦ Analytical CRM    Winning and keeping profitable customers Focused on the development of a customer – centric company Three other major business orientations: ◦ Product – centric ◦ Production centric ◦ Sales – centric  Focused on: ◦ marketing automation (market segmentation, campaign management, event – based marketing)…

    • 1562 Words
    • 7 Pages
    Good Essays
  • Powerful Essays

    Role of Rbi

    • 2251 Words
    • 10 Pages

    Fundamentally, Indian financial system is supporting by banks, reserve bank of India (RBI) is playing the critical role of regulating and supervising such banks as well as ensuring the soundness and safety of banking system which leads to financial stability. As a regulator and supervisor, RBI ensures a frame work for operations and development of banking industry which is focusing for the conductive customer interests and financial stability of the country through certain preventive measures.…

    • 2251 Words
    • 10 Pages
    Powerful Essays
  • Satisfactory Essays

    To know the factor which influence to buy the two wheeler in SRI Meenakshi Honda…

    • 798 Words
    • 4 Pages
    Satisfactory Essays
  • Powerful Essays

    I hereby declare that this Project Report titled “A Study on Customer Relationship management ” submitted by me to Bonam Venkata Chalamayya Institute of Technology & Sciences is a bonafide work undertaken by me and it is not submitted to any other University or Institutions for the award of any degree diploma/certificate or published any time before…

    • 15601 Words
    • 68 Pages
    Powerful Essays
  • Good Essays

    • A customer or market-oriented company shares a set of beliefs about putting the customer first. It…

    • 8020 Words
    • 50 Pages
    Good Essays
  • Powerful Essays

    This paper discuss the Customer Relationship Management concept through customer satisfaction maximization and customer retention driven by drivers of quality, IT and database marketing. This paper gives an outline of QCi elements to assist a argument on how the model manages customer in a proficient manner, by maintaining quality and efficiency, by simplicity of doing business, by problem solving, by appropriateness and in a affable ready for action setting.…

    • 1765 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    old. It originated from the early 1990’s because of the emerging demands in the world…

    • 20705 Words
    • 83 Pages
    Good Essays
  • Powerful Essays

    Since the origin of the Banking Sector in India, it has seen remarkable changes and to keep on with the rhythm of progress, it has successfully adopted the changes as well. India, also being accounted for the country having one of the highest populations in the world, there has always been a never-declining crave for funds to carry on their livelihood. Thus the onset of Banking Industry proved to be a boon for all the Indians.’…

    • 27235 Words
    • 109 Pages
    Powerful Essays
  • Powerful Essays

    We start with a brief history of banking regulation in India. We then move on to outline some of the principal reforms that were implemented in the 1990s and their impact on the banking sector. Although this section…

    • 1416 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    the Indian banking sector. The policy makers, which comprise the Reserve Bank of India (RBI), Ministry of Finance and related government and financial sector regulatory entities, have made several notable efforts to improve regulation in the sector. The sector now compares favourably with banking sectors in the region on metrics like growth, profitability and non-performing assets (NPAs). A few banks have established an outstanding track record of innovation, growth and value creation. Banking in India was…

    • 3809 Words
    • 16 Pages
    Powerful Essays