CUSTOMER RELATIONSHIP MANAGEMENT AND IT'S SIGNIFICANCE IN THE BANKING SECTOR

Abstract

An organization can maintain positive client interactions by using customer relationship management, an all-encompassing business strategy. Customers are seen as the market's kings. Customers and banks have a special relationship. While some banks are adopting CRM to sustain profitable client relationships, others are still using traditional marketing due to a variety of factors, including financial targets, lack of training, new technology literacy, and failure risk. Because customers have many options in this cutthroat world and are typically not devoted to one company, CRM implementation in the banking industry can result in long-term customer retention. CRM aims to maximize the value of customers through the development, maintenance, and improvement of customer relationships. After CRM was implemented, the bank's culture shifted from being task-oriented to being result-oriented. Maintaining client happiness and boosting consumer loyalty are the goals of the CRM methodology. This paper aims to investigate the significance of customer relationship management (CRM) systems and provide a comprehensive understanding of various methodologies and techniques. This study's primary concern is that CRM has developed into a multifaceted, intricate phenomena driven by a number of variables. various factors have been employed to measure CRM because of its complexity, and these have been the subject of various previous research. The difficulties the banking industry faces are highlighted in this study. Examining CRM's applicability and influence in the Indian banking industry is the aim of this study.