Volume - 13 | Issue-1
Volume - 13 | Issue-1
Volume - 13 | Issue-1
Volume - 13 | Issue-1
Volume - 13 | Issue-1
CRM (Customer Relationship Management) is a critical component in banking as it enables banks to build long-lasting relationships with customers by understanding their needs and providing tailored services. The key areas that are essential for CRM in banking includes (i)Personalization: By using data analytics and customer profiling, banks can create personalized experiences for their customers. This includes tailoring offers, promotions, and services to meet the individual needs of each customer. (ii)Cross-selling and upselling: CRM enables banks to identify opportunities for cross-selling and upselling products and services to existing customers. This can help banks to increase revenue and deepen relationships with their customers. (iii)Complaint handling: Effective CRM in banking involves timely and efficient handling of customer complaints. This can help to resolve issues quickly and maintain customer loyalty. (iv)Customer retention: By providing excellent customer service and personalized experiences, banks can improve customer retention rates. This is important as retaining existing customers is more cost-effective than acquiring new ones.(v)Marketing campaigns: CRM in banking can be used to create targeted marketing campaigns that are more likely to resonate with customers. This can help to improve the effectiveness of marketing efforts and increase customer engagement. Overall, CRM is essential in banking as it helps to build long-lasting relationships with customers, increase revenue, and improve customer satisfaction and loyalty. In this aspect the present study assess the important factors influencing the CRM practises followed in selected nationalised banks in Tamilnadu.