Customer Relationship Management (CRM) can be simply understood as creative use of available customer information for acquisition, retention, better service of customers. It also implies insight based segmentation of customer across diverse parameters and behaviour patterns to develop strategies for raising profitability of each customer segment for bank on adopting segment based offerings and pricing. The paper is an effort to illustrate how different banks have deployed the CRM concept and utilized customer data, by means of technology to gain customer loyalty and business growth.
The paper is based on secondary research. The main finding is that CRM presents diverse ways to leverage on customer data for bank’s benefit. Different banks have approached it differently and philosophy when matched appropriately with strategy realizes the benefits to both banks and customers.
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