Abstract
The contemporary study focused on the impact of CRM parameters to identify the influencing factors towards customer satisfaction and customer loyalty. A sample of 1200 respondents chosen from public sector (SBI and of Andhra bank) and private sector banks (ICICI and HDFC) using multi-stage random sampling technique through a structured questionnaire. The study employed various statistical tools such as Percentage Analysis for demographical information, bank variables, and the CRM parameters. Mean Ranks for ranking the items and Reliability Analysis applied for obtaining reliable variables in constructing the CRM parameters. Exploratory Factor Analysis (EFA) was performed to identify highly influenced factors of CRM practices to improve level of satisfaction and loyalty in public and private banks. The explored results enlighten directions to the banking sector to provide some operational implications such as proactive involvement from personnel, and customized outreach in engaging customers to reduce the negative word-of-mouth (WOM) and increase the productivity of banks positively. These significant CRM strategies will reduce the attrition rate and improves customer retention in future.
Highlights
CRM is an acronym generally stands for customer relationship management while others mean it as customer relationship marketing too
There is a significant need in employing more CRM practices in banking system that would be helpful to maintain customer retention and help them manage customer defection rates and to enhance performance in reducing the attrition rate
The results enhance understanding regarding the CRM practices adopted by bank management and exploring the services offered by the respondents
Summary
CRM is an acronym generally stands for customer relationship management while others mean it as customer relationship marketing too. CRM is a discipline or an approach to acquire and develop suitable practices in maintaining profitable customer relationships. Customer is the most important asset to banks. The concept of CRM as a strategy reflects the banks to process in https://www.cribfb.com/journal/index.php/ijfb. CRM practices playing vital role in improving the customer’s experience to maximize the profit and increase the business connections. Key issue for many banking organizations is customer retention often referred to as churn. There is a significant need in employing more CRM practices in banking system that would be helpful to maintain customer retention and help them manage customer defection (churn) rates and to enhance performance in reducing the attrition rate
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
