Abstract
Generally, consumers do not change their banks unless serious problems occur. The philosophy, culture and organization of financial institutions were grounded in this assumption and reflected in their marketing policies, which were product and transaction-oriented, reactionary, focused on discrete rather than continuous activities. With the advent of new technologies in the business of bank, such as Internet Banking and ATMs, now customers can freely choose any bank for their transactions. The pressures of competitive and dynamic markets have contributed to the growth of CRM in the Financial Services Sector. Also, before the Internet revolution, consumers largely selected their banks based on how convenient the location of bank's branches was to their homes or offices. With the advent of new technologies in the business of bank, such as Internet banking and ATMs, now customers can freely choose any bank for their transactions. Thus, the customer base of banks has increased, and so has the choices of customers for selecting the banks.
Highlights
With the advent of new technologies in the business of bank, such as Internet Banking and ATMs, customers can freely choose any bank for their transactions
Banks are stressing on retaining customers and increasing market share
Frankly speaking, banking is mysterious for consumers and how they interact with their finances can be a complex matter
Summary
Customer relationship management (CRM) is increasingly more important for businesses striving to grow in a challenging market. In addition to strengthening their competitive advantage today, business leaders must prepare for potential opportunities in the future. Such pervasive insight requires integrated solutions that provide visibility across the entire business that can be accessed by an ever-growing number of internal stakeholders who rely on information to make more intelligent decisions. That's a real challenge as IT professionals and business decision makers do their best to keep up with all of the constantly changing developments to ensure that they're getting the very most from their own CRM solutions. Successful customer relationship management focuses on understanding the needs and desires of the customers and is achieved by placing these needs at the heart of the business by integrating them with the organization's strategy, people, technology and business processes
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