Knowledge Management - a Fostering Tool for Parallel Outlines among Public & Private Sector Banks

Abstract

In this global Scenario, Banking sector has gone throughdrastictechnological changes. Customer Knowledge plays a crucial role in the banking sector. To achieve the operational efficiency, customer knowledge management (CKM) techniques support the banks to move forward. Banks need a well-organized database to facilitate the availability of information to their customers. Hence focus should be made on CKM practices which include Knowledge Gathering, Storing, Transferring and Utilizing the Customer Knowledge, ideas, information and experiences. Knowledge Gathering includes the study of customers’ priority and needs. Knowledge storing can be done by way of knowledge repository, updating and retrieval of information. Knowledge transferring comprises of providing data to clients regarding new schemes and services. It distributes the knowledge throughout the organization. Knowledge utilizing can be made by way of quick access of knowledge about the customers to meet out their priorities. Thus, the CKM process will enable the banks to maintain better relationship with their customers.