The Impact of Customer Relationship Management and its Significant Relationship to Customers’ Satisfaction in Cooperative Banking (A Case Study of Kangra Central Co-operative Bank)

Abstract

Customer relationship management is the durable and the most effective approach in maintaining and creating relationship with customers. Once this personal and emotional relationship is built, it is very easy for any organization to identify the actual needs of customer and help them to serve them in a better way. Business organization would not flourish until and unless their customers are happy; this is the reason, why Customer Relationship Management (CRM) is so important? In the present competitive business environment attracting and retaining customers is a challenging task for business organization. To grow, businesses do any only need to attract new customers but also to hold on to existing customers. CRM facilitates organization not only to gain customers but also to retain them. It focuses on improving sales and productivity by effectively catering to customer demands, queries and complaints. Though the traditional method of maintaining good customer relations is still being used yet the importance of CRM cannot be neglected. The more effectively a business can use information about its customer to meet their needs the more profitable it would be for the organization. Companies can provide excellent customer service if they are aware about their customers’ needs and react to those needs effectively. CRM helps you to understand, anticipate and respond to your customers’ needs and react in a consistent way. The paper analyses how organization use CRM as a technique to gain business distinction.