Customer Relationship Management In Banking Meaning, Comarch Crm System

To meet the challenging preferences of the customers and to stay ahead of competitors bankers are bound to attract customers by providing a spectrum of services.

Customer relationship management system crm definition. So it is imperative to state that crm is a long term strategic initiative meaning that it emanates from the mission of organisation and is considered as a key means of attaining the organisations long term objectives. It is important to bridge these divisions both from the banks perspective so that a group wide view of customer risk can be assembled and from a customer perspective so that a single customer isnt faced with. Customer relationship management crm is a reference to how companies especially technology firms interact directly with their customers.

This article explains the relationship between the bank and the customer like creditor and the debtor lessor and the lessee trustee and beneficiary bailor and bailee principal and the agent assigner and assignee etc. Banking sector is a customer oriented service where the customer is the key focus. It uses data analysis about customers history with a company to improve business relationships with customers specifically focusing on customer retention and ultimately driving sales growth.

Customer relationship management crm is one of many different approaches that allow a company to manage and analyse its own interactions with its past current and potential customers. Customer relationship management in banking sector. According to the type of service rendered by the bank basically the relationship between banker and customer is contractual in nature.

Insurance companies and other service providers realize the importance of customer relationship management and its potential to help them acquire new customers retain existing ones and maximize their lifetime value. Customer relationship management customers tend to have products and services from multiple product areas across a bank. It also means that it is designed to sustain the organisations.

Research is needed in such sector to understandcustomers need and attitude so as to build a long relationship with them. Customer relationship management is a process that provides banking business with the opportunity to create and maintain long term relationships with customers. Each customer have for the bank.

Customer relationship management and its potential to help them acquire new customers retain existing ones and maximizetheir lifetime valuebanking sector is a customer oriented servicewhere the customer is the key focus.