Article Details

Customer Relationship Management (Crm) In the Banking Industry |

Gurmeet Singh, in Journal of Advances and Scholarly Researches in Allied Education | Multidisciplinary Academic Research


Today, banks and other financialinstitutions are dealing with several challenges including global competitionfor deposits, loans, and underwriting fees; increasing customer demands;shrinking profit margins; and the need to keep up with the new technologies .According to Onut  banks and severalother financial service providers have realized the importance of CustomerRelationship Management and its potential to help them to acquire newcustomers, retain existing ones, and maximize their lifetime value. Banks havealso realized that CRM is the only solution to help them to maintain along-term relationship with their customers. On the other hand, maintainingrelationships with customers also requires strong co-ordination betweendifferent departments at the bank such as: IT, sales, service and support, andmarketing departments.