CRM Strategies in Commercial Banks: Fostering Long-Term Customer Relationships

Ajatashatru Samal, N. Manasa, Priya Vinod, Hemalata Radhakrishna

2023

Abstract

The research paper investigates the impact of socio-economic characteristics on Customer Relationship Management (CRM) practices within private banks, highlighting CRM's role as a customer-centric, holistic approach. In the context of economic uncertainties, rapid technological advancements, swift market dynamics, and intensifying competition, CRM technologies are critical for coordinating sales, marketing, and support services. The study reveals significant variability in socio-economic factors across different bank branches, with these factors correlatively influencing customer accounts. Notably, elements such as customer satisfaction, robust privacy policies, and prompt service are pivotal in fostering enhanced relationships between private banks and their clientele. The analysis confirms that effective CRM not only safeguards data privacy but also strengthens customer relationships and proactively anticipates customer needs, thereby underpinning the strategic importance of CRM in retaining loyalty and driving bank revenues.

Paper Citation

in Harvard Style

Samal A., Manasa N., Vinod P. and Radhakrishna H. (2023). CRM Strategies in Commercial Banks: Fostering Long-Term Customer Relationships. In Proceedings of the 2nd Pamir Transboundary Conference for Sustainable Societies - Volume 1: PAMIR-2; ISBN 978-989-758-723-8, SciTePress, pages 722-726. DOI: 10.5220/0012914600003882

in Bibtex Style

@conference{pamir-223,
author={Ajatashatru Samal and N. Manasa and Priya Vinod and Hemalata Radhakrishna},
title={CRM Strategies in Commercial Banks: Fostering Long-Term Customer Relationships},
booktitle={Proceedings of the 2nd Pamir Transboundary Conference for Sustainable Societies - Volume 1: PAMIR-2},
year={2023},
pages={722-726},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012914600003882},
isbn={978-989-758-723-8},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 2nd Pamir Transboundary Conference for Sustainable Societies - Volume 1: PAMIR-2
TI - CRM Strategies in Commercial Banks: Fostering Long-Term Customer Relationships
SN - 978-989-758-723-8
AU - Samal A.
AU - Manasa N.
AU - Vinod P.
AU - Radhakrishna H.
PY - 2023
SP - 722
EP - 726
DO - 10.5220/0012914600003882
PB - SciTePress