CRM practices adopted by Indian banks

Area of interest:

The researcher has chosen the banking industry as his area of interest. Banking industry provides the structure for an economy and its activities and programs influence the overall economy, not just of the country but of other countries as well.  Banks are striving hard to acquire new customers, for which they are developing and offering newer concepts.  Customer relationship management (CRM) systems are being rapidly employed to ensure that there is no loss of existing customers while attempting to lure new customers. The researcher has tried to study the combination of banking and CRM. The researcher’s focus is to examine how the banks in the developing economies like India are embracing the CRM technologies. 

Aim of the Research:

This research intends to suggest the principles that a bank can successfully employ to enhance customer satisfaction and reach its ultimate objectives.

Research questions:

The research questions are:

i.      Which CRM practices do the Indian banks employ?

ii.    Which of the CRM practices adopted by Indian banks can be regarded as most appropriate?

iii.   Which packages of products and services can be offered by the banks to develop and maintain relationship with high-value customers?

iv.   How can the banking organization enhance its profitability while retaining an edge over its competitors by ensuring satisfaction for its customers?

v.    What is the relation between CRM and Profits?

Research gap:

Various researchers have conducted studies to examine the application of CRM systems in banking industry.  These have most often been done in the context of UK and USA.  There have been very few studies in the context of developing economies such as Malaysia and China.  This researcher faced immense difficulties when dealing with the subject in the Indian context.  Therefore, the researcher would like his study to be used to fill the gap in the research literature.