Q 1: Critically Analyze Customer Relationship Management in various banking operations (Retail banking, Net banking, Key account management) of your choice of bank, suggest problems and how to improve CRM Practices. (Marks 15)
Ans: CRM is one of the most accurate and useful tool to analyze and strategies the business strategies for many of the organizations, using CRM in day to day business helps business in many ways as the analysis of the work done can be done in a very properly and efficiently.
Now if any bank do not adopt the CRM as tool to analyze its work done in Retail banking, Net banking, Key account management, it can face the following problems:
1) Customer database
When a bank is not using CRM it will have a very segregated
If the company is using CRM on all the three fronts Retail banking, Net banking, Key account management it can improve on to have a large and accurate data base.
When list of all the customers is extracted from the system and put into a proper formats of data mining and data presentation it, it can give you an exact idea of the market share with respect to market.
It can also help client to understand who the clients are with repeat business to organization so that the bank can plan specialized services for them, and their engagement level can be increased with the bank.
BNP Paribas is one of the Bank who has used this CRM to connect all the small to small branches to central head office through CRM which has resulted in excellent data base for them with opportunity to cross sell the same.
2) Lower Efficiency of employs
If a bank is not using CRM to monitor on the quality and quantity of work done by its employs it will always going to badly affect the banks reputation in customers mind, as the customer service will get
2) Try to involve different customer segments as possible
a) Try to add more product lines to the product portfolio so that new customers can be attracted and retain them with the best customer service possible.
3) Create a Brand around the products and services offered
a) Use advertisements to build the products image.
b) Use of social media to propagate the values of the brands.
c) Create Consistent excellent services and share the customer feedbacks positively over social medias
4) Encourage the employees to deliver high customer service
a) I shall allocate special incentives to the employs receiving maximum customer appreciation letters
b) Give employs basic training on communications skills and etiquette.
5) Provide clients customized Services
a) Shall allocate key accounts with single window contact, to improve on to services to them.
b) Provide all the contact details available on social media so that all the clients can access the same.
c) Personalize the products for the special key account clients.
6) Have continues feedback system
a) Shall have a direct contact system to the clients with respect to feedbacks given by
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