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
Or, then again perhaps, VTB can use the CRM structure to discover about better customer advantage, deliberately pitching, and market designs. According to Bang (2005) CRM is viewed as an educated business philosophy to make and keep up whole deal customer associations. For example, CRM system would be an enabling specialist of business comes about like future repeat purchases. VTB's should use the CRM as a focus business methodology to robotize customer advantage. All things considered, customers tend to put orchestrate at long last and expect the package passed on time. Henceforth, on the operational side, data must be gotten, fused, arranged and fulfilled, to satisfy its targets (Bang 2005). The operational viability of the CRM structure is to accumulate the data from customer to be deciphered later on to
The company has self organizing team and use groupware, emails and blogs to communicate with the customers.
RBC Financial Group uses a customer relationship management (CRM) strategy that provides a variety of services for a variety of clients. The strategy allows for individual customers to trust RBC and develop a personal relationship with each and every client. One major factor that allows CRM to operate effectively is the use of technologies and analytics to help classify each client’s financial situation. These customer profitability-based techniques allowed RBC to categorize their clients into A, B, and C groups so that the sales teams could optimize their efforts in catering to these different clients. This strategy holds the following strengths: optimizing sales efforts to different customers, easily accessible electronic sales leads, centralized and standardized financial decisions, and building personalized and sustainable customer relationships. There are a few weaknesses to the system though including the complexity in predicting future positions of companies despite the use of analytics as well as the complexity in creating consistency when using these
We will track customer retention rates by using advanced point-of-sale systems that use our customers’ information, such as phone number, address, etc., to track purchase
This paper discusses Customer Relationship Management objectives, strategy, and tactics of Kroger, Inc. Kroger, founded by Bernard Kroger in 1883 and currently operates over 2500 supermarkets in more than 30 states. Managing customers is top priority for this company and is much of the reason it is the top grossing supermarket chain in the country.
To build this new CRM system, they had to merge 20 different databases into one multiterabyte repository with 50 million unique customer records, and used enterprise application integration tools, messaging middleware, rules engines and Java application server technology to integrate applications and transport data between various applications and the database
1. The implementation of a new customer relationship management system (CRM) aides in maintaining communication with prospective students.
Improve the efficiency of the business: CRM helps them to eliminate redundancies in their marketing campaigns by allowing them to intuit which stage of the purchasing process each returning customer is in. They can send out marketing materials that are targeted to specific interests and purchasing abilities, rather than transmitting general messages that are far less likely to generate an optimal amount of attention. Their CRM system also collects and organizes a vast amount of data about the individual and the customer groups which helps them to know about customer interest and choice. And thus they speed up their service of customer
CRM is always a new service that allows the company returns date until / export data, where the company's outsourcing of control over the information. Also, in some cases, companies and government laws stop companies from keeping all customer information (such as social security number, home number, etc.) in an external site.
Our analysis revealed that there was no alignment between the project and business outcomes at FNB. The majority of FNB’s profits were from corporate customers, but most of FNB’s information systems effort was directed at speeding up transaction handlings for small unprofitable accounts
Strive to earn customers’ long-term loyalty by working to deliver more than promised, being honest and fair to provide exceptional personalized service that creates a pleasing business experience.
Communication modern technological tools that have been enhanced by Information Technology are having an impact on changing the very structure and communication of banking. That is, clients are enabled to make their banking transactions whenever and wherever they want. Bank clients, by just logging on their online account, can transfer any amount of money from their account to any other account, check their last processed banking transactions and apply for loans and other banking services. According to Keyes ( 2000, p.591) 'electronic checks provide consumers with the benefits of convenience and safety while allowing billers to maintain their existing depository relationships with their banks'. Further, e-mails has enabled bank employees to notify their customers of any new enhanced bankin...
For a business to grow into a more profitable one, the manager should emplace measures to insure that customer service is made number one priority. After implementing a structure, it is recommended that the customer service representatives, along with other employees in the business, undergo continuous training in order to maintain the standards set out by the customer service model. Having the right structure in important in any business entity and will have positive implications on its profits.
One of the reasons why banks adopted this new system, was the ‘boom’ in online shopping and the need for an online payment platform. For the bank themselves, online banking reduces customer service staffing levels, as well as improving speed and flexibility of business transactions. (Shih and Fang, 2004)
I would like to build my career in banking industry. In this era of up-and-coming technologies I think IT will play major role in my business. Implementing Service Oriented Architecture (SOA), my employees will value the process of high performance by getting knowledge of IT, customer relationship management (CRM), supply chain management (SCM) and the essential of maintaining good relationships with my customers. First and foremost, SOA can help to cut the IT controls and allows banks to be a joint venture with other banks and with their customers more effectively. SOA helps to solve the business problems, to enlarge multi channels, to build human skills, and make the bank transactions faster and easier. SOA helps to keep up profitability, updating with agility and to keep away from unnecessary risks. ERP supports SOA to run the business smoothly. Banks have to keep daily accounting. With the help of ERP, IT department is able to keep correct accounting and financial data. Consequently, ERP helps to improve the customer service quality which improves customer relationship manager (CRM) and to understand customer requirements. Furthermore, customer feedback database will help my employees to give better service with standard quality.