Indian Banking Strategies and Transitioning Socio-Demographics: CRM Approach

Abstract

Customer is the king! This creed is more potent, relevant and true today than ever before. In a truly customer driven economy, success depends on a company’s ability to be with the customer on a circle the clock basis… satisfying all their merchandise and service specific needs. Customer Relationship Management (CRM) is about discovering, growing, and keeping customers. At Present the banking establishments, has experienced the benefits of adopting CRM as a strategy to enlighten the customer services. The development and performance of banks not only depends on various products and services it puts up, but also on how it is served to the customer in an active environment.  The purpose of the survey is to analyse the significant difference between demographic variable groups on customer perception towards various customer relationship management competencies in public, private and foreign banking sectors. The empirical study has been carried on with a well-structured questionnaire related to the various CRM competencies in banking sectors. The information has been collected randomly from 456 customers of public, private and foreign banks in Bangalore. An analysis was borne away by utilizing several tools like ANOVA, t-test, Cross tabulation, Chi-square analysis and Cluster Analysis. The outcome brings out that there exists a significant and Positive relationship between Socio-demographic factors and Customer relationship services offered by the banks in terms of service capability, product capability and personnel capability.

Keywords: Customer Relationship Management (CRM), Service Quality, Customer Satisfaction, Customer Perception, Banking Services.