Application of Customer Relationship Management (CRM) in Banking Industry

In a competitive market place where price is not a differentiator, customers are easily lost through indifferent services. Customers are becoming harder to please. They are smarter, more price conscious, more demanding, less forgiving, as they are approached by many more competitors with equal or better offers. Banks have realised that managing customer relationships is a very important factor for their success. Customer relationship management (CRM) is a strategy that can help them to build long-lasting relationships with their customers and increase their profits through the right management system and the application of customer-focused strategies. The implementation of CRM impacts on a number of functions within an organization including people, sales, IT, operations, marketing and finance.