Benefits of Customer Relationship Management to the Banks and their Customers

Abstract

A long term relationship with customers to protect its stability in today‘s blooming market. Customer‘s expectations are now not only limited to get best products and services, they also need a face-to-face business in which they want to receive exactly what they need and in a quick time. Organizations are increasingly interested in retaining existing customers while targeting new customers. Customer satisfaction provides an indication of how successful the organization is at providing products or services to the marketplace. The new competitive weapon is customer relationship management for organizations for serving internal and external customers. CRM is a business strategy directed to understand, anticipate and respond to the needs of a current and potential customers of an enterprise in order to grow the relationship value. The Customer Relationship Management is the decisive procedure for every business. Banking sector emphasizes on the interaction, relationship management and networks to identify and satisfy the customer’s wants and needs in order to achieve higher revenue and profits in the current competitive market. The customer relationship management in the banking sector is implemented to serve customers. The aim of this paper is to identify and describe the benefits of using customer relationship management in the banking sector.