Technology and Customer Relationships Management in Banking Industry

Uma Rani T.S. and N.Panchantham
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Uma Rani T.S.: Asst. Prof, MBA Department, J.J. College of Engineering and Technology, Trichy, India
N.Panchantham: Prof & Head, Department of Business Administration Annamalai University Chidambaram, India

Indian Journal of Commerce and Management Studies, 2011, vol. 2, issue 2, 146-153

Abstract: Nowadays, many businesses such as banks, insurance companies, and other service providers realize the importance of Customer Relationship Management (CRM) and its potential to help them acquire new customers retain existing ones and maximize their lifetime value. At this point, close relationship with customers will require a strong coordination between IT and marketing departments to provide a long-term retention of selected customers. This paper deals with the role of Customer Relationship Management in banking sector and the need for Customer Relationship Management to increase customer value. Use of modern technology in urban areas will also go long way for customer relationships in banking services. Technology based service like credit card, debit card, ATM, anywhere banking, internet banking, and mobile banking are necessary for urban areas. This is because it enables customers to perform banking transactions at their convenience. Business hours of a bank are also an important factor for urban banking. Banking services for long hours, say 12 hours and seven days a week is preferred by urban customers. It is suitable to urban life style.

Keywords: Marketing strategies; Banks; Technology; computerization; networking of branches; Banking system; Customer Relationship Management; competitive advantage; valuable resources (search for similar items in EconPapers)
Date: 2011
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