Hema Project.docx

Nowadays many businesses such as insurance companies and other services providers realize the importance of customers relationship management and it’s potential to help them acquired new customer retain existing one and maximize their lifetime value .At this point close relationship with customer will required a strong coordination between IT and marketing department to provide longterm retention of selected customers. customer largely selected their bank base on how convenient the location of Bank branches was to their bank or offices.With the advent of new technology in the business of Bank such as internet banking and ATMs now customers can freely choose any bank for their transaction. The pressure of competitive and dynamic market have contributed to the growth of customer relationship management in the financial services sector. 10% increases in customer retention can increases profitability by 35% in banking business 50% in insurance and brokerage and 125% in consumer credit card market. Therefore banks of now stressing on retaining customers and increasing market share. Private bank have traditionally read themselves as exceedingly customer centric offering what they believe to be highly personalized services to the high net worth customer. The wealthier the customers, the more demanding they are and the clients expect more and more from their banks, to understand what their want and need are so that the organization can built around serving those needs. The structured approach customer relationship Management provides benefit to the bank that is distinctive and consistent customer experience ,clear identification of the organisational , technological and process related capabilities and prioritization of these capabilities. The structure and hierarchy of the customers experience needs an objective of CRM in banking sector, emerging trends in banking sector and need for better customers services are discussed in the project.