Abstract
Evaluating CRM Strategies in Private Sector Banks – The whole of humanity has moved to the digital world and banking is no exception. Gone are the days when people stood in queues in banks to withdraw money or made a demand draft. ATM’s were the beginning of technology banking. It was a gradual growth from ATM’s to online banking and then to mobile banking. The last 10 years has seen a quantum heap in virtual banking and the type of users has also been wide spread. This brought in the need for Banks to be conscious of the quality of the services they offer to customers to attract new customers and also to retain the existing customers.
This research work is a study to explore how the Banks can have an exhaustive CRM that could have a fine data mining that could predict the customers future needs and give solutions that would be useful for the customer. From the Banks side the CRM must be a tool to offer customer delight, by means of which the Banks can retain their customers in the competitive arena and also acquire new customers. In this research that was done in the survey method, a questionnaire was sent out to the customers of private sector banks. The questionnaire was designed to get the customers perspective of how they think that Customer Relationship’s were managed by the Private Sector Banks. The Study was done only with Private sector banks as most of the Private sector banks have a robust CRM system in place. The effectiveness of the CRM practices was to be determined. Once the data was collected, Statistical tools like Anova, T-Test, Chi Square and co-relation were done. In the co-relation test, there was a strong co-relation between service quality and customer retention. From the Anova, there was a significant difference in the perception of the service quality in relation to occupational status of the participants. Also, the other important findings were that age and gender did not change the perception of service quality. While seeing the weighted average the most important finding was that customers perceived that Safety was the most important aspect in a Bank that made them have longer relationship with the bank. The second important aspect was on how they perceived that their bank took their feedback and the third was value added services. It was found that the charges of the bank took the last place.
Scope and Significance of the Study
The scope of this study is to find the inter relatedness between service quality and the customer retention. From the Banks perspective this may give an insight of the needs of the customer and his perspective when it comes to service. The research is to find if Customer Relationship management is being effectively used by Private sector banks, to deepen their relationship and get in loyal customers which will be beneficial in the long run. It is to be noted that Service quality has a huge significance in retaining new customers and also in bringing in new customers. This research signifies the level which service quality plays an important role.
Objectives of the Study
The Primary Objective is
- To study the effectiveness of CRM practices in Private Sector Bank.
The Secondary Objectives are
- To measure the service quality and its relationship to customer retention in Private Sector Banks
- To analyze the effectiveness of Bank staff interaction with customers with customers of all segments.
- To examine if the efforts for customer retention is sufficient.
Components of a Project Report
A project report varies according to the MBA final year project course at top colleges, depending on the consequences and the requirements of the concerned project. But broadly, a project covers the following components:
- Title page
- Table of contents
- Introduction
- Background of the project
- Project objectives
- Methodology
- Results
- Discussion and Analysis
- Conclusion
- Bibliography or references
- Appendices
Project Report Pages : 80
Can be used in : Finance Final Year Project
Delivery Time : Within 2 hours.
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