Customer Relationship Management in Indian Banking Industry A Study of SBI and HDFC

Abstract

The term CRM is viewed in different senses by different theorists, scholars, and newlineauthors. To some, CRM is a process; it is a comprehensive process; to other, CRM is a newlinesystem; it is a discipline; it is a business strategy; it is a philosophy of business; and it newlineis a managerial approach. Customer Relationship Management (CRM) could be better newlinedefined as being a methodology, an approach that a company will use to achieve their newlinegoals. It should be directly connected to the philosophy of the company. It must guide newlineall of its policies, and it must be an important part of customer service and marketing. newlineCRM is well defined service of functions, skills, processes and technologies that newlinetogether allow companies to more profitably manage customers as TANGIBLE newlineASSETS . It helps organization to maximize the value of every customer interaction newlineand derive super corporate performance. It is imperative therefore, to manage newlinecustomer s interactions across multiple communication channels. There are many newlinethings the ideal CRM system must have. It should allow the company to find the factors newlinethat interests their customers the most. It is also important for the CRM system to foster newlinea philosophy that is oriented towards the customers. newline