CRM IN NEW AGE BANKS IN INDIA
Formerly, not many people switched their banks unless any grave issues cropped up. The commitment levels were high. Often an inherited relationship between a customer and the bank was seen. However, today, banks cannot depend on these unswerving relationships or established marketing strategies to attract and retain customers. As markets focus on the heterogeneous segments, a more careful targeted marketing technique is needed. This would enable interaction with smaller groups of customers and classify individual needs. The alternatives for customers to choose among banks have risen and the pressures of competitive as well as constantly changing markets have lead to the development of CRM (Customer Relationship Management) in the Banking Sector. The case provides a brief discussion on CRM in new age banks in India.
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