Related literature on crm
Customer relationship management project
They had come out with six dimensions of CRM namely customer acquisition, customer response, customer knowledge, customer information system, customer value evaluation, and customer information process. Technology also enables a company to interact with its customers in ways that provide value to the customer, as well as makes it easier for the customer to do business with them. The model proposed by Ernst, Hoyer, Krafft, and Krieger can be very useful in this regard. E-CRM: E-CRM is not an equivalent of electronic CRM Nykamp, rather it is the customer management for e-business that must confront the complexity of managing sophisticated customers and business partners in a variety of media including online and offline media, personal contact, and more automated and electronic forms of communication. Puccinelli looks the financial services industry as entering a new era where personal attention is decreasing because the institutions are using technology to replace human contact in many application areas. CRM in financial service industry is a cyclical process which starts with definition of customer actions Panda, Martin's Press, So understanding of customer expectations with regard to service delivery levels and product quality is essential for establishing a long term symbolic value relationship. CRM is a set of tools and systems that business deploys to improve their relationships with customers in order to retain them and maximize business benefits. This paper also presents a synthesis of results from previous studies regarding critical success factors of CRM systems which can be utilized in future implementations to ensure success. In its complete form, CRM provides a degree view of the customer and integrates all necessary information about the customer at every touch point - be it traditional voice, Internet-based, or wireless. Many researchers have been done in various industries especially in the banking sector that focussing on customer oriented services Ndubisi et al. However, the role of CRM goes beyond that and it can also be used in the development of new products. Doshi, S.
Doing business on the internet is not just about providing services online. Puccinelli looks the financial services industry as entering a new era where personal attention is decreasing because the institutions are using technology to replace human contact in many application areas.
In our opinion, following definition sums it up efficiently: CRM is first and foremost a strategy and corporate philosophy that puts the customer at the center of business operations so as to increase profits by improving customer acquisition and retention.
Amacom, 52, These brings about two important processes of proactive customer business development and building partnering relationships with the most important customers Chitanya, and eventually leads to superior mutual value creation between the organisation and the customer.
For example, customer views are recorded at sales outlets or customer service centers, it can then be communicated to technical staff, which then passes it on to production. Current Issues in Tourism, 17 5 Internet and networks are effective tools to implement this as they let organizations overcome the boundaries of time and distance across the supply chain creative effective and speedy solutions for customers.
Businesses have realized that their success and sustainable revenues are dependent on managing customer relationships and satisfying them.
Customer relationship management research 1992 2002
The acquisition phase describes the initiation of a customer-bank relationship. Procedia Economics and Finance, 15, CRM is a set of tools and systems that business deploys to improve their relationships with customers in order to retain them and maximize business benefits. Handbook of relationship management. Further, a clear vision of CRM along with appropriate strategies if applies in banking sectors found out that beneficial in maintaining the customer service quality, customer satisfaction and customer retention which ultimately leads to the growth of the organisation and profitability Bansal and Sharma, CRM is fundamental to building a customer-centric organisation. E-CRM: E-CRM is not an equivalent of electronic CRM Nykamp, rather it is the customer management for e-business that must confront the complexity of managing sophisticated customers and business partners in a variety of media including online and offline media, personal contact, and more automated and electronic forms of communication. This is not a choice anymore and has become one of the key items in the survival kit of business in the 21 st century. The organisational performance is enhanced because marketing efficiency is achieved due to thecooperative and collaborative processes Sheth and Sisodia, introduced by CRM which helps in reducing transaction costs and overall development costs for the company. In todays competitive banking industry, customers have to make a choice among various service providers by making a trade-off between relationships and economies, trust and products, or service and efficiency Sachdev et al. Girdhar observed that by satisfying the internal customers and building good relationship with them, the relationship with the external customers can also be retained and satisfied by the banks. In this regard, Amin-Reza Kamalian, Noor-Mohammad Ya'Ghoubi, and Fataneh Baharvand have produced a useful model and explained its each phase to facilitate implementation efforts. Analytical CRM systems use a variety of techniques for this purpose which includes: Data mining, Tuzhilin, Correlation, and Pattern recognition Trend analysis Comparisons Factor analysis Assessment of external impacts etc.
This enables the business to take better decisions. Sin et al. Roger Hallowell conducted a research on customer satisfaction, loyalty, and profitability and found that as compared to public sector, private sector bank customers level of satisfaction is comparatively higher.
Almossawi examined the bank selection criteria and observed that there are four selection criteria of banks in Bahrain namelytechnology, convenience, financial benefits and employees or customer interactions.
Within Dell, for example, about 75 percent of order status transactions, and almost 50 percent of sales are enabled by the Web.
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