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Abstract
Customer relationship management CRM is a managerial philosophy that seeks to build long term relationships with customers, assisting in customer retention, and driving sales growth. The paper is review of customer relationship management practices prevalent in Indian banking industry. In this research, an attempt has been undertaken to measure the differences in the perception of customer's of selected banks on CRM practices namely empathy, responsiveness, reliability, and customer relations. The researchers employed 275 respondents of four private sector banks as the sample and collected data through questionnaires designed on a five point Likert scale. This paper used one way ANOVA as the statistical tool to measure the variation in the perception of bank customer towards CRM dimensions. The analysis of the data revealed that no significant variation exists in the perception of customers on CRM dimensions like empathy, responsiveness, reliability, and customer relations.
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Keywords: ANOVA, CRM, bank and customers.
Note: The present study has been divided into five sections. Section A presents the introductory background and literature review while objectives, hypotheses, and research design have been elucidated in section B. Besides, section C discusses the demographic profile of the respondents and section D explains data analysis and hypothesis testing. Conclusion, limitations of the study, and directions for further research are the subject matter of section E.
1 Introduction
The profitability of the banking sector is mainly depending on the services offered by the banks and on meeting the customer demands on a regular basis and therefore all banks especially private sector banks emphasized more on adopting CRM. Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal of CRM is improving business relationship with customers, assisting in customer retention, and driving sales growth (Kimar & Reinartz, 2012). It is a managerial philosophy that seeks to build long term relationships with customers. It can be defined as the development and maintenance of mutually beneficial long-term relationships with strategically significant customers (Buttle, 2002). Customers Relationship Management (CRM) is a broad term that covers concepts used by companies to manage their relationship with customers, including the capture, storage and analysis of...