Enhancing Customer Engagement in the Digital Era: Innovative Approaches for CRM Implementation in the Indian Banking Sector

  • V Geetha Assistant Professor, Department of Commerce, Faculty of Science and Humanities, SRM Institute of Science and Technology, Vadapalani Campus
Keywords: Banking Sector, Financial Inclusion, Economic Growth, CRM Frameworks

Abstract

Economic progress relies on the banking sector, which provides vital services globally. This study uses financial inclusion to assess the banking sector’s rising participation in rural India. Even if financial services have moved to remote places, the necessity to build and sustain good customer relationships remains. CRM is essential to these collaborations. This research explores industry-proposed customer relationship management (CRM) frameworks, focusing customer involvement, data management, and CRM implementation. The study examines how CRM affects customer satisfaction, loyalty, and operational efficiency, citing Payne (2005), Thejaswarup (2017), Tangaza (2017), Eid (2007), and Sharma &Goyal (2016). The objectives are to analyse CRM components and propose a comprehensive banking industry framework. Literature reviews, articles, and expert comments are used for data collection. CRM’s customer data management, engagement strategies, sales and marketing automation, customer service, analytics, workflow automation, segmentation, mobile CRM, system integration, and feedback mechanisms are reviewed. Customer Relationship Management (CRM) is crucial to banking success, according to the survey. This article covers important CRM frameworks that combine multi-author viewpoints for clarity. The conclusion proposes a groundbreaking banking-specific CRM paradigm. Focusing on socio-economic challenges, technological flexibility, staff training, customer data collecting, analysis, timely integration, and evaluation, this framework aims to meet evolving consumer and banking sector expectations.

Published
2024-01-27
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