Focus On Icici Bank’s Initiatives
In the current competitive environment, banks are adopting aggressive strategies to increase customer retention and acquisition. These banks have adopted various CRM initiatives to help them achieve their goals.
In order to implement Customer Relationship management (CRM), banks must: Identify CRM initiatives in terms of the desired outcomes (such an increased customer base, higher profitability per client, etc.). Set measurable targets in terms of profits, customers, etc. The retail banking sector has implemented CRM. Retail banking faces challenges managing customer relationships due to multiple products and distribution channels. What customers want from banks is “anytime, anyplace service, personalized offerings, and reduced payouts”. Customers have switched loyalties because of aggressive bank marketing. CRM in banking is primarily used for two purposes: Identifying potential customers and contacting them with relevant offers. The customer interaction data and profile (such as lifecycle, economic background, commitments to family, etc.) is combined with the transactional information generated. It is necessary to combine all the transactional data into a single database in order to allow for proper analysis. Customers may have interactions with their banks regarding savings accounts and credit cards, as well as home loans, auto loans, demand deposits, etc. To enable targeted marketing, the data collected through these services must be combined. After the data integration, the customer’s profitability must be assessed to know if he is worth targeting with new offers.
Sales reference materials: All parties should have access to a consolidated database of information about all products, pricing information, competitor information, presentation templates, proposal formats, and marketing material. Sales Force Automation is made easier with these tools, as the salesperson is given instant access to relevant information when required. Consistent communication with customers: This includes the communication from different departments such as sales, finance, and customer service.
