Customer Relationship Management in Retail Banking | PAPER IV – RETAIL BANKING & WEALTH MANAGEMENT | Module C: Support Services – Marketing of Banking Services | Products
Customer Relationship Management in Retail Banking - Bank Theory Customer Relationship Management in Retail Banking Introduction to CRM Customer Relationship Management (CRM) is a comprehensive approach to managing a bank's interactions with current and potential customers. It uses data analysis to study large volumes of information and improve customer relationships, retention, and sales growth. In retail banking, CRM systems help personalize customer service, streamline operations, and build long-term loyalty. Why CRM? Improves customer satisfaction and loyalty Enables banks to offer personalized products and services Reduces customer churn and enhances customer lifetime value Helps in segmenting customers for targeted marketing Increases profitability through better customer insights Implementation Aspects of CRM in Banks CRM implementation involves several t...