Dynamics of Customer Relationship Management Practices and Its Impact on Delivering Customers Satisfaction by Commercial Banks

Abstract

Indian banking sector by the end of 2013 contributed 10% to the overall GDP of the economy; and outperformed rest of the other sectors operating in India. In the process of its continuous development, it is facing a number of challenges; both within the industry and with its customers and the financial institutions operating within the system. One of the major challenges faced by the Banks in the contemporary banking scenario is to administer the Customers relationship and be highly responsive to their demands with high level of efficiency. Creating a long term sustainable relationship with their customers ensures them with the benefits of creating competitive resources. Hence, it is extremely important for any bank to retain its customers and integrate satisfaction delivered to them within the domain of their set objectives. In this regard, banks will have to necessitate proactive measures that can help the banks in understanding the requirements of the customers and design such services in response their expected value from the services availed from the banks. Hence, present study aims to evaluate how adoption of CRM practices by banks is facilitating them in creating more potential opportunities; and enhancing the quality of services by attaining highest level of satisfaction on the service background.