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The main objective of the report has been to assess the current state of the CRM development within Indian credit institutions and to evaluate its organizational impacts.

The study has identified issues that need to be assessed if CRM is to be used more productively to take advantage of new opportunities.

STEPS THAT BANKERS’ CAN FOLLOW TO BULID UP LONG TERM RELATIONSHIP WITH THEIR CUSTOMERS:

• WELCOME CALL • PROFILE SHEET

• BANK CUSTOMER INTERACTION DETAIL FILE • APPOINTMENT DIARY

• IMPORTANT DATES TRACK ALARM

CRM should be viewed neither as a new competitive tool nor as a cluster of technologies, but rather as a set of business processes that help manage client credit institutions relationships and improve internal credit institutions workflow. CRM in fact, is a process that helps to maximize medium to long term profits as a result of a better customer knowledge, customized treatment of customers or a perception of it, and improved fulfillment of customer needs. These goals can be better reached by adoption of enabling ICTs. Ideally, an effective CRM project needs to be very well integrated in the credit institution organization.

Implementing a CRM process means gathering flows of information concerning actual and potential customers. Information flows coming from delivery channels should ideally be consolidated into a customer database in order to develop customer profiles that enable banks to improve customer services CRM based on ICT can strengthen the marketing strategy of the financial organization by making more effective the management of all the information concerning customers.

The exploitation of CRM appears to have a positive impact on the quality and quantity of information conveyed to customers. This is particularly relevant for the most sophisticated customers, i.e. those who are used to dealing with new technological tools and are not afraid of interacting with the bank through the telematics channels. Nevertheless, distant interaction is not as effective as personal interaction between customers and their bank. Therefore, according to almost all of the bank representatives, e-business supports low value information needs, while more sophisticated requests for information can be addressed only through personal interaction between the bank and the customer that usually takes place at the branch. Almost all the credit institutions have adopted the strategy of launching their e-business services as an additional service rather than as an alternative to offline services. The impact of

e-business in banks is being limited by their strategic decision not to cannibalize their branches. This research highlights how some of the credit institutions which had originally invested only in the development of a virtual channel had to drastically re-define their customers or by opening a call centre. The credit institutions representatives argued that their customers want a choice of channels and they are adopting a multi-channel strategy. Most of the banks consider that since Internet and telephone are most useful for managing operational and low value added tasks, the traditional delivery structure still has a fundamental role and can be developed to specialize in high added value tasks and consultancy services.

Most financial suppliers believe that customer support services are a core business in the financial industry. Most of the financial organizations choose to internalize the customer support contact center, whereas others choose to outsource front-office customer care tasks to contact centre companies. But the final elaboration of data on customers and their exploitation for CRM strategy is maintained in house and involves the bank management personnel.

The customer retention is the result of an increasing degree of product personalization and differentiation. Credit institutions apparently prefer to compete on quality (product information, broader range of product and services) rather than on price (meant as product acquisition cost to the customer: price, mode of payment, delivery). Therefore product innovation (cross-selling, product differentiation and personalization) seems to be the crucial issue of the CRM strategy.

Financial institutions have to realize the importance of the technology scalability as well as the reengineering of the business processes.

A medium to long term CRM strategy requires significant innovation in the organization of the banks’ flow of information.

Ideally, CRM technologies and processes could make the slogan “the right customer with the right product at right place and in the right moment” possible.

But many banks face the problem of having multiple database with customer information, so that multiple entries refer to the same customer if he/she holds more than one product with the company. This makes it difficult for sales people or relationship managers to have a full view of their customers. A number of CRM deployments have failed because of inconsistent customer data. This problem results in companies sending, for example, the same offer twice to the same customer.

References

• Gandy A.,2001, Customer first- A study of customer relationship management strategies in Indian financial services Financial World Publishing: London

• Boston Consulting Group, 2001, Active and integrate: optimizing the value of on-line banking

• Assessing the impact of e-business on Indian financial services, by Vikram T.Lund JP Morgan Equity Research (2001)

• ‘Assessing the impact of e-business on Indian retail financial services’.WEBM Global Services

• Sato S.J. Hawkins and A. Berenstein (2001) “ E-finance: recent developments and policy implications”

• www.databank.it/star

• www.google.com/CRM in Indian Financial Industry