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CRM Strategies Adopted in Banking Sector

One-Stop Financial Supermarket

Right service is offered to right customers. Faced with growing complexity in financial products ,more and more customers are expressing a needed for a "trusted financial advisor" to help manage their financial affairs.

As the primary financial services provides to most consumers, banks are particularly well positioned to capitalize on this needed, which promotes a greater receptivity to the one stop shopping concept.

The ATM can be accessed around the clock and safety is also more. The number of customer transaction is increased and it is used at any place. There are no of credit cards offering variety of services according to their nature and it help them to raise easy credit facilities and proof to disputes in legal case.

Master card is a card of master money card. Some banks issue one some the other. Banks are replacing plain old ATM to this card which help the customer to use even in restaurants and gas stations.

Smart cards are a card with chip technology contains all the information about its holders. Smart card replaces and does the work of all the cards. High memory, portability and reliability make the smart cards more useful for the customers.

The stock exchanges dealing are done through Demat and Remat A/C. In the developing countries like India the customer's awareness towards this product is in growing stage. Ancillary services like e-broking. e-shopping and on-line ticket booking are also enjoyed by few customers.

Increasing the Number of Delivery Channels to the Customers

Banks have realized that shifting customer access to lower cost channels can help in bring down the operating cost. These channels are used not only to improve service but also to divert traffic from branches. It is a fact that the cost of the transactions over the delivery channel is lower than doing the transactions through branches. The ATM and Net Banking Services enable Non-Stop Banking -Convenience Banking -24 hrs access to cash -365 days of the year without any additional cost burden to the customer.

The Real Time Gross Settlement (RTGS) Scheme is being implemented in a phased a manner after which the collection of cheques will be smooth and quicker. The CBS (Core Banking Solution) implementation will lead to instant collection of outstation cheques without delay. Customer to the Branch is moved to Customer to the Bank in major cities and it has reduced time to non-entity. The use of Plastic money has increased in sky rocketed pace as a result of which the transaction have become easier and speedier without actual use of cash. The concept of Virtual Banking has also gained ground.

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E. Jeevitha,
Faculty,
Department of Management Studies and research,
Tamilnadu College of Engineering, Coimbatore.