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Customer Value Management

CRM solutions if implemented and integrated correctly can help significantly in improving customer satisfaction levels with accrued benefits. Data warehousing can help in providing better transaction experiences for customer over different transaction channels. The data mining helps banks analyze and measure customer transaction patterns and behaviors'.

This can help a lot in improving service levels and finding new business opportunities. The main thrust of CRM is to develop new products, render value creation, gain market leadership and spread risks and vulnerabilities besides facing competition. Any bank would have a huge customer base that it would not be able to monitor it manually in order to find out various customer behavior trends and patterns. It is essential to attract, retain and grow customer base with effective management of the information about the customers and enhance the relationship with them. The value proposition however a significant increases in that intangible called customer satisfaction. The increase in customer satisfaction has translated to loyalty those results in higher customer retention and growing franchise value.

Unless the banks understand the needs of the customer, best technology products benefiting the customer cannot be designed. Hence the CRM and technology go hand in hand supplementing each other needs and convenience. Once the customer needs are understood and technology product orientation becomes easy for value creation process.

As the banking industry thrives on the services rendered, it becomes necessary to imbibe the "PQRST" strategy to maintain CRM, where

P: Peace of mind for the customer
Q: Quality of service rendered, which should commensurate to the expectations of the customer
R: Respect to be given to the customer irrespective of his economic background
S: Sincerity in the discharge of duties to the customers, with a personal touch
T: Time bound-which plays a vital role for the customer to have a pleasant experience

In experiencing "PRIDE" while dealing with customers where

P: Personal involvement is taken up by the agency
R: Leading to responsibility for the actions of the team members
I: In
D: Delivering
E: Excellence in the service rendered

Still some drawbacks are in CRM implementation due to various reasons might not have the desired results.

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