Abstract

Today banks are dealing with several challenges including global competition for Deposits, Loans, and underwriting fees, increasing customer demands, shrinking profit margins: and need to keep up with the new technologies. Banks have realized the importance of Customer relationship management (CRM) and its potential to help them to acquire new customers, retain existing ones, and maximize their lifetime value.  Bank s has realized that CRM is the only solution to help them to maintain a long term relationship with their customers. On the other hand, maintaining relationships with customers also requires strong coordination between different departments at the bank viz., IT, Sales, Service, Support, and Marketing. CRM came from the origins and is based on the principles of Relationship marketing which is considered as one of the key departmental areas of modern marketing and the one which generated great research interest over several years.