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TOPIC: 

CUSTOMER RELATIONSHIP MANAGEMENT


LEARNING OBJECTIVE:

The primary objective is to generate a discussion on the importance of Customer Relationship Management in order to provide customer care and satisfaction.


LEARNING OUTCOME:

Students will be able to understand the importance of CRM in organizations for providing customer care and satisfaction in order to retain the existing customers and attract new customers.


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  • Answer should be relevant and do not copy/paste from any website otherwise it will be marked zero.
  • Case is opinion based so provide your best output with justifications.
  • GDB received after the due date will not be considered.


IMPORTANCE OF CRM IN BANKING SECTOR

The Banking sector is considered to be the backbone of any country. It is the need of any government organization that supports them financially, serves a few large corporations and engages in trade financing in the country. The banking sector in Pakistan faced some severe changes since its independence by improving continuously with the diversified precedent of ownership due to the dynamic contribution and participation of local and foreign stakeholder. It experienced a growth in their networks, structure and size due to the attractive unification of Micro Financial Institutes, Commercial Banks, and Islamic Banks in the country, resulted in a magnificent increase in customer by providing quality services for long-term benefits.

In banking sector, the CRM is considered as a key element which helps them to develop its customer base and sales capacity. The key goal of a good CRM system is to cover all the aspects of the customer relations in such manner which enables them to maximize sales and profitability. A critical evaluation and analysis of banking sector suggests that the implementation of CRM system in banking sector to deliver business and customer value has failed to some extent because of ignorance of the banking staff, lack of adaptability, misuse of data, lack of IT infrastructure, mishandling of customer complaints etc, especially in public sector banks in Pakistan.

 

POINT OF DISCUSSION:

What possible steps can be taken to uplift the level of customer care and satisfaction through proper establishment of CRM system? Support your answer with logical arguments.

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Replies to This Discussion

oh my God kisi ne discuss hi ni kia topic ab kia ho ga

idea solution

CRM  can track customer interests, needs, and buying habits as they progress

through their life cycles, and tailor the marketing effort accordingly. These way customers get

exactly what they want as they change.  

The steps are as given below

1-Identity customer success factor.

2-Create a customer based culture.

3-Adopt customer based measure to increase sales.

4-Sales force automation

• Multiple communication channels - the ability to interface with users via many different

devices (phone, WAP, internet, etc)  

• Database - the centralized storage (in a data warehouse) of all information relevant to

customer interaction

• Customer privacy considerations, e.g. data encryption and the destruction of records to ensure

that they are not stolen or abused.

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