Customer Relationship Management

Every business that we know of know of – whether be small, medium, large, mundane, exciting or downright too magical to be true needs to interact with banks for their day to day activities. No matter how small or big it is, is an asset to the economy and a contributory factor to the economic development of the country. Hence, it is important for us to understand that various elements of corporate (and commercial) banks and their role in the development of the economy and with that our country. While commercial banks deal with retail customer like you and I, and hence the name retail banking, corporate banking deals specifically with businesses and their various aspects.

 One of the areas which is crucial to both the corporate and commercial banking sectors is Customer Relationship Management. CRM helps businesses build a relationship with their customers that, in turn, creates loyalty and customer retention. Since customer loyalty and revenue are both qualities that affect a company's revenue, CRM is a management strategy that results in increased profits for a business. At its core, customer relationship management is simple. However, it can be implemented in a huge array of methods: websites, social media, telephone calls, chat, mail, email and various marketing materials can all be integrated into a CRM solution. Due to CRM's diversity, it doesn't only benefit larger businesses -- using and maintaining a CRM tool is the basis for a scalable sales and marketing system. Any company will benefit from maintaining a record of which conversations, purchases and marketing material can be associated with leads and customers.

I came across an interesting article related to CRM. If interested, please go through the below link:

https://www.sciencedirect.com/science/article/pii/S2212567115009144?via%3Dihub