Customer Relationship Management
Today, many businesses realize the importance of Customer Relationship Management (CRM) and its potential to help them acquire new customers, retain existing ones and maximize their lifetime value. Close relationship with customers will require a strong coordination between IT and business departments to provide a long-term retention of selected customers. CRM is a business strategy to identify the bank’s most profitable customers and prospects, and devotes time and attention to expanding account relationships with those customers through individualized marketing, re-pricing, and discretionary decision making, and customized service-all delivered through the various sales channels that the bank uses.
The idea of CRM is that it helps businesses use technology and human resources gain insight into the behaviour of customers and the value of those customers. With a good CRM platform, a business can: provide better customer service, use sales resources more efficient, cross sell products more effectively, help sales staff close deals faster, simplify marketing and sales processes, discover new customers, and increase customer revenues.
To reach the target, the businesses needs to understand its customers, sell new products & services with increased loyalty and to find new customers. Business needs good IT applications when they are doing all the above things.