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CUSTOMER RELATIONSHIP MANAGEMENT IN RETAIL BANKING
What is Customer Relationship Management (CRM) in the context of retail banking?
CRM is a strategic approach that enables banks to manage interactions with existing and potential customers by using data analysis to improve business relationships, retain customers, and drive sales growth.
What is the concept of 'Customer Acquisition Cost' (CAC) in retail banking CRM?
Total cost incurred to acquire one new bank customer.
What is the primary objective of CRM in retail banking?
The primary objective of CRM is to acquire, retain, and deepen relationships with profitable customers by understanding their needs and delivering personalised financial products and services.
What is 'customer retention rate' and why is it a key CRM metric for banks?
Percentage of customers retained over a given period by the bank.
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