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Customer Relationship Management
What is Customer Relationship Management (CRM) in the context of banking?
CRM is a strategy that banks use to manage interactions with current and potential customers, aiming to improve customer satisfaction, retention, and profitability through data-driven insights and personalised service.
What is the concept of 'customer retention' in retail banking CRM?
Keeping existing customers by meeting their financial needs consistently.
Which RBI guideline emphasises the importance of customer service and relationship management in Indian banks?
RBI's guidelines on 'Customer Service in Banks' (based on Goiporia Committee and Tarapore Committee recommendations) emphasise fair treatment, transparency, and grievance redressal as pillars of customer relationship management.
What is a CRM funnel in the context of bank customer acquisition?
A model tracking prospects from awareness through conversion to loyal customers.
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