CUSTOMER RELATIONSHIP MANAGEMENT IN RETAIL BANKING
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Retail Banking and Wealth Management — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
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.
What does the term 'Customer Lifetime Value' (CLV) mean in CRM?
Customer Lifetime Value is the total net profit a bank expects to earn from a customer over the entire duration of their relationship, used to prioritise CRM efforts towards high-value customers.
What is 'predictive analytics' in the context of bank CRM?
Using historical data to forecast future customer behaviour and needs.
What are the three core phases of a CRM cycle in retail banking?
The three core phases are customer acquisition (attracting new customers), customer retention (keeping existing customers), and customer development (increasing wallet share through cross-selling and up-selling).
What is 'customer onboarding' in retail banking CRM?
Process of welcoming and integrating a new customer into bank services.
Video classes for this chapter
CUSTOMER-RELATIONSHIP MANAGEMENT IN RETAIL BANKING
CUSTOMER RELATIONSHIP MANAGEMENT IN RETAIL BANKING
CUSTOMER RELATIONSHIP MANAGEMENT IN RETAIL BANKING
CUSTOMER-RELATIONSHIP MANAGEMENT IN RETAIL BANKING
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