A Study on Customer Relationship Management Practices in Selected Private Sector Banks with Reference to Coimbatore District

Abstract

In the early „90s the concept of relationship marketing was formally introduced into the field of service marketing. Banks found it more profitable to retain and reward the existing customers rather than running after new customers. The essence of CRM is to create customers and retain them. Therefore now banks emphasize on total customer satisfaction which indicates that the customer is satisfied and delighted with respect to using a service. Hence an attempt was made by the researcher in this study to examine the level of satisfaction on customer relationship management practices in selected private sector banks. For the purpose of study, a sampling survey was conducted among 150 customers of selected private sector banks namely Karur Vysya Bank, Lakshmi Vilas Bank, ICICI Bank with the help of a structured questionnaire. The tools used for this study are Percentage analysis, Likert‟s point scale analysis, Mean, Ranking method, Correlation and Chi – Square test. The study reveals that the proper CRM practices will increases the customer satisfaction and builds relationship with present and prospective customers by managing information and improves performance of delivering products and services at a great speed that facilitates customer creation and retention. Hence the concept of CRM may be emphasized so that the customers are treated royally in relation to banking services. Thus the banks need to improve the customer satisfaction in the utilization of various modern banking services and should provide more customer friendly services to make the modern banking activity a delight for the customer to use.