CONTEMPORARY RESEARCH IN INDIA (ISSN ): VOL. 5: ISSUE: 3
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1 A STUDY ON THE USE OF CRM TECHNOLOGY TO MANAGE BANKING BUSINESS S. J. Tale, Research Scholar, R.T.M. Nagpur University, Nagpur Dr.G.L.Pedhiwal, Research Guide, Principal, K.N. Arts & Commerce College, Karanja lad Abstract: All markets, including emerging markets, are experiencing major renovation, determined by change, deregulation and customer sophistication. Customer service and distinctively customer relationship management, particularly, are vital to attaining a sustainable competitive advantage in the marketplace. With progress in technology, the proliferation of the Internet, and the emphasis on attracting and retaining customers, customer relationship management (CRM) has become a key focus of marketing and therefore there is increasing emphasis on client-based management, and hence the CRM function is enthusiastically embracing the technologies with a view to provide more efficient and effective delivery of customer care services. Underpinned by new technologies, such as Operational CRM, Collaborative CRM and Analytical CRM, the CRM applications are becoming ever more popular; however, the intangible nature of customer management, social processes and holistic nature of technology management highlight the limitations of technology in CRM services delivery. Development in technology enable businesses to implement CRM systems that can create practical mass customization marketing programs, based on one-to-one marketing techniques. CRM has attracted the concentration of every field for the past several years. It facilitates customers to help themselves by the aid of the company's website. This facility is accessible anywhere and anytime. It has also put a superior impact in the field of banking. The banking sector in India is mounting speedily and assists to get better the economic development of a nation. The success of banking in the fast changing economic development generally depends on the people, customers and technology. The main aim of this study is a theoretical discussion of the technological developments and their application in the CRM context in the implementation of CRM strategy. This paper observe the components of the different technological CRM systems in addition to the unambiguous types of systems that can be used in relationship building, concluding with a conversation of precise technological tools in the CRM background. This research focuses on understanding the role of CRM technology in marketing strategy, specifically the contribution of CRM technology utilization to strengthen the marketing strategy of CRM. Keywords: CRM, Technology, Banking etc. Introduction: Today's customers not only demands quality products and services but also look intently worth in the transaction process itself. The advancement in information and communication technology has made the new millennium. Competition from players in the market has resulted into products and services traditionally offered by banks and financial institutions, are now being offered by non-banking organizations more efficiently and effectively. According to Zencke and Ebner (2003), there are three main factors that arc the pillars of CRM system and needed to be coordinated and adjusted for a promising CRM implementation: first is company strategy, second one is a people and lastly it is technology. The base of the CRM system must be constituted by the strategic goals. Knowledge management is directly linked to CRM because it is essential for enhanced business success through tighter relationships with customers. Thus without a clear focus on information, the knowledge processes cannot be improved and strategies cannot be developed effectively. Finding the most appropriate technology solution needs to be based on the desired objectives. 161
2 CRM Knowledge Management Strategy People Technol ogy CUSTOMER Figure 1: Comprehensive character of CRM Source: Schulze (2002) This is why the essential opinion of CRM must not be seen as a mere element of leadership, a single process or an activity, but as a basic vision and strategy mindset pursued within a company from top managers to every single employee. The interrelation of all those factors mentioned above needs to be understood and taken into consideration for any CRM implementation. CRM Technology: CRM technology solution can evaluate, put into operation, and maintain your CRM solutions for assessable development to the business impact of marketing, make available the business data to assist bank to provide services or products that their customers would like, make available improved customer service, cross-sell and up-sell more successfully, close deals, retain current customers and to better understand who are their customers. Technologies along with the Internet have changed the method companies move in the direction of customer relationship strategies. Contemporary technology have altered consumer buying behavior, in addition to these days there are numerous methods for bank to communicate with customers and to build up data concerning them. With every pioneering modern technology, predominantly the proliferation of internet and smart-phones, customer relationships are being 162 managed by electronic means. Numbers of characteristics of customer relationship management depends deeply on technology; on the other hand, the strategies and processes of a first-class CRM system will collect, manage and connect information about the customer with the aspire of letting bank market and sell services effectively. CRM solutions make available the business data to facilitate organizations to provide services or products that their customers want, offer better customer service, cross-sell and up-sell more effectively, close deals, retain current customers. Constructing and maintaining relationships with customers wanted data of the customer. If information is to be used, it has to be clean, accurate and well-timed, and the impression is gained that bank have wide-ranging data on their customers. Hitech progresses continue to influence the bank and the marketing of its products and services. These hitech applications include the computer distinctively the World Wide Web and mobile telephone technology. CRM wants to be seen as additional as just technology with the technology being regarded as the enabler of the CRM strategy. The CRM is principally concerned with making the use of information technology to put into practice relationship marketing strategies. The superior utilization of technology in managing and
3 maximizing worth of information has furthermore led to modern shape of CRM. For all intents and purposes, CRM is a customer focused business strategy which brings collectively customer lifecycle management, business process and technology. Currently CRM technology comprises of Operational CRM, Collaborative CRM and Analytical CRM Tools in CRM: CRM tools are usually software programs that let business users to control, homogenize and computerize their systems. CRM tools facilitate to administer customer relationships, categorize sales trends, plan marketing campaigns based on recognized customer concerns and peak demand times, and improve the allocation of information between corporate divisions like marketing and manufacturing. Collaborative CRM Tools: It utilizes innovative, modern and traditional communication technologies that facilitate customers to interact and allows a permit a superior level of reaction to customer requirements by linking all the members of the distribution such as suppliers or other partners. It makes company information obtainable across the web. This contains representations and reproduction of information given by manufacturing and finance departments. It can also permit file sharing with associate around the world who are allocating and updating the same files. Social CRM Tools: Social CRM tools regulate and computerize social networking marketing and data collection activities. It also permit automated posting of links created by IT and generate online ads and twitter updates to get to prospective customers in social media with distinctive file references so that the page views and click-through rates can be calculated. Social CRM tools know how to be set up to automatically accepting friend requests on a company s social media page, then automatically send friends coupon codes or the latest ad 163 campaign. The tools can also be utilized to put viral video ads on the company s social media website and keep an eye on the ads' reach across the internet. The tools can classify customer feelings in online chats about the ads, and decide a standard customer rating of these feelings. Operational CRM Tools: Operational CRM tools are mostly used in customer-facing applications such as sales force automation, enterprise marketing automation, contact management systems and customer service and support and also customer call centers which have been recognized as the overriding feature in CRM systems are included in Operational CRM. To catch the attention of new and retained old customer communications with the customer are recorded, facilitating the bank to gather data on the customer and thus follow the customer. Marketing Automation CRM Tools: Marketing automation tools classify contemporary customers; accumulating collective data from current customer demographic surveys. These surveys and the response information contained in are used by marketing automation tools to manage marketing lists. remains an imperative technique of customer contact that replies to customer doubt faster and effectively significantly reduces customer time costs and facilitates the more efficient resolution of their tribulations which in turn, enhance customer satisfaction and ensuing loyalty and retention rates. In short these tools can also recognize customers who express interest in other products, their reasons for upgrading products purchased, and customers who are no longer happy. These CRM tools are often customer-generated by signing up for mailing lists or opting out of them. Analytical CRM Tools: Analytical CRM tools tie in financial study of current sales with financial estimation based on customers marketing reply. The details study together with the capturing, storing, extracting, processing,
4 CONTEMPORARY RESEARCH IN INDIA (ISSN ): 2137): VOL. 5: ISSUE: 3 interoperating and reporting of customer data that has been created through operational CRM to construct a picture of the customer in order to facilitate the bank to scrutinize customer behavioural patterns in order to build up marketing and promotional strategies are included in Analytical CRM. List of CRM Solutions: The goal of CRM tools is to encourage competency inside an organization and lessen costs. Scheduled underneath is a collection of CRM tools well appropriate for the small-midsized and large business. Sr.No. Name of CRM Software 01 Batchbook 02 BlueCamroo - Web-based based CRM 03 Bullhorn CRM 04 ClinchPad Description of Software Batchbook is your small business social CRM solution. Build meaningful relationships with customers with our easy to use tool. Blue Camroo is the most complete all-in-one webbased CRM, Social CRM, Project Management and collaboration, Lead Management, Marketing, and Support Ticketing system for Small and Medium- Sized businesses. Bullhorn CRM is a comprehensive tool to help service-based companies manage their sales and marketing automation efforts. The system can help reduce or eliminate redundant data entry, is mobile friendly and offers an open API. Online sales CRM software, built for small teams that helps you track and organize leads through an easy to use visual interface. 05 Close.io - Stop logging calls and s and start making them instead. 06 CONTACTfile 07 CRM Maestro If you're doing B2B selling mostly via and phone, this simple sale CRM can be a lifechanger. Automatic logging of all calls and s (both incoming and outgoing), unlimited calling directly form within the interface, easy to use with powerful search and filter functions. Startups and SMBs love it! Renowned on Listly, CONTACT file is your one stop CRM System. Try a free trial download today to test the waters and see what fantastic support we offer. Including contact management, payslip feature, club membership, invoicing and much more. CRMMaestro, a full featured web driven business solution provider is created with an objective to offer highly professional and useful web solutions to the worldwide enterprises. With the new website design, we assure best-in-class services offered by our professional web developers that includes SugarCRM and Vtiger CRM solutions. 164
5 CONTEMPORARY RESEARCH IN INDIA (ISSN ): 2137): VOL. 5: ISSUE: 3 08 Highrise 09 InBoundio 10 Infusionsoft Highrise CRM helps you manage your contacts, keep track of who said what when, schedule follow-ups, set reminders, and convert leads into done deals. InBoundio is a simple inbound marketing software with inbuilt CRM The ONLY all-in-one sales and marketing software built for small business. 11 Insightly 12 InTouch CRM 13 LeadMaster 14 Method:CRM 15 Microsoft Dynamics Insightly is the #1 Online Small Business CRM & Project Management software company used by over 250,000 people worldwide Fully-featured small business CRM system including and SMS marketing, social media management and all the tools you need to track client meetings, tasks and invoicing. An industry contender since 1998, LeadMaster is extremely comprehensive, fluid sales lead management software, offering an arsenal of web-based solutions for sales force automation, lead tracking, and more. Method:CRM makes it easy to track conversations with customers, so your staff will actually do it. You can assign follow-ups; track next steps, share calendars and lots more. With over star reviews on Intuit Apps.com, Method is the top-rated CRM for QuickBooks. Unlock the potential in your people with Microsoft Business Solutions 16 Nimble 17 Sage CRM 18 Sales CRM Software Nimble is the only solution to offer small businesses the best features of high-end CRM systems combined with the power of social media. Sage CRM offers a scalable customer relationship management platform that can be deployed both on- premise and in the cloud. The software is designed to scale as your business grows. Free CRM Software. Saleslifecycle.com combines a fast and responsive CRM with rich marketing capabilities, automated trigger system and a powerful sales life cycle methodology. 165
6 CONTEMPORARY RESEARCH IN INDIA (ISSN ): 2137): VOL. 5: ISSUE: 3 19 SalesForce CRM 20 SalesNexus 21 Snapforce CRM 22 Social 123 CRM solutions help ensure that your sales, marketing, and support efforts are all working toward a common goal, so you can take your business success to a whole new level. SalesNexus is built by sales people for sales people. It s packed with tools to generate and nurture leads while enabling your sales team to manage and close more deals. Snapforce is an end-to-end customer relationship management (CRM) solution for companies of most sizes and industries. It automatically records all phone interactions, from both office phones and mobile devices Social Lead Generation tools 23 Solve 360 Modern cloud-based CRM that integrates features to manage client projects. 24 Sugar CRM 25 Time to Note 26 Zimplu CRM 27 Zoho - CRM Software Manage your sales, marketing, and customer support better with SugarCRM's online CRM software. Take a free trial. Collaborate and share contacts, s, notes, tasks, projects and more with your co-workers. Simple CRM for improving your sales and support service. Collaborate and share contacts and information with your co-workers. Complete, award-winning winning solution Zoho CRM offers all the CRM modules and tools you need to run your Sales & Marketing. Unbeatable value As in FREE for up to three users. And our Professional Edition is only $12/month per user. No strings, no hidden fees. Pay as you go We don't lock you into any long-term contracts. Table: 2.1 List of CRM Solutions Source: tools@8.44 a.m. dated 08/04/2015, a.m. dated 08/04/2015 & p.m. Conclusion: could be benefited from implementing a CRM In spite of the size or maturity of your system. Simply successful CRM strategy business, if banks are not at present using some form of CRM technology in banking business, hardly bank implementation must be the goal of any bank that is seeking to build relationships with customers. To 166
7 make possible this, CRM systems hold a enormous deal of promise in enhancing these activities. Regardless of uncertain implementation to date, predictive CRM, interactive CRM and interaction technologies in this area can be some of the most important contributors in this regard, which can make available the bank with a ready for action edge in the marketplace. It must make sure that the CRM systems that are preferred are suitable for the bank and used with determination in order to increase the maximum benefits from them, specifically the attainment of CRM goals and the increased attractiveness of web-based applications means that you don t need to make additional investments in hardware or people to implement a CRM solution. References: Abbott J Data data everywhere and not a byte of use? Qualitative Market Research: An International Journal, 4(3): Anon What went wrong with CRM? [Online] Available from: com/article_pf.php?articleid=3310 [Accessed: 2005/11/22]. Anon Computer Telephony Integration (CTI) [Online] Available from: [Accessed: 2005/11/22]. Bradshaw D & Brash C Managing customer relationships in the e-business world: how to personalise computer relationships for increased profitability. International Journal of Retail and Distribution Management, 29(12): Bull C Strategic issues in customer relationship management (CRM) implementation. Business Process Management, 9(5): Chen IJ & Popovich K Understanding customer relationship management (CRM) People, process and technology. Business Process Management Journal, 9(5): Crowder H Predictive Customer Relationship Management [Online] Available from: [Accessed: 2005/11/20]. Crowder HP, Dinkelacker J & Hsu M Predictive Customer Relationship Management: Gaining Insights about Customers in the Electronic Economy [Online] Available from: [Accessed: 2004/04/10). Du Plessis PJ, Jooste CJ & Strydom JW Applied Strategic Marketing. Sandown: Heinimann. Feinberg RA, Kadam R, Hokama K & Kim I The state of electronic customer relationship management in retailing. International Journal of Retail and Distribution Management, 30(10): Franzak F, Pitta D & Fritsche S Online relationships and the customer s right to privacy. Journal of Consumer Marketing, 18(7): Gordon IH Relationship marketing: new strategies, techniques and technologies to win the customer you want and keep them forever. Toronto: John Wiley & Sons. Gubser L Enhancing Online Customer Loyalty New Tools and New Traps [Online] Available from: [Accessed: 2004/04.10]. Harney J Predictive Analytics: Forecasting Future Trends from Existing Data [Online] Available from: ation_id=1 [Accessed: 2004/04/10]. Kotler P Marketing management: analysis, planning, implementation, and control. New Jersey: Prentice Hall International. M Viljoen, JA Bennett, AD Berndt & CR van Zyl, University of Johannesburg South Africa, The Use of Technology in Customer Relationship Management (CRM) VILJOEN M BENNETT JA BERNDT AD, VAN ZYL CR, Acta Commercii
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