Effectiveness of CRM programme in sbi
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The document discusses a project titled 'Effectiveness of Customer Relationship Management in State Bank of India,' aiming to analyze customer satisfaction and identify areas for service improvement. It presents a thorough methodology involving primary data collection through questionnaires and secondary data research, with findings highlighting the importance of CRM beyond just technology. Additionally, it emphasizes the evolving needs of customers and suggests future research opportunities in CRM practices across different banking sectors.
Effectiveness of CRM programme in sbi
- 2. TABLE OF CONTENTS i) Title of the project ii) Objective & Scope of the study iii) Literature Survey iv) Methodology v) Data Analysis vi) Results and Discussion vii)Findings and Conclusions viii) Further scope of Investigation, if any
- 3. Title of the project “EFFECTIVENESS OF CUSTOMER RELATIONSHIP MANAGEMENT IN STATE BANK OF INDIA” Name of Candidate: ………………………. The award: The degree of Master of Business Administration The year of submission: 2016
- 4. Objective of the study To find out the customers’ satisfaction level. To find out why customers have an account in more than one bank. To find the pitfall in the services of the bank. To throw light on how banks are meeting the needs of customers separately in order to maintain long relation. And what bank should improve to increase its customers’ base and to compete other banks?
- 5. Scope of the study The Customer is King! This credo is more powerful, relevant and true today than ever before. In a truly customer driven economy, success depends on a company’s ability to be with the customer on a round with clock basis satisfying all their product and service specific needs. Simply stated, Customer Relationship Management (CRM) is about finding, getting, and retaining customers. Customer Relationship Management is one of the hottest and most talked about topics in the industry today and for good reason. CRM is all about building long term business relationships with your customers. CRM solutions empower business to more efficiently and effectively manage the activities that affect their relationship with their customers. The ultimate goal is to meet and exceed customer expectations, create a positive customer experience and build customer loyalty. CRM should finally enable “A TARGETED MUTUALLY BENEFICIAL PROFITABLE RELATIONSHIP WITH INDIVIDUALS AND GROUPS”.
- 6. Literature Survey Berry (1983) defined relationship marketing as attracting, maintaining and enhancing the customers’ relationships in multi-service organisation. After a few decades, the evolution in relationship marketing philosophy changed the word relationship marketing to CRM. According to Brown (2000) CRM is a process of acquiring new customers, retaining the existence customers, and at the same time understands, anticipates and manages the needs of an organisation’s current and potential customers. Furthermore, Mylonakis (2009) described CRM as an innovative process to create a long term relationship and gaining trust. CRM in financial service industry is a cyclical process which starts with definition of customer actions (Panda, 2003). CRM is fundamental to building a customer-centric organisation. CRM is a key element that allows a bank to develop its customer base and sales capacity.
- 7. Introduction: Research is a process of collecting and analyzing and ultimately to arrive at a certain conclusion. This research have done for the purpose of arriving at a conclusion about the CRM Programme in SBI. RESEARCH PROBLEM:- “Effectiveness of customer relationship management in STATE BANK OF INDIA” TYPE OF RESEARCH: - Descriptive Research Blend of Descriptive method have been use in this research for the collection of data. As the research is related to the study of consumer satisfaction, which can more effectively be studied through direct questions, personal interview and informal talks-experimental research have not much effective. Also, considering the time constraints, descriptive research leading to conclusive result is the most suitable design for this research as it is related to why anything happening. It checks the behavior features of a customer. Methodology
- 8. DATA COLLECTION METHOD: - Primary Data:-Questionnaire Method The data have been collected through questionnaire method. The questionnaire has been designed in such a way to cover as many aspects of consumer behavior as possible. Many questions have been asked in it for feedback from customers. In it both opened ended questions and close ended questions have been asked for study. Secondary Data: - Under this data have been taken from the internet. All the data related to its profile, mission and capital structure have been taken. SAMPLE DESIGN: Random Sampling SAMPLE SIZE: 100 SAMPLE UNIT: Individual STATISTICAL TECHNIQUES USED: Percentage Analysis DATA ANALYSIS: Analysis has been done using Percentage calculation, or tools like Microsoft Excel. Data analyzed by tabulation, graphical presentation and charts. Methodology….contd….
- 9. Data Analysis This Chapter is the analysis and discussion, this section’s objective is to combine results of all the chapters. Classification & tabulation transforms the raw data collected through questionnaire in to useful information by organizing and compiling the bits of data contained in each questionnaire i.e., observation and responses are converted in to understandable and orderly statistics are used to organize and analyze the data.
- 10. Results and Discussion Customer mentalities are always growing, and business services should increase along with these potentials. Here, the definition of CRM can be stated as a way through which companies can interact with their customers and so serve them better. Businesses with wealthy CRM approaches and applications will result in a large raise in sales, customer pleasure, and merely the overall achievement of the business. The challenge that lies ahead for banks is Four Fold 1. They need to satisfy customer needs that are complex and difficult to manage. 2. They need to face up to increased competition from within the sector and from new entrants coming into the financial services market. 3. They need to address the demands based on supply chain. 4. They must continually invent new products and services in the light of envisaged changes.
- 11. Findings and conclusions • CRM is not a technology initiative; many have confused as a technology initiative, and assigned the CRM implementation project to their information system or IT group. •Technology is needed in order to implement CRM particularly the customization part but technology is not the driver of CRM or the solution to successful CRM implementation. •CRM is not exclusively a sales initiative similar to marketing; CRM is often lodged with the sales department. The sales force after all it’s extremely close to their customers, understanding their needs and wants, and trying to fulfil them. •Sales however is just one functional area that can benefit from customer relationship management and that is necessary for effective customer relationship management. •91% customers are having their savings account. The current account user are very less while percentage of the fixed deposits is 22.
- 12. Further scope of Investigation, if any CRM is a powerful concept for the success of any industry. It paves the way to maintain an optimistic relationship with customers to increase the business and profitability. The strategies employed CRM is aimed at mutual benefit to the customers and industries. It creates deep and wide impact on customers and make in deep in roads in identifying the lucrative move of the industries. Personal details of customers like gender, age, education qualification are essential in determine in essential to perform better for all the industries in fact it gives maximum credit and gains to the industry for the future. The following studies have got the scope for the future researcher. 1. A comparative study of public and private sector banks in CRM practices. 2. A study on Customer Relationship Management Practices in foreign banks. 3. A comparative study on CRM practices in selected banks in India.