CRM Full Form

CRM is the acronym used in the context of marketing, however in recent times many banks and financial institutions are placing emphasis on CRM. Full form of CRM is Customer Relationship Management; it refers to process through which the individuals employed in the organization build relationship with customers by employing various tactics like providing efficient after sales service, giving additional features to existing products so that customer feels special and many others such services.

In the context banking we can see customer relationship management in the form of providing customer with services like ATM card and internet banking free with saving account or collecting cash at the doorstep of current account holders, providing RTGS and NEFT to customers at nominal rates so that they can transfer funds from one place to another without much delay and at very low cost or in case of loans waiver of processing fees and valuation charges is another way of increasing the reach of CRM.

As one can see from the above that nowadays CRM is not a marketing concept but it is very important tool for banking industry and if bank or financial institution ignores customer relationship management then they are likely to be lag behind their competitors and banking being a service industry it can prove to be detrimental in the long run as customers are the king when it comes to service industry.

0 comments… add one

Leave a Comment


Related pages


what is meaning of consigneeadvantages and disadvantages of budgetingcredit card merits and demeritsthe advantages and disadvantages of globalizationdemat account benefitscrr and slr rbiwhat is the meaning of cagrfund flow analysis in financial managementexamples of elastic demand goodsfull form csrstrengths and weaknesses of capitalismdisadvantages of a certificate of depositadvantages and disadvantages of being an accountantcapitalist economy advantagessalary expense journal entryfunds flow analysishindi meaning of omissionadvantages and disadvantages of pay back periodwhen is the trial balance preparedfreight means in hindibhel company profiledifference between vertical and horizontal analysisexample of conglomerate integrationunearned revenue earned journal entryadvantages and disadvantages of debit card and credit cardfdi and fii definitionwhat is the difference between direct and indirect laborexample of unearned revenuemixed economy of welfaredisadvantages of cashless policyprepaid asset journal entrywhen is a trial balance preparedcash flow statement wikipediadescribe the limitations of the barter systemcomparative balance sheet exampledistinguish between systematic and unsystematic risktypes of demographic segmentationexample of inelastic goodsenvironmental pollution advantages and disadvantagesdisadvantages of acquisitionssubvention definitionmsf in bankinga characteristic of capital budgeting isbearer certificate of depositdifference between inferior and superior goodsdefine conglomerate diversificationmeaning of balance sheet in hindiadvantages of a takeoverexplain the expenditure method of measuring national incomedeclining balance method of depreciation formulademerits of industrializationadvantages and disadvantages of communist economic systemfictitious assets definitionadvantages and disadvantages of mixed economy systemrent revenue journal entrywhat is capm in financeoperating lease and finance lease differencemarket skimming pricing strategywhat is bill discounting in bankingdemand loan interest ratewhat is the difference between implicit and explicit costadvantages and disadvantages of electronic fund transferimpulse buying meaninglimitations of capitalist economyfloat definition financeexamples of a vertical mergersystematic risk vs unsystematic riskscheduled commercial banks meaningfullform of slrbank overdraft advantages and disadvantagesadvantages of conglomeratesmarket development strategy advantages and disadvantagespricing strategies advantages and disadvantageswholesale lending definitiondistinguish between revenue and capital expendituresprepaid rent expense journal entryunearned revenue earned journal entryan example of diminishing marginal utility