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.

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