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


advantages and disadvantages of owners capitalskimming pricing advantagesadvantages and disadvantages of working capitaldifference between joint venture and partnershipdifference between substitutes and complementsskimming strategy definitionbenefits of autocracyfunctions of derivatives marketwhat is a normal good and an inferior goodnormal and inferior goodsadvantages specialisationdefine materiality in accountingadvantages and disadvantages of merger and acquisitionglobalisation merits and demeritsdefine job costingdisadvantages of stock dividendsunbilled revenue accounting treatmentcrossed chequemerits of cost accountingwho is consignor and consigneeadvantages of currency depreciationrecord unearned revenuemixed economic system characteristicsreturns inwards and outwardsexamples of penetration pricinghorizonal mergerdifference between capital expenditure and expensedifference between debit card and credit card wikilifo advantages and disadvantagesfund flow and cash flowwhat is the difference between accounts payable and accounts receivablezero based budgeting pros and consexamples of complementary goods in economicsfull form cfadistinguish between direct and indirect labourdisadvantages of payback methodadvantage and disadvantage of joint venturelimitations of barter systemup selling examplesbenefits of barteringfactoring advantagesadvantages of marginal cost pricingunearned fees adjusting entrycross exchange rate calculationwhat is drawer and draweewhat is unqualified audit reportmarket skimming definitiondistinguish between explicit and implicit costsdeclining balance method of depreciation formulaadvantages and disadvantages of working capitalregular payback periodwho is consignor and consigneeadvantages and disadvantages of capitalist economic systemdisadvantages of hedge fundsmerits of marginal costingunitary elasticity of demand examplecash flow statement easy explanationexamples of diversifiable riskexplain privatisationdisadvantages of autocratic leadershipskimming pricing strategy definitioneconomic value added advantages and disadvantagesconcept of conservatismdisadvantage of fifocurrency cross rate formulaface value of bhel sharemeaning of operating cycledefine foreign exchange reservesdistinguish between revenue expenditure and capital expenditureexamples of conglomerate merger companiesadvantages and disadvantages of industrializationnet worth calculation for companynegatives of urbanization