A Study To Analyse The Influence Of CRM On Private And Public Sector Bank In Lucknow

Abstract

Customer Relationship Management (CRM) has a decisive part in business enterprises whether small or big. Customer is always considered as a king and will remain one always. Banks on the other hand are considered as a vital tool in the development of economy of any country and are one of the biggest player in the service industry. There is cut throat competition among banks of private and public sector to increase their market share and customer base. As we know that customer satisfaction is of utmost importance and priority in the service industry and same is the case with banks as well. It plays an important part in retention of current customers as well as in enticing potential customers in order to remain competitive with the global and dynamic environment and financial institutions have understood this fact that the cost incurred in attracting new customers will always be more than retaining current ones. Now-a-days customers prefer banking with those financial institutions where the operations are less time consuming, providing quality services and streamlined processes for smooth operations. This paper is an attempt for comparative study of customer relationship management in private and public sector banks in India with reference to the services offered by them. The study concludes that majority of customers prefer private sector banks over public sector banks as private banks are equipped with latest technology, service quality and infrastructure and their main focus is on customer relationship due to which they have an added advantage and edge over the public sector banks.