A comparative study of nationalized and private banks with reference to customer relation management

Abstract

Customer Relationship Management is the establishment, development, maintenance and optimization of long-term mutually valuable relationships between consumers and the organizations. After analyzing the factors considered in research it is observed that following 8 factors are significant as compared to various factors. 1) Interactive Management 2) Bank initiative with customer plays very important role 3) Empowerment to customers 4) Understanding Customer expectation 5) Presence of internet facility without risk 6) Loan and related facilities with clear and standard terms and conditions 7) Variety of Services Online service, payment and other services 8) Well trained and Mature Staff to handle Errors and critical situations etc Detail Analysis have been done to understand the relation between various questions. The Private Sector Banks have been perceived to be having higher mean values of CRM than the Public Sector Banks. While analyzing the Public Sector Banks, it has been observed that SBI is taking initiatives on the technological front and is perceived to be better when compared to the other Public Sector Banks considered in this study. However, on comparing the average grand mean with the bank means, it has been concluded that all the Private Sector Banks have scored above average when compared to the Public Sector Banks. It shows that Private Sector Banks are using Customer Relationship Management technique aggressively to enhance their base.