Irrespective of whether it is a public sector bank or a private sector bank; a regional rural bank or a foreign bank all banks commonly store details of tens of thousands of customers and prospects - both in a corporate database and in discrete documents on the desktops of individual bank staff. Retrieving customer data to support targeted marketing activities in this environment has traditionally involved sorting hard copy by hand, which is time-consuming, inaccurate, and increasingly cost-prohibitive. Hence the banks devise software, which would mitigate this task of customer relationship management solution, to take full advantage of their valuable customer data. It also provides a way to quantify a campaign's success and aids in planning future marketing strategies, better work flow tracking and management, considerable increase in the speed of the marketing campaign planning process, greater cost efficiency with improved ROI, easy monitoring of multiple marketing campaigns and improved workflow management.
[...] Small and simple beginnings in the use of the management science approach to problem solving would set up the right climate for the use of IT by top management. References Eilion, Samuel and Terence R Fowkes, Application of Management Science in Banking and Finance, Gower Press Marilyn, R Seymann, “Managing the New Bank Technology”, The Glenlake Publishing Ltd Padwal, S “Information Technology as a Strategic Response”, paper presented at the Top Management Seminar on Computers and Telecommunication Networks for Banks and Financial Institutions, NIBM Padwal, S MIS and Productivity in Banks”, Himalaya Publishing House, Mumbai Padwal, S “Applications of OR in Banking with Specific Reference to [...]
[...] A website must give people enough information to make them knowledgeable about the issue, help them gain an understanding of what the campaign is trying to accomplish, and spell out ways in which they can participate and use it Selecting the Virtual Address and Driving Traffic to It Perhaps the single-most important maxim to website promotion is that a campaign's website address can never be visible in too many places. There are only a limited number of ways in which visitors will find their way to the website: they will key the web address (e.g., www.policylink.org) directly into a browser; they will find the web address through a search engine; they will click on a link to the campaign site from another website; or they will click through on a link to the site placed in an email message. [...]
[...] These service providers bring the strategic and technical expertise to help nonprofits use technology tools that already exist in the marketplace. Their business models are focused more on how to use technology tools for strategic impact rather than marketing a set of branded technologies. Many of these firms specialize in advocacy campaigns while most can help organizations with more general online communications strategies. For Indian banks, The journey towards meeting growing customer service needs and customer satisfaction using IT started in the mid-1980s. [...]
[...] The customer happily takes his debit card to any of the ATM counters and within few minutes, he has the required cash in his hands. This is just one of the CRM initiatives by banks to render effective customer service. However to meet such demands, a view of the customer profile of a typical Indian bank becomes useful before deciding the IT/IS architecture. To facilitate the management of customer relationships, software manufacturers have developed customer relationship management (CRM) systems. These are enterprise-wide applications that can provide a single view of any customer's interactions with the company by tracking communications from both sides, recording purchases and thus developing an understanding of each customer's preferences. [...]
[...] There is also a growing need for initiating research to investigate the objectives and strategies of CRM in the finance industry and to compare these with the CRM objectives and strategies found in other service industries. The research should point out e to what degree the development of attitudinal loyalty is a factor in the creation of CRM strategy. To cite a case study, Sweetriot, a New York-based firm that sells organic chocolate beans covered in dark chocolate. Founded by Sarah Endline, a Harvard MBA and former Yahoo manager, Sweetriot was launched as an online business that uses a whole arsenal of tech tools: a Web site, blog, commerce payment tools, a monthly e-newsletter and pages on Facebook, MySpace and other social networking sites. [...]
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