A Study on CRM Practices and its Impact on Customer Retention in Banking Sector

Indian Banking sector is booming every day, it is very clear in competitive context that it has to be customer centric. As new private players are entering, it is mandatory for public sector to develop proper understanding of the customers ’needs and expectations. Understanding of customers and changing demand is must along with a prompt response. CRM in this context is a proper methodology and an organized way to develop customers understanding. CRM principally is a deep analysis of consumer behaviour. The customer target base is broadening day by day. And to sustain and fight the competition marketers have been equipped with a mantra that is CRM which enables marketers to maintain their presence. Flourishing trend in banking sector of India is expected to continue for everlasting, and it is attracting huge attention. Attitudinal shift of the Indian consumer and the emergence of ICT have transformed the face of banking sector in India. It has been perceived as a key opportunity area. Present study provides detailed information about the growth of banking industry in India. It further examines the preference and perception among people across different socio-economic classes in India and how the urban and semi-urban retail markets are witnessing significant growth.