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INDUSTRY: banking

Project title: crm in axis bank

Group members: mangesh jadhav

Rajnish dubey

Sadiq quadric

Sonia sharma

Varun gupta
Outline of the project

1) Introduction to CRM
a) The evolution of CRM
b) Concept of CRM

2) Role of CRM in bank


a) CRM objectives in banking sector

b) CRM tools for banking

3) About AXIS Bank


Mission and values

4) Analysis of the current banking scenario


5) Customer Retention & CRM strategy in banks
6) Benefit of retention marketing
7) Conclusion
8) Bibliography
Introduction of crm

Customer relationship management is a number of strategies and technologies that are used to
build stronger relationships between companies and their customers. A company will store
information that is related to their customers, and they will spend time analyzing it so that it can
be used for this purpose. Some of the methods connected with CRM are automated, and the
purpose of this is to create marketing strategies which are targeted towards specific customers.
The strategies used will be dependent on the information that is contained within the system.
Customer relationship management is commonly used by corporations, and they will focus on
maintaining a strong relationship with their clients.

 Evolution Of CRM:

Customer Relationship Management (CRM) is a way of improving business efficiency. It


is all about building and strengthening customer relationships to keep them coming back,
while helping businesses gain new customers. Essentially, a CRM system will help an
organization manage all of its relationships. A CRM solution will streamline internal
business processes and by effectively integrating marketing, sales and customer service
functions, will make it easier for everyone inside an organization to work together and
share critical information - irrespective of company size.
The world of CRM is evolving from being a static source of information, to being a fully
interactive business management tool. In the past, CRM projects have been notoriously
high cost and as a result have been associated with larger companies. However,
implementing a CRM system is now achievable for smaller companies as a result of the
development of smaller applications for the mid- market. The "customer" part of the term
customer relationship management is misleading as the strategy, software and processes
apply equally to the management of nearly any business relationship, irrespective of who
the relationship is between. This satisfies the demands of a number of organizations
which require the ability to monitor every relationship which occurs, not just those with
customers. Another phenomenon which has had an impact on the lifecycle o f CRM is the
explosion of the social networking world. The rise in social networking sites such as
Twitter, Face book and Linked In have facilitated the introduction of social CRM. This
has bought a number of benefits to businesses, including providing the m with a new
medium through which they can communicate with customers, prospects and suppliers.
Social CRM helps manage the development of relationships using social networking
 Concept Of CRM:

Customer Relationship Management (CRM) is a term given to the process of managing


your relationship with your customers...better. It covers:

Managing Leads
Qualifying and Converting Leads
Managing Opportunities
Keeping track of Activities
Management Reporting and Forecasting
Summary of the Benefits
Consider the various ways new customers interact with your business:

These are broad categories, but your first contact with a customer, will likely be through one of
these methods. Further more, the contact may be initiated by you, or simply by the customer. For
example:

Phone: You may cold-call a prospective list of customers or alternately, you may receive
enquiries from customers who have simply seen your web site or an ad in the yellow
pages.
Email: You may receive email enquiries or people may reply in response to email based
marketing initiatives such as newsletters.
Web: You may receive enquiries from a web based "contact us" form. In addition, you
may promote your web site through various marketing initiatives such as Google
Adwords.
Your business may have additional lead sources not covered here depending on your specific
marketing methods. Perhaps you have door-to-door salesmen, or run campaigns via SMS text
messaging. The point is, there are many sources from which you may receive co ntact from
potential customers.

Key Concept OF CRM


Comprehensive strategy:
CRM at one end links itself to SCM – supply chain management and on the other hand the
customer service and customer care. This makes a comprehensive strategy.
Acquiring:
This is about prospecting. Using effective sales promotion methods, prospective buyer can be
acquired. It is about developing new customer as well as converting competitor’s customers.
Selection:
You can’t please all people at all times. You may not be able to serve and satisfy all the
customers at the same time. There may be customers who may not be willing to have long time
relationships with you. As a consequence you need to have selectivity in the customers as well.
Retaining:
Once a right customer is selected, we need to provide the customer with a good product and a
better service which exceeds the customer requirements. Only then can the customer be satisfied
and retention of a customer can be possible.
Partnering:
Partnership is about constantly striving to create better value for each other i.e. the buyer and the
seller.
Inte ractive Communication:
A clearly planned and focused two way, interactive communication is a very essential ingredient
of CRM. A meaningful communication will always be an interactive communication.
Technology + people:
CRM is all about people and relating people to technology. This is all automation of people is all
about?
Mutually Beneficial Long-term Relationship:
It is all about the long-term relationship of the buyer and the seller. This overall results in the
mutual benefit of both resulting in a long term relationship.
Customer delight needs to be created instead only satisfying the customer. Customer service is
about giving facilities and services that the customer asks for, or delivering service that is
expected in today’s competitive world. Most products require additional or long-term support
from the organization. These traditional services include delivery, installation, lessons- in-usage,
instruction manuals, repairs and maintenance etc. Customer care (and also customer delight) is
going beyond the “expectation check list”. Customer care is being proactive in developing
relationship with your customer. Always remember “Good customers are worth keeping for life”.
Great services can create a great experience and customers delight.

Role of crm in bank


The idea of CRM is that it helps businesses use technology and human resources gain insight
into the behavior of customers and the value of those customers. If it works as hoped, a business
can: provide better customer service, make call centers more efficient, cross sell products more
effectively, help sales staff close deals faster, simplify marketing and sales processes, discover
new customers, and increase customer revenues. The organization must look into all of the
different ways information about customers comes into a business, where and how this data is
stored and how it is currently used.
Role of CRM in banking sectors are as follows:
Consumers largely select their banks based on how convenient is the location of
bank to their homes or offices.
The pressures of competitive and dynamic markets have contributed to the growth
of CRM in the Financial Services Sector.
Analysis suggest that a 5% increase in customer retention can increase
profitability by 35% in banking business,50% in insurance and brokerage and
125% in the customer credit card market.
Private Banks have traditionally viewed themselves as exceedingly Customer
Centric offering what they believe to be highly personalized services to the high
net worth customers.

CRM Objectives In Banking sector


Objective of CRM in Banking Sector are as follows:
 Responses to campaigns
 Shipping and fulfillment dates
 Sales and purchase data
 Account information
 Web registration data
 Service and support records
 Demographic data
 Web sales data
CRM would also make Indian bankers realize that the purpose of their business is to “create and
keep the customer” and to “view the entire business process as consisting of a tightly integrated
effort to discover, create and satisfy customer needs” .
ABOUT AXIS BANK

AXIS Bank was the first of the new private banks to have begun operations in 1994, after the
Govt. Of India allowed new private banks to be established. The bank was promoted jointly by
the Administrator of the specified undertaking of the UTI, LIC and General Insurance
Corporation Ltd and other four PSU companies i.e. National Insurance Company Ltd, The New
India Assurance Company, The Oriental Insurance Corporation and United Insurance Company
Ltd. The bank registered office at Ahmadabad and its Central Office is located at Mumbai.
Presently the bank has a very wide network of more than 572 branch offices and extension
counters. The bank has a network of over 2468 ATMs providing 24 hrs a day banking
convenience to its customer’s .This is one of the largest ATM networks in the country.
The bank has strengths in both retail and corporate banking and is committed to adopting
the best industry practices internationally in order to achieve excellence.

MISSION AND VALUES


OUR MISSION:
 Customer service and product innovation tuned to diverse needs of individual and
corporate client.
 Continuous technology up gradation while maintaining human values.
 Progressive globalization and achieving international standards.
 Efficiency and effectiveness built on ethical practices.
CORE VALUES:
Customer satisfaction through:
 Providing quality service effectively and efficiently.
 “Smile, it enhances your face value” is a service quality stressed on.
 Periodic customer service Audits.
Maximization of stakeholder value.
Success through Teamwork Integrity and people.