 What strategies are being used by the company to retain consumers and enhance the

customer lifetime value.

HDFC starts developing relation with the people before they become the customers of the bank
by explaining in detail the key features of the products and services that the customer is
interested in, details of other products that suits the needs of the customer and how to use them.
It also considers the customer satisfaction by assigning a personal banker to the customer to
handle his account and give updates regularly.
The bank provides a wide range of products like Mobile banking, ATM, Phone banking and
Net Banking services. The bank provides treasury products through its Treasury team. This
team delivers assistant for managing returns and risk in its investment portfolio.
HDFC bank believes in four of its core values namely, Customer Focus, Product Leadership,
People and Operational Excellence. They believe that customer success will be fulfilled when
service quality of the people and extraordinary products will be attained. HDFC provides
payable at par cheque books with any usage charges to its customers.
With these services offered by HDFC, it realised that maintaining the customer information is
necessary to provide personalised services to its valuable customers. It also came up with an
idea of providing products and services to its customers with the knowledge of their bank
balance and their regular activities with the bank. They wanted to maintain and retain their
customers. They understood the importance of implementing CRM to achieve this objective.
They used various technologies to interact with its customers like Call Centre Automation,
Email Management, Marketing Automation, Data Warehousing CRM Technology. With this
objective to improve the quality of its offerings, HDFC implemented a tailor- made CRM
approach called the CRMnext in the year 2008. They found that 76% of their customers (Assets
to the bank) are loyal to the bank and they had to manage these assets. This approach dealt with
having a 360-customer view through integrating its data warehousing program and other
banking operations. They have a “product specific” workforce which has increased their
productivity at end to end tracking. With the help of this various processes and functions had
been streamlined.
CRM implementation has profited HDFC by increasing its cross-selling and up-selling
capability, giving power to the customer service of HDFC. They also provide personalized
offers based on the CRMnext generated information. This information has also improved the
quality of the documents maintained by the bank, leading to reduced customer complaints. As
the customers were satisfied with the service, they ended up giving good rating to them, leading
to increased customer feedback rating. This CRM approach has been awarded for maintaining
excellent customer experience through its services. They have also aligned the goals of their
bank with the customers goal, therefore when the customers meet their goals, simultaneously
the bank also meets its goals.
Comparison of CRM banking performance between HDFC and ICICI bank

Source: www.iosrjournals.org/iosr-jce/papers/Conf.17025-2017/Volume-1/4.%2017-23.pdf?id=7557