It’s a set of strategies, processes, metrics, organizational culture and technology solutions that enhance an organization's ability to see the differences in its present ; prospective customers, track new opportunities to better serve customers and act, instantly and profitably, on those differences and opportunities. Recently CRM has taken a center stage in the business world with businesses concentrating on saving money and increasing profits by redefining internal processes and procedures. It costs a company dramatically less to retain and grow an existing client, than it does to court new ones.The aim of CRM is to optimize the use of technology and human resources.
CRM services consist of the ( Implementation services ( Consulting services (following major segments: CRM (Outsourcing services Training services | CRM Practices in new generation Private Banks: A Case of ICICI Bank CRM AT ICICI BANK Emphasizing on the importance of CRM one of the ICICI employees said, “With the overall improvement in the ETL1 process made possible by PowerCenter, we benefited from greater data immediacy for business users and more reliable information, which resulted in quicker analysis and timely reporting. —Gurnam Saini, Assistant General Manager, ICICI Bank CRM at ICICI Bank involves increased communication between the bank and its present and prospective customers. Its philosophy focuses on each and every customer’s satisfaction. CRM facilitated coordination of multiple business functions ; multiple channel of communication with the customers to carry out customer management more efficiently. It also automated the process flow tracking in the product sales process and helped generate customized reports and promote cross-selling.
The typical components of a CRM strategy at ICICI are as follows: Understand and differentiate: Understanding customers is important in order to develop a sound relationship with them. Customer profiling is done in order to understand demographics, purchase pattern and channel preference. CRM also helped Extraction, Transformation ; Loading 5 | CRM Practices in new generation Private Banks: A Case of ICICI Bank ICICI in valuation of its customers to understand customer profitability and Customer Life Time Value (CLV). Develop and customize: - In a customer entric business environment, the products and processes have to be according to customers’ needs and preferences.
ICICI has always focused on developing channels of service delivery according to customers’ need and service expectation. Interact and Deliver: To foster a strong customer relationship ICICI ensured that all areas of the bank have easy access to relevant, actionable customer information and employees should be trained on how to use customer information to tailor interactions based on both customer needs and potential customer value.Acquire and Retain: CRM helped ICICI to figure out valuable customers and made it easy to formulate retention strategies for them. It also helped it cope up with the change in customer’s life cycle and offer services accordingly.
IMPLEMENTING CRM AT ICICI BANK The key to implementing CRM was in understanding organization and customers in a better way.There are five interrelated areas that were taken care of before implementing CRM: Business Focus Organizational Structure Business Metrics Marketing Focus and Technology Business Focus: There are various components of CRM like customer information, sales, marketing trends and marketing efficacy that acted in tandem to improve relationship between ICICI and its consumers. ICICI captured customer data and analyzed them while dealing with customers at these very touch points. A CRM solution from Siebel was implemented for the automation of customer handling in all key retail products of the Group.The solution allows customer service agents to track all customer complaints and requests. It also allows target setting and centralized tracking of turnaround times for request fulfillment.
The solution went live in phases during fiscal 2002. The Bank has also undertaken a retail data warehouse initiative to achieve customer integration at the back-office. This central view of the total customer relationship is being used extensively for identifying opportunities to cross-sell new products and services to the existing customer base.
