Chapter 6 Summary, Findings and Recommendations 4 SUMMARY customer relationship management, an important aspect in today's banking envionment has been attempted in this research study. in recent years, the banking industry around the world has been undergoing a rapid transformation, nindia also, the wave of deregulation of early 1990s has created heightened competition and areater risk for banks and other financial intermediaries. The cjoss-border flows and entry of new players and products have forced public and pivate sector banks to adjust the product-mix and undertake rapid changes in their processes and operations to remain competitive. The deepening of technology has facilitated better tracking and fulfilment of commitments, multiple deivery channels for customers and faster resolution of customer complaints. Unlike in the past, te banks today are market driven and market responsive: “he top concern in the mind of every bank's CEO is increasing or at least nainaining the market share in every line of business against the backdrop of heightened competition. With the entry of new players and multiple channels, customers (both corporate and retail) have become more discemning and less “eat to banks. This makes it imperative that selected six banks provide best possible products and services to ensure customer satisfaction and to address the challenge of retention of customers. The success of such a model depends upon the approach adopted by the selected public and private banks with respect ‘ocustomer data management and customer relationship management 219‘The study focused on CRM practices in selected three Public sector banks- the state Bank of India, Punjab National Bank and Oriental Bank of Commerce and inselected three private sector banks- ICICI, HDFC and Axis Bank, The cross case analysis and the comparative study of CRM in these selected public and private sector banks has resulted in the clear cut emerging picture of customer relationship management in these selected public and private sector banks. Chapter 1 presents the importance of the growing concepts of customer relationship management in banking organizations. The scope of customer réationship management in banking has been explained, and a brief review of research literature on various topics related to customer relationship management in banks has been presented alongwith the objectives of the research and the methodology used in this study. The significance of the comparative study of CRM in selected public and private sector banks has been discussed, The emerging concepts of CRM since globalization, CRM goals, CRM ey elements, CRM process, significance of CRM, CRM systems, relationship value concepts and total customer focus has been presented in chapter 2. The CRM practices in selected public sector banks alonwith the detailed introduction of each bank and several important parameters considered for CRM practices have been explained in chapter 3. The data relating to the three selected public sector banks- SBI, OBC and Punjab National Bank has been presented in the way to answer various research queries of the study in chapter 3. Chapter 4 presents CRM practices being followed in selected three private sector banks on parameters of management of demand and supply. managing customercomplaints to customer satisfaction. The data felating to the three selected pivate sector banks- ICICI, Axis and HOFC has been presented in the way to answer various research queries of the study in chapter 4, Chapter 5 deals with the comparative study of CRM practices in selected public and private sector banks. The cross case analysis and comparative analysis of the selected six banks has been presented and discussed on various parameters of customer felationship management practices like management of demand and supply, managing customer complaints, customer retention, CRM strategy, CRM programs, CRM implementations, relationship marketing, managing customer experience, total customer focus and customer salisfaction in these selected banking organizations. In chapter 6 the findings of the study has been presented and discussed along with the summary. Detailed discussion on the results obtained has been presented in the relevant chapters. The summary of the research, conclusion drawn from the study and recommendations to improve the CRM practices in these selected banks on the basis of the findings has been presented and the scope for further research in the area are summarized in the following sections. in a competitive world there is a need for banks to maximise all their resources. One of the resources that are often overlooked is that of existing customer base. Customer relationship management (CRM) is 2 tool that is becoming increasingly popular as it provides a method of maximising existing customer resource as well as adding value from tre customers’ perception. CRM consists of three simultaneous considerations that drive CRM strategy: (1) people, banking culture 8Band relationships, (2) processes, and (3) technology. In a globalise economy, comparative study is becoming of extreme importance to many researchers, but there is @ lack of literature on the impact of comparative study on CRM implementation. Banking organizations face the situation of lw tv adopt CRM implementation process according to differences in service culture factors from public to private sector banks. They face the problem of implementation process from place to place, from branch to branch within the same organization. The most critical issue that drive CRM projects to fail is ignoring culture readiness. This will lead to develop a framework for CRM implementation process in tanking organizations environment. To achieve the proposed aim and measurable objectives, the study has employed a critical evaluation approach to accomplish the research objectives. The study has used a comparative case study, which helps to compare between different cultures of CRM in the selected sublic and private sector banks to investigate the various CRM practices and its impact on CRM implementation in these selected banks. The reason for qualitative research is to deeply analyse why and how comparative study affect CRM implementation process. in Indian banking industry the private sector banks in general are ahead in responding to opportunities provided by the Internet and best practices show that hey are beginning to come to fruition from being customer-centric. By contrast, public sector banks in India are now grappling with some perceptual issues and are not in the face of worldwide competition yet, moreover, lacking sophisticated applications and professional support, their CRM adoption 'S progressing) Bbjn today's competitive world, achieving total customer satisfaction is found to be akey element in setting the bank's business goals and objectives of the service dented banking organizations. Improving performance in service delivery and paris responsiveness to the customer has emerged as a source of competitive advantage in banking industry. Customer relationship management is being increasingly used by these selected six banks to identify, attract and retain most valuable customer that helps these selected public and private banking arganisations to sustain profitable growth. The selected banking organizations xe achieving long term performance in customer relationship management by gining deep insights about their customer which helps them design sroductiservice offering that match or exceed the customer expectations which in tum help in building customer trust and help the banks to gain loyalty. The rapid growth of internet-based technologies are making impact on managing customer relationship where banking organizations are establishing one-to-one customer relationship online. The selected public and private sector banks are increasingly using internet as electronic channel for selling and for servicing the customer, either directly or in combination with traditional channel intermediaries, {also helped these six selected banking organizations to offer personalized souions, Besides, it served as a catalyst in raising expectations about the customer experience. Customer Relationship Management emerged as a core banking activity for these selected banking organizations operating In fiercely competitive inwapsnsezes, Gens emssene, Wao apeeteneinns RIPE OOH customers.jn today's competitive world, achieving total customer satisfaction is found to be key element in setting the bank's business goals and objectives of the service ojented banking organizations. Improving performance in service delivery and tanks responsiveness to the customer has emerged as a source of competitive advantage in banking industry. Customer relationship management is being increasingly used by these selected six banks to identify, attract and retain most yauable customer that helps these selected public and private banking organisations to sustain profitable growth. The selected banking organizations are achieving long term performance in customer relationship management by naining deep insights about their customer which helps them design roductservice offering that match or exceed the customer expectations which in tum help in building customer trust and help the banks to gain loyalty. The rapid growth of internet-based technologies are making impact on managing customer relationship where banking organizations are establishing one-to-one customer relationship online. The selected public and private sector banks are increasingly using internet as electronic channel for selling and for servicing the customer, either directly or in combination with traditional channel intermediaries. It also helped these six selected banking organizations to offer personalized solutions. Besides, it served as a catalyst in raising expectations about the customer experience Customer Relationship Management emerged as a core banking activity for these selected banking organizations operating In fiercely competitive environments. On an average, banks spend six times more to acqure sustore3, Itis also found that as a technology initiative, CRM automated the various processes and activities that an organization undertook throughout the life oycle of customers, including prospecting, sales activities and maintaining successful relationships 4, The public sector banks are short of specific policies to smoothen the random fluctuations in demand so as to shift demand from peak periods and shifted to slack periods. The banks left to the customers to learn when facilities were crowded and when they were not. It was found that, on an average 41.6% of the managers perceived CRM to be a reality. It was further found that, on an average only 39% of the customer of these selected public sector banks were of the strong opinion that their banks operating hours were convenient to the customers. The public sector banks services were also account oriented rather than customer oriented. However, the private sector banks were found to have specific policies to smoothen the random fluctuations in demand so as to shift demand from. peak periods to slack periods. It was found that, on an average 61.6% of the managers perceived CRM to be a reality. Further, on an average only 66.6% of the customers of the selected private sector banks were of the opinion that their bank operating hours were convenient to the customers The private sector banks services were more or less customer oriented rather than account oriented. 5. twas further revealed that in public seetor banks complaints were usually not entertained. However, complainants complained directly to thepivate banks, which are major participants in the financial system, was the first fine of defence against financial risks. Strong capital positions and balance sheets place banks in a better position to deal with and absorb the economic hocks. The selected banks need to supplement this with sophisticated and robust risk management practices to face competition without diluting the operating standards Thus, the selected three public and three private sector banks use CRM approach to identify key activities that must be implemented to be successful, and an evaluation of the activities can provide a means for comparing their level of CRM implementation with that of competitors in the banking industry. Secondly, the results indicated that the CRM process performance link was not as sirong as expected. This suggested that there was considerable room for improvernent in the implementation of CRM processes. In particular, the research findings strongly suggested that mere implementation of CRM technology would not lead to the desired effect, it might even have a negative effect. Therefore, the bank managers of the selected six banks needed to evaluate the contributions of technology differently at the different stages of CRM processes. Thirdly, managers also needed to pay greater attention to other aspects of CRM process implementation. The alignment of organizational aspects was a critical tlement in the CRM implementation effort. For example, @ customer focus needed to be brought deeper into the functional areas of the bank; it wouldn't be isolated among bank branch managers. The installation of technology or CRM sot gram will be profitable. Employees fe was not enough to ensure that 2 pro 226grivate banks, which are major participants in the financial system, was the first je of defence against financial risks. Strong capital positions and balance cheets place banks in a better position to deal with and absorb the ecanamic shocks. The selected banks need to supplement this with sophisticated and bust risk management practices to face competition without diluting the operating standards. thus, the selected three public and three private sector banks use CRM approach to identify key activities that must be implemented to be successful, and an evaluation of the activities can provide a means for comparing their level of CRM implementation with that of competitors in the banking industry. secondly, the results indicated that the CRM process performance link was not as sirong as expected. This suggested that there was considerable room for improvement in the implementation of CRM processes. In particular, the research findings strongly suggested that mere implementation of CRM technology would not lead to the desired effect, it might even have a negative effect. Therefore, the tank managers of the selected six banks needed to evaluate the contributions of \echnology differently at the different stages of CRM processes Thirdly, managers also needed to pay greater attention to other aspects of CRM process implementation. The alignment of organizational aspects was @ critical element in the CRM implementation effort. For example, a customer focus needed to be brought deeper into the functional areas of the bank; it wouldn't be isolated among bank branch managers. The installation of technology or CRM software was not enough to ensure that a program will be profitable. Employees 226became More accustomed to the system. May be that in the long run, a more gosiive relationship between the two variables would be expected. Therefore, a future longitudinal study might also provide worthwhile insights. Thirdly, it would be worthwhile to investigate, further, how various public and private sector banks and various banking organization's specific characteristics rive the degree to which the CRM dimensions and practices were developed geross these selected public and private sector banks. Finally, the study examined CRM processes at the customer convenience of comfortability. The study findings compared observations from the selected public and private sector banks widely and at the various functional levels. The critical issues were diferent at these selected public and private sector banks and at other levels. For a complete picture of CRM, a comparative analysis has been taken at all the levels which has resulted in the clear cut emerging picture of customer relationship management in these selected public and private sector banks. The banking industry is much further along than other industries in recognizing the value of customer relationship management and implementing decision support systems to support it. Most of these selected public and private sector banks have focused on tactical point solutions though they're ready for a transition toward strategic, enterprise-wide CRM initiatives that cross major banking business lines. An effective decision support system for CRM enabled these selected banks to collect data about their customers from every touch point, consolidated this information into a single view of the customer, and used ths information for customer profiling, segmentation, cross-seling, up-selling andretention efforts. The adoption of Internet and wireless technologies would further accelerate interest in CRM solutions, as selected public and private sector banks continue to seck a unified understanding of customer relationships across diverse channels. The results of the study provides managers with insights in managing the behavioural aspects of CRM system Projects, making resource location decision and contemplating on CRM system structure and functionality issues. It is hoped that the results of the study will complement the proposition presented in the background literature section and will provide impetus for further research in examining the CRM system phenomenon. the study found that all the six banks have their different views of CRM, however, the definitions used by the banks in the study were supported in the CRM concept. While making within case analysis the research study has found that CRM is a very broad term and it encompasses a lot of different dimensions giv the six banks have been following different ways. but their destinations remained same i.e. keeping long term customer relationship. It is also interesting to noe that the selected six banks have different views about CRM benefits, but they all believed that long term customer relationship will create value for them The study has found that banks are applying customer oriented relationship management and struggling for long-term relationships. Clearly stating the study has also found that all the six banks have applied the CRM process which is a condition for handling customers as individuals and not as part of a segment. Banks were clearly implementing customer centric approach As regards the question on how the CRM technology in banks be described 229jooking at the conclusions regarding technology, the study has found that all th at all the gx banks fully understood the technology in the best possible way. Th ey are ysing most popular and easily, accessible channels for customer interaction. It is. inleresting to note that all the selected six banks are following the technology in gmost the same way by the needed identification, personalized offers, most groftable customer identifications and providing them with standardized eustomer care. It is revealed that the selected public and private sector banks are using the technology which is described as Integrated CRM solutions. regards the question on the CRM organizational structure and people in inks, the study has found that organizations in all the six banks are aligning sith communication process. People are working effectively to share a process and activated their skills to complete the activities and task required for success ly is also found that same persons may have the responsibility for all the communication process in a bank, including recognizing the right customer, telating the right offer, scheduling the offer at the right time, and interacting with customers across the right channels. The study has also found that all the six sanks are paying attention to the training of employees though they used rent training programs. The banks recognized that “people were the brand” There are four main findings. Firstly, banks knew the term CRM very well Secondly banks have implemented CRM processes that were condition of being a customer centric organization. Thirdly, banks have integrated technology wih the service processes in a very good way and the banks are exploiting iechnolegy for becoming truly customer oriented. Fourthly, the banks wereparks are making investments in staff hiring and training, recognizing that quality human interactions are core to meaningful customer relationship. tne study indicated that these selected public and private banks have seen a soar resurgence of CRM initiatives. It was also interesting to note that all the six banks featured in this study, representing leading CRM capabilities in the region, would like to go further in their CRM journeys and will continue to attain benefits out of their investments. Therefore, it is recommended that the selected six tanks must realize the term CRM in its broader term. Banks should not only just concentrate on one segment of CRM, but by using a mix of different elements they can give @ real customer oriented services with a long-term relationships. All the selected six banks must develop continuous leaming process system. Since customer needs and requirements seemed to be very much volatile, therefore, it is recommended to keep one foot ahead of the customer. Banks must know what is going to happen in future so that they can prepare offers according to the changing environment. Allthe selected six banks should develop effective customer information system itis recommended to keep on tracing the customer and get thorough knowledge about customer's problems and concerns: itis recommended that the banks should develop effective organizational sinclure. CRM is not just a technology or some sort of equipment to buy and implement it, it is @ total philosophy. To implement the sole of GRM it is tecommended to make changes in each'and every department and from top-to bottom management. The whole banking organization should be organizedvase “vn Invesiments in staff hiring and training, recognizing that quality rumen interactions are core to meaningful customer relationship. jhe study indicated that these selected public and private banks have seen a ear resurgence of CRM initiatives. It was also interesting to note that all the six sanis featured in this study, representing leading CRM capabilities in the region, ould like to go further in their CRM journeys and will continue to attain benefits ut of their investments, Therefore, it is recommended that the selected six tanks must realize the term CRM in its broader term, Banks should not only just concentrate on one segment of CRM, but by using a mix of different elements they can give @ real customer oriented services with a long-term relationships. All she selected six banks must develop continuous learning process system. Since wustomer needs and requirements seemed to be very much volatile, therefore, it is recommended to keep one foot ahead of the customer. Banks must know what 's going to happen in future so that they can prepare offers according to the hanging environment. ithe selected six banks should develop effective customer information system. tig recommended to keep on tracing the customer and get thorough knowledge about customer's problems and concerns lt is recommended that the banks should develop effective organizational structure. CRM ig not just a technology or some sort of equipment to buy and implement it, it is @ total philosophy. To implement the sole of CRM it is recommended to make changes in each and every department and from top-to bottom management. The whole banking organization should be organizedgocording to CRM requirements. In conclusion it may be said that the essence of customer service should not be ignored to achieve a long-term sustainable advantage. Earlier the banking organizations did not pay to much attention towards the customer but due to rapid innovation in the field of customer relationship management and technology and due to heavy cut throat competition in banking services, banking organizations are ‘struggling and paying too much attention to the customers to retain them by producing innovative products with cheaper rates, prompt service and flexibility of operation. Thus, it can be said that in the global competition scenario, these selected banking organizations are needed to be more aggressive and customer focused by visualizing customer relationship as its most significant asset. Moving Ahead CRM is not only one of the most important applications of banking organizations, but also the key success driver to substantial competitiveness. Embracing CRM means a bank must transform its focus from a product-centric view to a customer-centric view, which requires the selected six banking organizations to conduct changes in organizational culture and operations as well as have a closer cooperation between the CRM systems and stakeholders. This study has employed cross case comparative analysis of all the selected six banks reviewing best CRM practices in the banking industry and then figures out the CRM architecture with action plans to the selected public and private sector banks in the hopes of offering an agenda for them to move ahead The banking environment and IT infrastructure are different among the selectedgublic and private sector banks. The selected banks may enhance their CRM efforts by focusing on only one part of their banking, such as a point solution to address CRM in a call center or field service, or on an enterprise-level. The architecture will also benefit by further studying CRM readiness. The selected public and private sector banks should focus on customers and highlight the instantaneous interaction relationship with customers to satisfy the specific needs of the individual customers. Moving from efficiency to effectiveness represents a big shift in banking emphasis and is one of the drivers behind the surge of attention and investment in CRM 6.2 Findings Based on the above summary, the following are the main findings emerging from the study- 4 The CRM concept and practices in these six selected banks were in infancy stage. The banks like ICICI in private sector and SBI in public sector hold significant market share in deposits, believing that considerable effort enabled these banks to overcome the challenges of size and eventually received significant results from their CRM initiatives Certainly, effective CRM was found to be significantly affecting the selected six banks-overall performance. 2 Ibis also revealed that many banks are still focusing on the fundamentals around data warehouses and customer information repositories, but growing number were still looking at sophisticated analytics to support @ variety of tactical CRM initiatives. It has revealed the best practices that these banks have discovered as CRM supporting technologies. BIndia, corporates need more sophisticated risk management information, advice and product structures. These and fine pricing on various treasury products are provided through the bank's Treasury team. To comply with statutory reserve requirements, the bank is required to hold 25% of its deposits in government securities. The Treasury business is responsible for managing the retums and market risk on this investment portfolio. DFC India deals in varieties of products like home loan, standard life insurance, mutual fund, security, credit cards etc. HDFC has branch offices in all major cities in India like Kolkata, Chennai, Delhi, Banglore, Hydrabad, Ahemdabad apart from HDFC Mumbai. HDFC Bank provides the following range of products such as- i ii ii, iv. v, vi vii vill, Savings Account HDFC Bank preferred Sweep-in account Super saver account HDFC Bank plus Demat Account HDFC Mutual Fund HDFC Standard Life Insurance HDFC Bank provides innovative services such as- vi, HDFC phone banking HDFC ATM- The ATMs of HDFC India can be accessed by all domestic and International visa/master card, visa electron/maestro, plusicinrus and American Express Credit/Charge card holders. HDFC Inter-city/Inter-branch banking HDFC net banking HDFC International debit card HDFC mobile banking ; 137manager who in tum solved the problem then and there, In this regards findings revealed that, on an average, 55% of the bank employees were found to be customer friendly and added intangible value to the services rendered and on an average, 50% of the employees of these public sector banks rendered customers prompt services. In order to manage customer complaints 45% of the managers had guidance signs, for certain service to resolve the issues. However, only 50% of the complaints were resolved bya certain time as promised by the employees. it was further revealed that in private sector bank complaints were usually solicited by various means. These private sector banks had specific counters and also complaint forms for managing customer complaints. Further, on an average 76.6% of the bank employees were customer friendly and 80% of the employees of these private sector banks rendered customers prompt services. The study also revealed that 80% of the managers in their banks have guidance signs indicating as to which counters were offering which services. It is found that, on an average, 78.3% of the complaints were resolved by a certain time. In public sector banks, it was noticed that only 27% of the customers were of the opinion that their bank kept up with ensured promised service and only 36.6% of the customers were of the opinion that their banks made efforts for acquiring new customers, whereas, in private sector banks, it was revealed hat, on an average, only 59.6% of the customers were of the opinion that their bank kept up with ensured promised service and only 2369% of the it 60.6% of the customers were of the opinion that their bank made efforts for acquiring new customers. The study revealed that public sector banks had no concer regardin: ig customers closing accounte, wher ustomers closing accounts, whoroas, in private sector banks expressed their concern regarding the same. Customer retention was not at all practiced in public sector banks, whereas, were i fancy stage in private sector banks. It was found that the specific customer relationship training were given to only 45% of the bank employees of the public sector bank, compared to 78.3% in private banks. g. The study revealed that the public sector banks did'nt practiced the strategy of acquiring and continuously updating knowledge about customer needs, motivation and behaviour over the lifetime of the relationship. The implementation of appropriate systems to support customer knowledge acquisition, sharing and the measurement of CRM effectiveness were not at all practiced as a strategy by aforesaid banks. Similarly, customer retentions and relationship development was not at all followed by these banks. Web-based CRM and eCRM were being followed by SBI and PNB but OBC still lacked behind in the same. Using technology to replace human contact in many CRM applications were followed by all the three public sector banks alongwith providing banks products and services to a larger customer base: On the other hand the private sector banks practiced the strategy of cl ods, acquiring and continuously updating knowledge about customer neemotivation and behaviour ol the lifetime of the relationship. The implementation of appropriate systems to support customer knowledge acquisition, sharing and the measurement of CRM effectiveness were also practiced as a strategy. Similarly, customer retentions and relationship development was also followed by these barks. Web-based CRM (uses the internet to integrate and simplify customer-related business processes, reducing cost of customer-facing operations while enhancing the customer experience) and eCRM (as a means of selling, serving or communicating with customer through web) were used by all the three private sector banks. At the same time it is interesting to note that customer/consumer education initiative series was one of the latest strategy being followed by ICICI Bank and HDFC Bank, whereas, Axis Bank lagged behind. 40.lt may be noticed that both public and private sector banks were found structuring their organization for CRM, Data warehousing, effective complaint handling and front office applications. However, State Bank of India was focused and initiated customer education inttatve cRM programs, Similarly ICICI led among all selected six Banks and it regularly comes with customer education services in The Times of India every Tuesday of each week. 41.As far as customer centricity was concerned, on an average, 55% of the public sector bank managers belicved that their processes were customer centric, and 60% of the managers selected the technology on the basis of understanding of customer centricity. Further, on an average, 73.3% of the 238of managers of these banks have empowered their employees to deliver superior service and 65% of th the managers are able to manage their customer relationships by having the customer knowledge strategy which helped them to organize customer touch points, helps bank to respond to a customer need’s instantaneously and helped in one-to-one marketing, whereas, on an average, 81.6% of the private sector bank managers believed that their processes were customer centric and 76.6% of the managers selected the technology on the basis of understanding of customer centricity. On an average, 80% of the managers of these banks have empowered their employees to deliver superior service and 85% of the managers are able to manage their customer relationships by having the customer knowledge strategy. 42. Further, it was noticed that the private sector banks were aggressively focusing their attention and resources to be closer to customers sufficiently responsive to their requirements and performance in meeting the customer needs, whereas, public sector banks still lacked the required aggressiveness in focusing their attention. 13.As far as customer relationship was concemed, on an average, 65% of the managers of the public sector banks practiced it against 85% of the managers of the private sector banks. Similarly, in customer responsiveness, percentage was 71.6% in public sector banks compared to 80% in private sector banks. 239ia it was, further, noticed that, on an average, 50% of public sector banks managers were keen for customer delight alongwith 71.6% of them were keenly interested in educating employees for the same against the 71.6% managers of private sector banks practiced customer delight and 75% of them were interested in employees education for the same. 15.,As far as bank procedural working was concermed, it was noticed that, on an average, 68.3% of the managers of the public sector banks felt satisfaction, 63.3% of the managers felt their procedural working were appealing compared to 81.6% of the managers in private sector banks showed satisfaction and 80% expressed in favour of appealing procedures. On the other hand 36% of the customers of public sector banks opined that their bank was sincere in procedural working against 80.6% in private sector banks 46.Most significant and salient finding of this study was that the banks selected were ot the opinion thal investment in staff hiring and training must be given top priority for rewarding customer relationship 17. It was noticed that banks in both the sectors became interested in using CRM for service and segmentation (HDFC) as well as (ICICI) alongwith (SBI) in loyalty. 48. As far as technology innovation was concerned Both Sector Banks 1.e., Public Sector Banks and Private Sector Banks strongly felt that up to extents 25% investment must be provided for latest CRM modules to rtlatest CRM imperatives. 2404a.The finding further indicated that these six banks believed strongly th rongly that speed to develop models, the ability to deal with the increasing number of models, and a jump in the frequency of scoring will be key competitive faviurs in CRM management. 20, It was interesting to find out that Event-based marketing (EBM) was on the rise in banking sector which will significantly change the marketing resources of the banks concemed. ai.This study revealed that customer segment and preferences became highly competitive and many leading banks in both the sectors were busy cic, HDFC, SBI) in enhancement of customer segment and preferences 22 Investigation also revealed that selected six banks ad witnessed clear resurgence of CRM and further innovations and improvements in CRM technology would certainly benefit the banks concerned 23; Ine study also revealed that majeity of banks in bath the sectors were strongly integrating marketing and risk management through technology which was available in many banks. Similarly majority of the banks in both the sectors were popularizing analytical outsourcing So that analytical bank function may be outsourced. 24. The most significant finding was the keen desire of studied banks were to enhance investment in CRM management and find solutiuns to various CRM issues for better customer understanding and service 241gs.as for a8 availability, reliability and ° . data use was concerned, the study revealed that modeling, scoring and customer insight requirements were given top priority in majority of banks investigated and some of these banks possessed their own analytical centers also for effective and useful CRM management 6.11 is interesting to mention here that investigation of the six banks significantly revealed that some other supplemental aspects and CRM management also surfaced to be attended immediately and sincerely i.e., customer service, segmentation and client retention alongwith customer loyally. Majority of banks had already sought CRM consultants to readdress aforesaid aspects for enhancing the banks popularity towards customer safety and dependability. a7-Both Public Sector Banks and Private Sector Banks were noticed in restructuring the banking services in the light of latest innovations in banking technology by using latest information technology tools which in tum in coming years will lead to more customer friendliness with sufficient accountability and speed. This way banks are sure fo enhance customer ‘base with competitive services 28.it was also noticed, that bureaucracies affected the working of Public of customer service and satisfaction which lead Sector Banks at the cost to the desertation of customers from Public Sector Banks to Private Sector Banks and, rence, Public Sector Banks were limited to CRM management 22and failed in providing competitive, dynamic and speedy leadership. Whereas Private Sectors had nil insignificant presence. 29.The most significant finding of this investigation was on the decision making capacity of the bank officers. In Public Sector Banks even a small, insignificant decision in effective CRM management were kept in wait for even a year or more, on the other hand same was disposed amicably in Private Sector Banks on the same day to the best satisfaction of the qustomers concerned. This may be looked upon seriously otherwise Public Sector Banks would lag behind and gradually become unacceptable in public. 30 Investigation aiso revealed that banking services industry has lost, eroded, forgotten, overlooked and diluted so much of its core business discipline in recent years, but now both public and private sector banks were realizing the power of customer focus in creating and retaining satisfied customer and in achieving other services objectives. 31.It was further noticed that public and private sector banks were ready to use common CRM drivers such as customer as the starting point in their CRM strategy formulation, customer as the base of their commitment to excellent performance and customer satisfaction as the ultimate criteria for their performance evaluations. Within the banking service industry, prominent examples of customer focus banks were ICIC] Bank, HDFC Bank and SBI. 24332, The study revealed that in private sector banks the bank management and employees perceived their business purpose largely in terms of satisfying a target set of customer requirements and preferences in a manner that lead customers to select the bank over competition in cufficient volume and prices to realize satisfactory profits. 33.One of the most significant finding was that customers satisfaction demands error-free performance, not just a rational service structure. The in-depth interviews with 600 customers from six banks banking customers regarding the quality of its services resulted in one of the key findings was that for many of these banking organizations, customer service implied instant attention to resolving problems when they arose. In the high- pressure banking environment, a delay of even one day can be @ source of great irritation and concer. These findings led to the formation of the bank's Error Resolution Teams, which bring together employees from variety of areas to correct prubiems quickly in ICIC} bank, One af the key aims was to create a general belief among those involved that when an ciror occurred, it immediately became “our problem, not just their problem’. Considerable success has been achieved through this approach, which was modeled to a large extent on the “quality circle” concept. Of course, the relationship manager retains principal responsibility for the overall maintenance of the relationship However, aforesaid approach was lacking in Public Sector Banks, 2434.{t was also noticed that private banks engaged in marketingibanking that can deal with each clienticustomer individually and develop a close, continuous and long-term relationship with the clientcustomer. Private banks were practicing CRM correctly to increase their ability to identify, acquire and create loyalty in the best clients, with the aim of increasing turnover and profit, whereas, it was significantly absent in Public Sector Banks 35. The most significant finding was that the banks were now being designed around its customers. The managers of these banks now believed that CRM is more than customer care or customer interface management was integration of customer acquisition, enhancement, and retention through managing the customer relationship overtime. 36. It was revealed that private banks had more advantages than public banks in CRM implementation. They intended to almost double the CRM investments but by contrast, public sector banks only hoped to keep what they have done so far. The contrast between the two was remarkable and revealed that private banks were more aggressive to customer intimacy 37.It is interesting to note that HDFC Bank had boosted customer retention by four percent, and executed focused acquisition campaigns, which roculted in reduction of acquisition cost by 60 percent due to effective targeting and channel optimization. However. 7 Public Sector Banks the data were rot available