E-CRM in Indian Banks: Differentiating Tool in Competitive Market

Customer is the king in kingdom of Marketing and Banking domain has no exception to it. In the digital economy of the 21st century, the focus of production efficiency and product differentiation is shifted to value creation and relationship management. Customer relationship management (CRM) is a critical business strategy in gaining competitive advantages. Technology, People and Customer are the three pillars of the success of banking in the fast changing economic environment. The ultimate performance of a bank depends upon the satisfaction of its customers. In the competitive banking era, banks have to strive hard for retaining and enlarging their customer base.
Information technology has embraced banking services like any other industry. New generation services include use of ATMs, Internet Banking, Mobile Banking, customer Call center and other internet driven services like E-banking etc. The concept of CRM when seen in the context of ebusiness, it translates into e-CRM, which essentially deals with managing customer interactions over the web. Through information technology uses we find that there is an attempt to exceed customer expectation on service quality dimension. The most of the Indian banks have entered in the technology age and providing various types of electronic products and services. The present paper endeavors to explore the concept of e-CRM in Indian banks from its various dimensions covering specifically its concept, benefits, techniques used in e-CRM. It also extends to the need, process, present status and future prospects of e-CRM in Indian Banks.