Paper 40

APJEM Arth Prabhand: A Journal of Economics and Management Vol.1 Issue 6, September 2012, ISSN 2278‐0629

Pinnacle Research Journals 68

http://www.pinnaclejournals.com

CUSTOMER RELATIONSHIP MANAGEMENT IN BANKING SECTOR: A COMPARATIVE STUDY OF SBI AND OTHER NATIONALISED

COMMERCIAL BANKS IN INDIA

SANJAY KANTI DAS*

*Head, Department of Commerce,

Lumding College, Lumding, Nagaon, Assam.

ABSTRACT Customers are the focal point in the development of successful marketing strategy. Marketing strategies both influence and are influenced by consumers’ affect and cognition, behaviour and environment. In the banking field a unique ‘Relationship’ exists between the customers and the bank. But because of various reasons and apprehensions like financial burdens, risk of failure, marketing inertia etc., many banks are still following the traditional ways of marketing and only few banks are making attempts to adapt CRM. It is with this background, the researcher has made a modest attempt towards the idea that CRM can be adapted uniformly in the banking industry for betterment of Banking Services. The lack of understanding on Customer Relationship Management (CRM) is always a concern among the service providers especially banks. Banks have their own way of managing their relationships with the customers. However, the perception of customers on CRM practices among banks should also be taken into consideration. Here in this paper, effort is given to study the comparative perception of SBI customers and other nationalised banks customers’ in the issue of CRM practices. It is observed that the approach of CRM by SBI and other nationalised are to some extent same and one but the reach is quiet distinguishable. It is due to the profile, their capability and the strategy of CRM in making it and reaching down to customers. On the contrary, it can also be asserted that the background of both banks also found as a big cause for reaching the top CRM. Hence, CRM is an inevitable tool of marketing that can be considered as Critical Responsibility of Market with regard to Banks in present context. ______________________________________________________________________________ INTRODUCTION Customer relationship management is one of the strategies to manage customer as it focuses on understanding customers as individuals instead of as part of a group (Lambert, 2010). Managing customer relationships is important and valuable to the business. The effective relationship between customers and banks depends on the understanding of the different needs of customers at different stages. The ability of banks to respond towards the customers’ needs make the customers feel like a valuable individual rather than just part of a large number of customers.

CRM manages the relationships between a firm and its customers. Managing customer relationships requires managing customer knowledge. CRM and knowledge management are




directed towards improving and continuously delivering good services to customers. To understand more in customer relationship management, we first need to understand three components which are customer, relationship and their management (Peppers and Rogers, 2004). More often, managers always make mistakes by seeing customers’ satisfaction from their eye not from customers’ eye (Peppers and Rogers, 2004). Banking sector is a customer-oriented service where the customer is the KEY focus. Research is needed in such sector to understand customers’ need and attitude so as to build a long relationship with them. Customer Relationship Management includes all the marketing activities, which are designed to establish, develop, maintain, and sustain a successful relationship with the target customers. CRM identifies the present and future markets, selects the markets to serve and identifies the progress of existing and new services.

Thus, CRM is a managerial philosophy that seeks to build long term relationships with customers. CRM can be defined as the development and maintenance of mutually beneficial long-term relationships with strategically significant customers (Buttle, 2002). It is the establishment, development, maintenance and optimisation of long term mutually valuable relationships between consumers and the organisations. Successful customer relationship management focuses on understanding the needs and desires of the customers and is achieved by placing these needs at the heart of the business by integrating them with the organisation’s strategy, people, technology and business processes.

CRM IN BANKING SECTOR

Over the last few decades, technical evolution has highly affected the banking industry. For more than 200 years, banks were using branch based operations. Since the 1980s, things have been really changing with the advent of multiple technologies and applications. Different organisations got affected from this revolution; the banking industry is one of it (Sherif, 2002). In this technology revolution, technology based remote access delivery channels and payment systems surfaced. ATM displaced cashier tellers, telephone represented by call centers replaced the bank branch, internet replaced the mail, credit cards and electronic cash replaced traditional cash transactions, and interactive television will replace face-to-face transactions (Sherif, 2002). In recent years, banks have moved towards marketing orientation and the adoption of relationship banking principles. The key motivators for embracing marketing principles were the competitive pressure that arose from the deregulation of the financial services market particularly in India. This essentially exposed clearing banks and the retail banking market to increased competition and led to a blurring of boundaries in many traditional product markets (Durkin, 2004). The bank would need a complete view of its customers across the various systems that contain their data. If the bank could track customer behaviour, executives can have a better understanding, a predicative future behaviour and customer preferences. The data and applications can help the bank to manage its customer relationship to continue to grow and evolve (Dyche, 2001). According to Stone et al. (2002) most sectors of the financial services industry are trying to use CRM techniques to achieve a variety of outcomes. In the area of strategy, they are trying to:

• Create consumer-centric culture and organisation;




• Secure customer relationships;

• Maximize customer profitability;

• Integrate communications and supplier – customer interactions across channels;

• Identify sales prospects and opportunities;

• Support cross and up-selling initiatives;

• Manage customer value by developing propositions aimed at different customer segments;

• Support channel management, pricing and migration.

CRM is a sound business strategy to identify the bank’s most profitable customers and prospects, and devotes time and attention to expanding account relationship with those customers through individualised marketing, reprising, discretionary decision making, and customised service through the various sales channels that the bank uses. Any financial institution seeking to adopt a customer relationship model should consider six key business requirements (Chary & Ramesh, 2012), they are:

1. Create a customer-focused organisation and infrastructure.

2. Gaining accurate picture of customer categories.

3. Assess the lifetime value of customers.

4. Maximise the profitability of each customer relationship.

5. Understand how to attract and keep the best customers.

6. Maximise rate of return on marketing campaigns.

CRM is developing into a major element of corporate strategy for many organisations (Rangarajan, 2010; Shibu, 2011). A greater focus on CRM is the only way the banking industry can protect its market share and boost growth. With intensifying competition, declining market share, deregulations, smarter and more demanding customers, there is competition between the banks to attain a competitive advantage over one another or for sustaining the survival in competition.

In India, the banking sector has been operating in a very stable environment from last thirty -forty years. In current scenario of banking sector, the falling of interest rates and tough competition between these players had made Indian bankers to realise that the purpose of their business is to create and retain a customer and to see that the entire business process is consistent with an integrated effort to discover, retain and satisfy customer needs. But the success of' CRM Strategy depends upon its ability to understand the needs of the customer and to integrate them




with the organisation's strategy, people, technology and business process. Financial services are in a structural change whereby competition and customer demands are increasing.

RESEARCH PROBLEM

Modern Marketing philosophy advocates the concept of CRM that creates customer delight. This applies to all sectors of Sales and Marketing includes the banking. In the banking field a unique ‘Relationship’ exists between the customers and the bank. But because of various reasons and apprehensions like financial burdens, risk of failure, marketing inertia etc., many banks are still following the traditional ways of marketing and only few banks are making attempts to adapt CRM. It is with this background, the researcher has made a modest attempt towards the idea that CRM can be adapted uniformly in the banking industry for betterment of Banking Services. The role of CRM is quite different and distinguishable to traditional type of Marketing CRM participate not only in Marketing but also in implementing the business as a strategy to acquire, grow and retain profitable customers with a goal of creating a sustainable competitive advantage. Particularly in banking sector, the role of CRM is very vital in leading the banks towards high level and volume of profits. So there is a need to study the role of CRM in development and promotion of banking sector through the sidelines of the practices, problems and impact of the CRM on banking sector all the time.

OBJECTIVES OF THE STUDY

The main objective of the study is to examine the importance of CRM in banking sector, and its impact on the ‘Customer Satisfaction’ with a special reference to State Bank of India (SBI) and other nationalised bank including UBI, BOB, BOI, UCO, PNB and Allahabad bank. The other specific objectives of the study are:

1. To review the literature on the concept and use of CRM in banking sector.

2. To analyse the perception of customer on CRM as a tool of banking sector in retention of customers in general and SBI and other nationalised banks in particular.

3. To offer pertinent suggestions based on the findings of the study.

METHODLOGY

The present study is a comparative and analytical one through the perceptions of the customers of the selected banks. Primary data were collected through a well structured qualitative questionnaire from the selected banks. A Questionnaire with 21 statements was adapted from different literature with modifications to suit the setting in the banking sector. Perceptions on CRM practices are measured by using 3 point Likert scale as follows: 1= Disagree; 2= Neutral; 3= Agree. A sample of 120 customers of the selected banks, SBI (60 customers) and other nationalised banks (60 customers) of Guwahati city of Assam were selected for the purpose of the study. Data whatsoever collected were processed, tabulated and analysed by using various statistical tools, like, Arithmetic mean, Standard Deviation and ‘F’ test etc.




LITERATURE REVIEW

In this paragraph, sincere effort is given to highlight the concept and significance of CRM vis a vis the uses and application of CRM in Banking sector. In the literature, the main difference among the definitions of CRM are technological and relationship aspects of CRM. The phrase CRM appeared in the literature after the evolution in the relationship marketing philosophy. Berry (1983) defined relationship marketing as attracting, maintaining and enhancing the customers’ relationships in multi-service organisation. After a few decades, the evolution in relationship marketing philosophy changed the word relationship marketing to CRM. According to Brown (2000) CRM is a process of acquiring new customers, retaining the existence customers, and at the same time understands, anticipates and manages the needs of an organisation’s current and potential customers. Furthermore, Mylonakis (2009) described CRM as an innovative process to create a long term relationship and gaining trust.

CRM in financial service industry is a cyclical process which starts with definition of customer actions (Panda, 2003). CRM is fundamental to building a customer-centric organisation. CRM is a key element that allows a bank to develop its customer base and sales capacity. The goal of CRM is to manage all aspects of customer interactions in a manner that enables the organisation to maximise profitability from every customer. Panda (2003) described customer expectations are difficult to manage but are often the cause of dissonance which results in loss of existing customer base. So understanding of customer expectations with regard to service delivery levels and product quality is essential for establishing a long term symbolic value relationship. From the foregoing, it can be said that the purpose of CRM is to bring about Customer Focused Services (Gummesson, 1987; Gronroos, 1990; Varki and Colgate, 2005; Gan et al., 2006), Information and Communication Technology, Complaints Management (Wilke 1994; Ingram,1996; O’marley and Tynan, 2000; Gilly et al., 2005; Achumba, 2006 ), High Quality Service (Khandwalla, 1995; Eisingerich and Bell, 2006), Timeliness in Service Delivery, Friendliness of Employees (Reinatz and Kumar, 2003), Ease of Opening Account and Competitive Charges in order to enhance organisational performance as indicated by such variables as Customer Satisfaction (Morgan and Hunt, 1994; Naidu et al., 1999), Customer Retention (Dick and Basu, 1994; Morgan and Hunt, 1994; Reichheld, 1996), increase in number of customers (Groonroos, 1990), and increased net profit (Khandwalla, 1995; Page et al., 2006).

The organisational performance is enhanced because marketing efficiency is achieved due to the cooperative and collaborative processes (Sheth and Sisodia, 1995) introduced by CRM which helps in reducing transaction costs and overall development costs for the company. These brings about two important processes of proactive customer business development and building partnering relationships with the most important customers (Chitanya, 2005) and eventually leads to superior mutual value creation between the organisation and the customer. Further, a clear vision of CRM along with appropriate strategies if applies in banking sectors found out that beneficial in maintaining the customer service quality, customer satisfaction and customer retention which ultimately leads to the growth of the organisation and profitability (Bansal and Sharma, 2008). Girdhar (2009) observed that by satisfying the internal customers and building good relationship with them, the relationship with the external customers can also be retained and satisfied by the banks. Kumar & Rajesh (2009) reveals that any bank that wishes to either




grow in size of its banking operation or improve its profitability must consider the challenges affecting its customer relationship.

The following literature review section provides a discussion and argument for the service quality and CRM practices. The challenge before the banks is not only to obtain updated information for each customer, but also to use the information to determine the best time to offer the most relevant products (Lau et al., 2003). It is also important to understand that if customers bring in profits for the bank, it becomes imperative for the bank to provide excellent services to those customers, otherwise they switch to other banks (Ray, 2007). Service quality in banking implies consistently anticipating and satisfying the needs and expectations of customers. Parasuraman et al. (1985) also hold the view that high quality service gives credibility to the field sales force and advertising, stimulates favourable word-of-mouth communications, enhances customers’ perception of value, and boosts the morale and loyalty of employees and customers alike. Puccinelli (1999) looks the financial services industry as entering a new era where personal attention is decreasing because the institutions are using technology to replace human contact in many application areas. Over the last few decades, technical evolution has highly affected the banking industry (Sherif, 2002). In today’s competitive banking industry, customers have to make a choice among various service providers by making a trade-off between relationships and economies, trust and products, or service and efficiency (Sachdev et al., 2004). Roger Hallowell (1996) conducted a research on customer satisfaction, loyalty, and profitability and found that as compared to public sector, private sector bank customers’ level of satisfaction is comparatively higher. CRM is a key to create a superior customer experience. It manages the customer relationship by creating a clear understanding (Know), by developing services and products based on the added value for target groups (Target), then enabling the actual sale and delivery of services and products through the selected channels (Sell), and developing long term profitable relationships with customers after sales services (Service) (Hussain, et.al., 2009). Many researchers have been done in various industries especially in the banking sector that focussing on customer oriented services (Ndubisi et al., 2007; Rootman et al., 2008; and Dutta and Dutta, 2009). Lu and Shang (2007) explored the CRM perceptions in freight forwarder services from managerial perspectives. They had come out with six dimensions of CRM namely customer acquisition, customer response, customer knowledge, customer information system, customer value evaluation, and customer information process.

The following literature review section provides a discussion and argument for the selection of the variables for the empirical investigation on CRM. Almossawi (2001) examined the bank selection criteria and observed that there are four selection criteria of banks in Bahrain namely technology, convenience, financial benefits and employees or customer interactions. Wang et al. (2004) developed an integrative framework for customer value and CRM performance based on the identification of the key dimensions of customer value viz. functional value, social value, emotional value and perceived sacrifices. Sin et al. (2005) identified four dimensions of CRM in their study viz. key customer focus, CRM organisation, technology-based CRM and knowledge management (Parvatiyar and Sheth, 2001). Rootman et al. (2008) investigated the variables that influence the effectiveness of CRM strategies in banks viz. attitude, knowledgeability and two-way communication related to bank employees.




The literature on CRM suggests that banks should consider the customer relationship life cycle (Dwyer et al., 1987). In general, there are three core phases: customer acquisition, customer enhancement, and customer recovery. The acquisition phase describes the initiation of a customer-bank relationship. In CRM initiatives, customer representatives’ help customers get used to the products and services, thereby increase customer familiarity. As the service industry has a high degree of integration and interaction in terms of contact contribution, empowerment is a helpful instrument for successful control of individual customer relationships (Mudie and Cottam, 1993). Service recovery is critical as it provides an opportunity to retain customers. If the customer has been lost but is still attractive, recovery offers could be made to the customer (e.g. cancellation in the initiation fee; taking care of formality caused by the switching) or value added services could be offered. In the customer-centered paradigm, customer asset management (CAM), customer equity (CE), return on quality and service profit chain are similar to CRM (Berger et al., 2002; Blattberg et al., 2001; Rust et al., 1995; Heskett et al., 1994).

ANALYSIS & FINDINGS

CRM has emerged as a popular business strategy in today’s competitive environment. It is a discipline that enables the companies to identify and target their most profitable customers. It involves new and advance marketing strategies that not only retain the existing customers but also acquire new customers. It has been found as a unique technique which can bring remarkable changes in total output of companies. Through the literature survey and data analysis it can be inferred that CRM tries to find out the relationship between perception and satisfaction, commitment and loyalty that underlines the significance in Indian Banking Sector. Customers largely select their banks based on how convenient the location of bank was to their homes or offices. With the advent of new technologies in the business of banking, such as internet banking and ATM’S, now customers can freely chose any bank for their transactions. Private Banks have traditionally viewed themselves as exceedingly “Customer Centric” offering what they believe to be highly personalised services to the High Net Worth Customers. It is also found that the structured approach of CRM can provide various benefits to a bank, namely a distinctive and consistent customer experience, clear identification of the organisation, technological and process-related capabilities. The banking industry is much further along than other industries in recognising the value of CRM and implementing decision support systems to support CRM. Though most of the banks have already focused on tactical point solutions, they’re ready for a transition toward strategic, enterprise-wide CRM initiatives that cross major business lines. An effective decision support system for CRM enables to collect data about customer from every touch consolidate this information into a single view of the customer, and use this information for customer profiling, segmentation, cross-selling, up selling and retention efforts. As banks continue to seek a unified understanding of customer relationships across diverse channels, the importance and penetration of CRM is expected to grow like anything. With regard to various aspects of CRM through the opinions of select bank customers the following findings are drawn and shown in Table 1.




TABLE 1: CUSTOMERS PERCEPTIONS ON CRM CONSTRUCTS

Sl. Nos CRM Constructs SBI ONB

AM SD AM SD

1 Alternate marketing approaches of bank 2.67 9.42 2.88 9.97

2 Big challenge for the bank is customer retention 2.55 8.43 3.13 12.18

3 Ensure basic and key facilities and services 2.55 8.43 3.13 12.18

4 Prompt services in mean time 2.5 9.03 2.58 9.16

5 Retention of existing customers 2.71 9.28 2.58 12.18

6 Enhances customers loyalty 2.6 8.68 2.5 10.19

7 CRM is centered in Annual report only 2.8 2.6 10.2 9.4

8 Existence of CRM practices are prevalent throughout all the levels

2.75 10.3 2.68 9.2

9 CRM creates customer awareness about different services offered by bank

2.51 9.07 2.33 8.10

10 CRM is undertaken by employee approach to customers

2.83 9.5 2.51 10.60

11 CRM objective is to increase bank-customer relationship

2.91 10.77 2.61 8.85

12 CRM objective is to frame customer data base 2.5 8.6 2.8 9.6

13 Bank itself is interested in CRM activities 2.7 9.3 2.4 8.2

14 CRM benefits to retention of customers 2.33 8.8 2.28 7.6

15 CRM attract new customers 2.8 9.7 2.3 7.8

16 CRM helps to build customer loyalty 3.0 11.13 2.7 9.52

17 CRM benefits banks performance and productivity 2.7 9.73 2.4 8.33

18 CRM promotes customers awareness 2.61 10.5 2.71 9.8

19 CRM is implemented at the quest of Customer urge

2.33 8.05 2.56 9.3

20 CRM boosts customer’s confidence 2.68 9.70 2.51 8.76

21 CRM create all round friendly environment 2.35 8.6 2.66 8.89

F test Value 1.65

Tabulated Value

1.543 [dof = 42,42 at 5% Level of Significance]

Remarks Rejected




1. From the analysis, it is found that only few customers recognise that there is a change in marketing approach of Banks due to changing business environment. Majority of customers uncertain that the CRM is centered in a particular department very few of the customers have accepted that CRM is prevalent through all the levels in the Banks. CRM undertaken by employee approach to customers is found very poor. It is further observed that the CRM activities are initiated and implemented by the Banks in a serious manner, so that the customers in particular and the society in general benefited a lot. Providing service to customers has been identified as the prime responsibility of the Banks and therefore, Banks considered that CRM is the best tool to perform the job of rendering good services.

2. It is found that Customer Retention is not a big challenge to Banks as per the opinions of customers of selected Banks. It is found that though CRM activities have not helped to increase the confidence of the customers in meeting the changing needs, it helped to increase the confidence of the customers while rendering services in mean time efficiently. CRM activities of the selected Banks are not up to the mark in retaining the key customers.

3. It is beyond doubt that when banks through CRM activity attend the needs of customers without delay in time, the banks can create more awareness to customers and can create a customer data base very significantly. According to the perception of customers enhancing customer loyalty through different activities is not an absolute activity. According to the analysis, it is observed that CRM activities have not helped to increase rapport with the customers of the selected banks as expected. Most the customers have not accepted that the selected Banks are not showing interest in CRM activities with full attention but maintaining the same as a compulsion. Most of the customers are uncertain about the CRM’s benefit in building the customer loyalty. It is further observed that CRM activity does not help the Banks to get immediate commercial returns and also to have a favorable public image over the long run unless the CRM activities are taken up by all the departments in the banks.

4. All the customers are uncertain about CRM of a Bank that contains creation of complete customer database. Technological advancement adopted by Banks was not useful to get the update and latest information over CRM.

5. Through the study, it is observed that the selected Banks customers are being exposed to the new techniques. It is found that CRM is centered only to a mention in the Annual report, of the public sector Banks. It is also observed that customers are strongly disagreeing and some of them are uncertain about CRM activity is undertaken by e-Marketing by their banks. It is observed that the awareness level of all respondents is less as far as the other modes like advertisement etc. by the Bank is concerned.

6. Most the customers have not accepted that the selected Banks are not showing interest in CRM activities with full attention but maintaining the same as a compulsion. CRM activity has been felt as an additional workload by the employees but they have feel CRM




is useful to customers and also the Banks. The attention of management on CRM activity is totally different between and among the Banks.

7. It is found that the technological necessities for the implementation of CRM do not require the environments of advanced countries. The basic services providing infrastructure facilities and technological tools that are available in India suit the implementation of CRM by banking industry in India.

8. The reach of CRM of both SBI and other nationalised banks is compared and tested through ‘F’ Ratio. It is assumed that there is no significant difference between the perceptions of customers of SBI and other nationalised banks towards CRM. As the calculated value (1.65) of ‘F’ is higher than the standard value (1.54), the hypothesis is rejected at 5% significant level and inferred that there is significant difference between the perceptions of SBI and other nationalised banks customers towards CRM.

CONCLUSION

The general discussion can be said that the bank is yet to develop an integrative approach which focuses on the customer needs and to deliver to it. As shown by the study, the bank is far from developing a customer centric approach both for the customer as well as for the employees. Thus, for customer relationship management to deliver to its expectations, it should play an integrative role within the bank and ensure that all processes are integrated in the bank global strategy, which is far from reality in the study above. In view of this, to implement a CRM integration strategy, the following recommendations can be adopted:

1. The Indian Banking Sector is flooded with different banks of the same molecule. In such a competitive environment, the Banks should adopt suitable marketing skills rather than depending on the trading skills. Hence, new services should be constantly introduced to ensure the growth of the Banks and to be competitive in the market and to keep up the enthusiasm of the employees and customers etc.

2. Implement a Customer Centric Process in Banks.

3. Employee Relationship Management first before Customer Relationship Management.

4. Increase customer experience through the web site.

5. Develop channel integration for effective Customer Relationship Management.

6. Proper training should be given to the bank personnel regarding the behavioral patterns by the Banks before they come and work in the field.

7. More importance should be given to handling online transaction and using m-commerce and mobile banking services.




8. It should be realised that customer relation cannot be built overnight. CRM should be considered as Continuous Relationship Management.

9. Data gathered from the customers should be given proper value and it should be properly utilised. Decision making authority should be extended to field force and some resources should be given for faster implementation.

10. The Banking sector is developing and getting higher day by day in urban and semi urban areas; there is large number of customers using the services in the urban and semi urban areas. So a wide scope in rural areas is expected in the days to come.

Based on the analysis it is very clear that in almost all issues, the working performance of SBI and other nationalised banks is similar but differing at certain aspects only. The SBI though it is public sector bank, taking much care in implementation of CRM, fine tuning the CRM and finally putting it on track. Whereas, other nationalised was not at par with SBI in most of the aspects like database management, responding to the customers in mean time and provisionaising the services as expected by the customers. Particularly in marketing approach, considering customer retention as a big challenge, provisioning the facilities attending the needs without delay in time, meeting the changing needs creating the database, employee approach to customers, customer awareness impact of CRM relationship with customer impact over bank objectives, CRM and public image, CRM and updating the data, CRM and customer satisfaction, other nationalised is found quite good. On the other hand, in terms of retention of existing key customers, enhancing customer loyalty, provisionising technological infrastructure, location of CRM, existence of CRM, approaches of CRM, coverage of CRM by e-Marketing, relationship with the customer, CRM’s objectives and making the customer delight, retention of customers benefits of CRM to the organisation, loyalty, customer confidence, are found quite satisfactory and in good condition with SBI. It is very clear from the foregoing analysis that the approach of CRM by SBI and other nationalised are to some extent same and one but the reach is quiet distinguishable. It is due to the profile, their capability and the strategy of CRM in making it and reaching down to customers. On the contrary, it can also be asserted that the background of both banks also found as a big cause for reaching the top CRM. Hence, CRM is an inevitable tool of marketing that can be considered as Critical Responsibility of Market with regard to Banks in present context. The results in this study show the respondents either agree or strongly agree on majority of the statements in the dimensions used. This study is significant to banks as they get information on what are items that are important to customers so as to maintain the relationship.

REFERENCES

1. Almossawi, M. (2001). Bank selection criteria employed by college students in Bahrain: An empirical analysis. International Journal of Bank Marketing, 19 (3), 115-125.

2. Achumba, I. C. (2006). The Dynamics of Consumer Behaviour, (New ed.). Lagos: Mac – Williams.

3. Bansal, Ipshita and Sharma, Rinku. (2008). Indian Banking Services: Achievement s and challenges. The Icfai University Journal of services marketing, Hyderabad. VI (2), 32-43.




4. Brown, S. A. (2000). Customer Relationship Management: A Strategic Imperative in the World of E-Business. Canada: John Wiley & Sons.

5. Berger PD, Bolton RN, Bowman D, Briggs E, Kumar V, Parasuraman A, Creed T. (2002). Marketing Actions and the Value of Customer Assets. Journal of Services Research, 5(1), 39-54.

6. Blattberg R C, Getz G, Thomas J. S. (2001). Customer Equity: Building and Managing Relationships as Valuable Assets. Boston: Harvard Business School Press.

7. Berry L.L (1983). Relationship marketing of services: Growing Interest, Emerging Perspectives. Journal of Academy of Marketing Science, 23 (4), 236-245.

8. Berry, L. L. (1983). Relationship Marketing. In Berry L., Shostack L.G. and Upah G. D. (Eds.). Emerging Perspectives on Service Marketing. Chicago: American Marketing Association, 28-30.

9. Buttle, F. (2002). The S. C. O. P. E. of Customer Relationship Management. Available: http://www.crmforum.comllibrary/aca/aca-07.htmt

10. Chaitanya, K. V. (2005). Metamorphosis of Marketing Financial Services in India. Journal of Services Research, 5 (April-September), 6-15.

11. Chary T. Satya Narayana & Ramesh, R. (2012). Customer Relationship Management in Banking Sector- A Comparative Study, KKIMRC IJRHRM, 1 (2), 20-29.

12. Dutta, K. & Dutta, A. (2009). Customer Expectations and Perceptions across the Indian Banking Industry and the Resultant Financial Implications. Journal of Services Research, 9, 31-49.

13. Dwyer, FR, Schurr PH, Oh S. (1987). Developing Buyer–Seller Relations. J. Mark., 51(2), 11-28.

14. Durkin, M. (2004). In Search of the Internet-Banking Customer. The International Journal of Bank Marketing, 22 (7), 484-503.

15. Dyche, J. (2001). The CRM Handbook: A Business Guide to Customer Relationship Management, Reading, MA: Addison-Wesley.

16. Eisingerich, A. B. and Bell, S. J. (2006). Relationship Marketing in the Financial Services Industry: The Importance of Customer Education, Participation and Problem Management for Customer Loyalty. Journal of Financial Services Marketing, 10 (4), 86-97.

17. Gan, C., Cohen, D., Clemes, M. and Chong, E. (2006). A Survey of Customer Retention in the New Zealand Banking Industry: Banks and Bank Systems. Journal of Business Research, 1 (4), 83-99.




18. Gilly, M. C., Stevenson, W. B. and Yale, L. J. (2005). Dynamics of Complaint Management in the Service Organisation. Journal of Consumer Affairs, 25 (2), 295- 299.

19. Groonroos, C. (1990). Relationship Approach to Marketing in Service Contexts: The Marketing and Organisational Behaviour Interface. Journal of Business Research, 20 (1), 3-11.

20. Gummesson, E. (1987). The New Marketing: Developing Long-Term Interactive Relationships. Long Range Planning, 20 (4), 10–20.

21. Heskett JL, Jones TO, Loveman G, Sasser WE, Schlesinger L.A. (1994). Putting the Service-Profit Chain to Work. Harvard Bus. Rev., 72(2), 164-170.

22. Hussain, I., Hussain, M., Hussain, S., & Sajid, M. A. (2009). Customer relationship management: Strategies and practices in selected banks of Pakistan. International Review of Business Research Papers, 5(6), 117-132.

23. Ingram, T. N. (1996). Relationship Selling: Moving from Rhetoric to Reality. Journal of Business, 11 (Spring), 5-10.

24. Kumar M. Ashok and Rajesh R. (2009). Whether Today’s Customers are Satisfied? – A study with Banks. Indian Journal of Marketing, New Delhi, XXXIX (9), 45-53.

25. Khandwalla, P. N. (1995). Management Style. New Delhi: Mc-Graw Hill.

26. Lau K, Wong S, Ma M and Liu C. (2003). Next product to offer for Bank Marketers. Journal of Database Marketing, 10(4), 353-368.

27. Lu, C.S. & Shang, K.C. (2007). An Evaluation of Customer Relationship Management in Freight Forwarder Services. Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia. Available at: http://www.proquest.com

28. Lambert, D., M. (2010). Customer relationship management as a business process. The Journal of Business & Industrial Marketing, 25(1), 4.

29. Mylonakis, John. (2009). Bank satisfaction factors and loyalty: a survey of the Greek bank customers, Innovative Marketing, 5(1), 16-25.

30. Mudie P, Cottam A. (1993). The Management and Marketing of Services. Oxford: Butterworth-Heinemann.

31. Ndubisi, N. O., Wah, C. K., & Ndubisi, G. C. (2007). Supplier-customer relationship management and customer loyalty: The banking industry perspective. Journal of Enterprise Information Management, 20 (2), 222-236.

32. O’Marlley, L. and Tynan, C. (2000). Relationship marketing in consumer markets, Rhetoric or reality? European Journal of Marketing, 34 (7), 797-815.




33. Panda, T.K. (2003). Creating Customer Lifetime Value through effective CRM in Financial Services Industry”, Journal of Services Research, 2 (2), 157-171.

34. Page, R., Jagger, N., Tamkin P. and Henwood, N. (2006). Key Performance Indicators for Maintenance of Health- Care Facilities. Journal of Management Science, 21, 5-12.

35. Parvatiyar, A., & Sheth, J. N. (2001). Customer relationship management: Emerging practice, process and discipline. Journal of Economic and Social Research, 3 (2), 1-34.

36. Parasuraman, A., Zeithaml. V.A. and Berry, L.L. (1985). A Conceptual Model of Service Quality and its Implications for Future Research. Journal of Marketing, Volume 49, Fall, 41-50.

37. Peppers, D. & Rogers, M. (2004). Managing Customer Relationships: A Strategic Framework. Canada: John Wiley & Sons.

38. Puccinelli, B. (1999) Bank delivery, service channels require more personal attention. Bank Systems & Technology, 36, 48.

39. Ray, B. (2007). An analytical approach to understand customers from the perspective of profit making. Marketing Mastermind. The Icfai University Press, 52-55.

40. Roger Hallowell (1996). The relationships of customer satisfaction, customer loyalty, and profitability: an empirical study. International Journal of Service Industry Management, 7 (4), 27 – 42.

41. Rootman, C., Tait, M., & Bosch, J. (2008). Variables influencing the customer relationship management of banks. Journal of Financial Services Marketing, 13(1), 52-62.

42. Reinartz, W. J. and Kumar, V. (2003). The Impact of Customer Relationship Characteristics on Profitable Lifetime Duration. Journal of Marketing, 67 (1), 77-99.

43. Rangarajan. (2010). Effective Role of Customer Relationship Management in Banking Sector, Global Research Review, New Delhi.

44. Rust RT, Zahorik AJ, Keiningham T.L. (1995). Return on Quality (ROQ): Making Service Quality Financially Accountable. Journal of Marketing, 59(2), 58- 70.

45. Shibu. N.S. (2011). Customer Relationship Management and Banking Industry, Journal of Social Sciences, 36(17), 72-79.

46. Sachdev S. B and Verma H.V. (2004). Relative importance of service quality dimensions: A multi-sectoral study. Journal of Services Research, 4(1), 59-81.




47. Sheth, .J. N. and Sisodia, R. S. (1995). Improving Marketing Productivity. In Heilbrunn (Eds.). Encyclopedia of Marketing in the Year 2000. Chicago, IL: American Marketing Association NTC Publishing.

48. Sherif, K. (2002). Assessing the Introduction of Electronic Banking in Egypt using the Technology Acceptance Model. Hershey, PA, USA: Idea Group Inc.

49. Stone, Merlin et al. (2002). The Evolution of CRM in Banking, Publication Kogan Page.

50. Girdhar, Seema (2009). Building Relationship through Internal customer: a study of South Asian selected co-operative banks with special reference to Surat district of Gujarat State. Pranjana - The Journal of management awareness, Delhi, 12 (2), 32-45.

51. Sin L.Y.M., Tse A.C.B. & Yim F.H.K. (2005). CRM Conceptualisation and Scale Development. European Journal Market, 39 (11/12), 1264-1290.

52. Varki, S. and Colgate, M. (2001). The Role of Price Perceptions in an Integrated Model of Behaviour Intentions. Journal of Service Research, 3 (3), 232- 240.

53. Wang, Y., Lo, H. P. Chi, R. & Yang, Y. (2004). An integrated framework for customer value and customer-relationship-management performance: A customer-based perspectives from China. Managing Service Quality, 14 (2/3), 169-182.

54. Wilkie, W. L. (1994). Consumer Behaviour, 3 rd ed. New York: John Wiley and Sons.

Documents

Paper 40