Review Paper on Importance of Customer Perception in Banking Industry with regard to CSB Bank Ltd
- Author Manoj A. Thomas
- Co-Author S. Susila
- DOI 10.17605/O
- Country : India
- Subject : Management Studies
Keywords : Customer satisfaction, customer retention, customer loyalty, retail banking, relationship banking, relationship marketing, customer relationship strategy, service quality
Abstract
Customer Relationship Management (CRM) is now an area which is receiving immense attention of all organizations marketing on consumer relations, and the Banking industry is no exception to this. Banks have come to realize the importance of retaining their customers and ensuring their satisfaction. As the customers are becoming more rational and informed, and with the exponential growth in the service offerings of the banks, banks need to be on their feet to survive and outperform in the cut-throat competition. In light of such considerations, the present paper discusses the significance of CRM for retail banking, the challenges associated with its implementation and the satisfaction of the customers with the services offered by the Catholic Syrian Bank of Kerala so as to evaluate the effectiveness of its existing CRM framework. The present paper confirmed the wide applicability of CRM in retail banking where poor ease of use, troublesome user interfaces, and lack of intent and fragmented use of CRM frameworks were acknowledged to be the major challenges in its implementation. The Catholic Syrian Bank also fared well on most of the consumer satisfaction arrays except for user-friendliness of their ATMs and net banking interfaces.
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