CUSTOMER ENGAGEMENT AND RELATIONSHIP MANAGEMENT PRACTICES: AN EMPIRICAL STUDY IN INDIAN RETAIL BANKS

Abstract

Modern advertising campaigns prioritize consumers. One way in which banking stands apart from other industries is the special bond it forms with its customers. Despite CRM's many drawbacks, some organizations are pushing to implement it, while others stick with tried-and-true marketing strategies. In an effort to encourage financial businesses to widely embrace CRM, the author has made very little effort in this context. Many service providers, particularly financial institutions, worry that they lack the necessary CRM expertise. Banks and credit unions, among others, develop specialized software to manage their current and future customers. An advanced strategy for enhancing targeting and consumer engagement through the cultivation of relationships between businesses and their clients, customer relationship management (CRM) is examined in this article. Customers' happiness and loyalty were the primary goals of the CRM strategy's implementation. Customer relationship management (CRM) systems and the value of familiarity with basic management techniques and technology are the topics of this article. Based on the results of this research, the main problem with CRM is how it has developed into a multi-factored phenomenon. Because CRM is so complex, academics have used a wide range of indicators to research it. When competition heats up and service differentiation decreases, businesses need to assess the CRM KPIs and dimensions that have the most impact on customer happiness and loyalty if they want to increase profitability. The question "What is the effect of CRM on customer satisfaction and loyalty?" sparked an analysis of the existing literature on customer relationship management. The studies all point to the same basic set of CRM features and components that, when used together, make customers happy and loyal. To forecast the probable future trajectory of the field, we examine the distribution of research concerning the impact of CRM on customer pleasure and loyalty.