ISBN - 978-93-81583-46-3

Customer Relationship Management as a Strategic Tool in the Indian Banking Sector: A Case Study of Axis Bank at Lucknow
Dr. Richa Raghuvanshi1, Rashmi Tripathi2 1 Lecturer, 2Lecturer 1,2 Amity University, Lucknow 1 drricha.raghuvanshi@gmail.com, 2rashmi.0906@gmail.com

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Customer Relationship Management as a Strategic Tool in the Indian Banking

Customer Relationship Management as a strategic tool in the Indian Banking sector: A Case Study of Axis Bank at Lucknow

ABSTRACT: Today one of the approaches which are creating the buzz in the banking sector is Customer Relationship Management. Indian Banks are realizing that the magical formula for attaining success in a competitive environment is to focus on maintaining relationship with customers. The main purpose behind this study is to analyze whether banks are really implementing the whole concept and philosophy of CRM as a means of securing competitive advantage. The research design in this study will consist of exploratory research whereby different aspects with regards to CRM in the banking sector have been extracted from literature review and tested on a sample size of both employees and customers. These results were discussed and analyzed so as to get an indication of how far CRM is strategically implanted to secure competitive advantage. Based on the findings, a set of recommendations will be made so as to pinpoint how CRM can be used to secure competitiveness. Keywords: Globalization, Innovation, Competitive Advantage, Strategic tool & Customer Experience.

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1. INTRODUCTION: Customer relationship management systems are becoming popular across various sectors and have emerged as an important business strategy in today's competitive environment in companies. It has been viewed as a process aimed at collecting customer data, find profiles of customers and use the customer knowledge in specific marketing activities. It is a discipline which enables the companies to identify and target their most profitable customers. CRM implementation is on way in many Indian banks. However such implementations are not without hiccups. This paper takes a look at the status of CRM in Axis bank operating in Lucknow. CRM involves new and advance marketing strategies which not only retain the existing customers but also acquire new customers and also analyzes their efforts in terms of a strategic framework and points out some of the deviations that have occurred in the implementations. It has been invented as a unique technique capable of remarkable changes in total output of companies. Therefore, the paper reviews pertinent literature on CRM in the banking sector. Then, the methodology employed to collect and analyze data is outlined. Then the findings are discussed, implications are described and the paper further makes strategic recommendations towards enhancing customer relationships in the Indian banking sector. Directions for future research are also proposed in the arena of customer relationship management and banking sector. Increasing competition, proliferating customer contact, intensifying attacks on customer information, rising customer expectations, identifying new marketing opportunities etc. have made Banking Sector to face superior challenges than ever before in executing their Customer management strategies. Every organization believes in the significance of knowing the customer. The current economic environment and financial crisis has most probably led many financial services
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institutions to focus on their CRM strategies while screening customer relationship as a key to profitability of a retail activity and managing the cost and risk associated with it. Every bank wants to provide good quality customer service. Most of the Banks believe that CRM is one of the best strategies for increasing revenue- profit margin, developing new market share and to create good brand image among the customers. In Marketing Customer Relationship Management have assumed mounting importance in the overall of a Bank, particularly when competitive onslaught has been fiercely active, Customer Relationship Management has been recognized a, a new marketing paradigm and is emerging as the core marketing activity. No wonder that it has emerged as a strategic tool in the hands of marketing people. Customer relationship management is more focused on trust, commitment and conceptualized now. This paper deals with the role of Customer Relationship Management in Indian banking sector, to gain better understanding of the role of CRM in maximizing customer profitability and to serve their customer better and meet their business objectives.

1.1 OBJECTIVES OF THE STUDY: The research objective of this study is to try to identify the success factors for an effective CRM implementation. This study will provide valuable information on the viability of a CRM implementation in Axis Bank in Lucknow and on the barriers that are related to it. The main objective of the present study will be: to assess the awareness of CRM at Axis Bank. to assess the awareness of Customer Relationship Management at Axis Bank. to analyze the level of customer centric from both customer and employee point of view. to evaluate the service quality offered by Axis Bank.
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2. CUSTOMER RELATIONSHIP MANAGEMENT The process of developing a cooperative and collaborative relationship between the buyers and sellers is called customer relationship management.CRM aims at focusing all the organizational activities towards creating and maintaining a customer. CRM is a new technique in marketing where the marketer tries to develop long term collaborative relationship with customers to develop them as life time customers. CRM aims to make the customer climb up the ladder of loyalty. Ideally, CRM defines an enterprise-wide program that helps to align business processes and functions against customer driven priorities. CRM is not just a technology but rather a comprehensive customer-centric approach to an organization's philosophy in dealing with its customers. This includes policies and processes, front-of-house customer service, Employee training, Marketing systems and information. In other words, CRM is about managing the customer portfolio efficiently and effectively by designing business policies which focus around the customer. 2.1 EMERGENCE OF CRM The primary reason for the emergence of CRM is the change in the marketing environment. Today marketing model is changing from the product-centered approach to customer-centered approach. Organization needs to create customized offers for customers and ensure relationship by providing better customer service and management of customer expectations. So, marketing should be devoted at enhancing customer relationships. But one should take note of the increasing use of the internet which is changing what is possible and what is expected in terms of CRM as technological advances in global networks, convergence and improved interactivity are to explain the growth of CRM . Now companies should go beyond CRM towards whole relationship management by managing superior value chain delivers a high level of product quality, and service quality.

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2.2 CRM IN BANKING SECTOR According to a RBI statement, in future India will have a competitive banking market as one of the most attractive market after 2009. India will see foreign banks come in, what with more freedom to come in. grow and acquire. Therefore, it is imperative that Indian banks wake up to this reality' and re-focus on their core asset - the Customer. A greater focus on Customer Relationship Management (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 realize 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 organization's strategy, people, technology and business process. 2.3 CUSTOMER FOCUS IN BANKING SERVICES As the intense competition becomes a way of doing business, it is the customer who calls the shot in deciding the nature of products and services offered in the market. The customers are becoming demanding, dominant and selective. In fact the perceptions and the expectations of the customers have undergone a sea change, with the availability of banking services to the customers at their door steps through the help of technology. Marketing of customer services aims at two important goals: prosperity to the bank and satisfied customers. Banks offer tangible services like loan schemes, interest rates and kinds of account and the intangible services like behavior and
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efficiency of staff, speed of transactions and the ambience. The banks may need to include customer oriented approach or customer focus in their five areas of businesses such as Cash accessibility, asset security, money transfer, deferred payment and financial advices. There are four strategies available to customer relations' managers: To win back or save customers To attract new and potential customers To create loyalty among existing customers and To up sell or offer cross services.

The future of banking business very much depends upon the ability of the banks to develop close relationship with the customers. In order to develop close relationship with the customers the banking industry has to focus on the technology oriented innovations that offer convenience to the customers. Today customers are offered ATM services, access to internet banking and phone banking facilities and credit cards. These have elevated banking beyond the barriers of time and space.

2.4 CRM STRATEGY: In any organization CRM strategy is a wide-ranging and detailed definition of the scope of' the CRM programmed towards organizational goals. "The strategy is needed to keep businesses customer centric and to help the company constantly evolve internal processes and technology to acquire and retain customers. CRM is fundamentally a strategy aligned with the superseding corporate strategy. It tries to attempts to optimize a firm's profitability, revenue and customer satisfaction by focusing on a customer centric process. The idea of CRM is that it helps businesses use technology and human resources to gain insight into the behavior of customers and Customer relationship management is a broad
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approach for creating, maintaining and expanding customer relationships. CRM is the business strategy that aims to understand, anticipate, manage and personalize the needs of an organization's current and potential customers. At the heart of a perfect strategy is the creation of mutual value for all parties involved in the business process. It is about creating a sustainable competitive advantage by being the best at understanding, communicating, and delivering and developing existing customer relationships in addition to creating and keeping new customers. So the concept of product life cycle is giving way to the concept of customer life cycle focusing on the development of products and services that anticipate the future need of the existing customers and creating additional services that extend existing customer relationships beyond transactions the value of those customers. Implementing CRM strategies, firms can achieve many goals such as: Plummeting costs of sales Plummeting costs of acquiring new customers Enhanced customer satisfaction and profitability Decreasing the need to acquire so many new customers Calculate profitability of customers Higher customer retention rates

With an effective CRM strategy, a business can increase revenues by: providing services and products that are exactly what your customers want offering better customer service cross selling products more effectively helping sales staff close deals faster retaining existing customers and discovering new ones

3. AXIS BANK: Axis Bank Limited, formerly UTI Bank, is an Indian financial services firm that had begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of
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Customer Relationship Management as a Strategic Tool in the Indian Banking

the Specified Undertaking of the Unit Trust of India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance Corporation Ltd., National Insurance Company Ltd. The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company UTI-I holds a special position in the Indian capital markets and has promoted many leading financial institutions in the country. The bank changed its name to Axis Bank in April 2007 to avoid confusion with other unrelated entities with similar name. After the Retirement of Mr. P. J. Nayak, Shikha Sharma was named as the bank's managing director and CEO on 20 April 2009. On 24 February 2010, Axis Bank announced the launch of 'AXIS CALL & PAY on atom', a unique mobile payments solution using Axis Bank debit cards. Axis Bank is the first bank in the country to provide a secure debit card-based payment service over IVR. 3.1 CRM at Axis Bank: The Axis bank customer care department is the department which handles all customer queries, suggestions, feedback and complaints if any. Customers can also find out all the newly introduced financial products and services by calling here. As the name suggests, the customer care service is specially catered to serve all the customers of Axis bank, whether existing customers or new customers. The customer care service stretches out to all its customers with an aim of providing relevant information regarding banking structure and the working schedule. The Axis bank customer care centers are spread across the country in places like Delhi, Gurgaon, Mumbai, Bangalore, Ahmedabad, Chennai, Pune, Hyderabad, Kolkata, Pune etc. This department works in a 24x7 work environment so that the customers can contact the bank at any time in case of any problem. Customers from abroad and the NRI customers can call at a time when it is convenient to them without thinking about the time in India. The bank's customer support center not only answers customers queries over the phone but also undertakes a phone banking facility. All the customer care executives have thorough knowledge of all the products and services offered by the bank. That is why they are very fluent in

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answering any kind of question posed by the customer. Given below is a list of customer care phone no. 3.2 Axis Bank Customer Care Phone Number The customer care numbers of Axis Bank can provide great help to the users as they can enquire about their problems from the customer care department. Also Axis Bank ensures that there is availability of well qualified professionals in order to satisfy customers and give appropriate solutions to their queries. 3.3 Axis Bank Customer Care Toll Free Number The customer care toll free numbers of the Axis Bank for Lost Credit Cards are: 1-800-233-5577 1-800-209-5577 1-800-103-5577 This number remains a toll free number if contacted from anywhere in India from a MTNL or a BSNL landline phone. NRI / Other customers can access services of phone banking from outside India by dialing +91 22 27648000. For blocking of Debit cards or Prepaid cards, the 24 hour emergency number is +91 22 67987700 3.4 Axis Bank customer care SMS Service You can also send them an SMS on their number 5676782 or 9717000002. The customer care executive of the bank would either call you up or reply your query. Queries Balance Enquiry SMS Code BAL

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Customer Relationship Management as a Strategic Tool in the Indian Banking

Last 3 Transactions Cheque Status Cheque Book Request Security Balance in Demat Account Activate SMS Banking De-Register SMS Banking Know SMS Banking Registration Date

MINI CHQSTATUS CHQBK DMAT ACT SUSPEND REGDATE

3.5 Axis Bank Customer Care e-mail Service Contact customer.services@axisbank.com for Credit Card Related issues Contact debit.card@axisbank.com for Debit Card Related queries Contact mobile.banking@axisbank.com for Mobile Banking queries Contact nricell@axisbank.com for NRI Related queries Contact shishir.mankad@axisbank.com for Investor relations queries

4. Research Methodology This is an exploratory research using primary data collected through a questionnaire and secondary data through literatures, books, articles, journals and internet. Two questionnaires were framed one for customers and one for employees working at Axis Bank, Lucknow pertaining to the relationship building aspect of CRM. First questionnaire had 10 questions for customers which were
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framed using the relevant variables identified from literature review and was concerned with customer perceptions on complaint handling and his/her behavioural intentions. Second questionnaire had 12 questions for employees focused specifically on the interaction with the customer service representatives. Necessary demographic details were also collected to serve as categorizing variables. The method used to administer the questionnaire was through a personal interview so as to obtain more accurate, reliable and valid information and to make the respondents at ease by maintaining a social rapport with them. The target population to be sampled was the individual customers and the employees of the Axis Bank at Lucknow. During this period Study was done on the various parameters to extract the facts related to CRM in Axis Bank at Lucknow.

4.1 Research Findings: Due to paucity of time we were not able to collect large number of data but still we were able to find suggestions which are going to help the bank to perform better. A sample of around 50 customers and 25 employees of five branches of Luck now district were selected. With the help of the questionnaire developed for both employees as well as customers were collected to analyze the level of customer relationship maintained by the organization and the level of customer satisfaction that the customer was able to get. The questionnaire is attached with the paper. As per the data collected via questionnaire prepared for both the customers and employees one thing that is quite evident that both are fully aware about the customer relationship management. The employees are trained how to deal with the customers and their problems and queries. Due to the emergence of the concepts of CRM one thing that is quite sure that they both are quite aware of their role. Though there are some problems but still they can be managed. From the point of view of the employees, they are quite aware about the CRM. The above details regarding the type of customer services offered gives a
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feedback that they know their job well, there are areas that they need to work on and they are working on them too. Like from the point of view of the customers sometimes they have to wait a little long but that is only during weekends when there are a huge number of customers. Other than that as per the survey conducted there are hardly any problems regarding the management. As the bank had made necessary help desks for each of its services that are offered. This result has to do with the new system and technology-based process adopted by the Indian banking industry. The Indian Banking Industry has seen a revolution in the way it has been operating and rendering their service. Consumer banking services have become easier and convenient. Apart from technology, the changing demographic structure of Indian population that shows a young working population has created a demand for better services. The respondents have shown unfavorable views with respect to banking experience, transaction accuracy and promptness. However, customers share positive views concerning bank trustworthiness and accuracy of banking solutions. Therefore, it can be argued that customers trust their bank.. Indeed, trust is seen as a critical construct in a range of discipline areas including CRM. Further, within the realm of relationship marketing, trust has been recognized as an important variable for the success of relationships in the banking sector. The study demonstrates that most of the customers have positive perceptions pertaining to their Bank keeping them up to date with the best ways of investing money and they are of the opinion that the information provided by their banks are up to their expectations. Nevertheless, the overall satisfaction with website being informative and easy to retrieve information is quite favorable and banks are striving to sell their experience through electronic technologies in order to create a seamless banking experience. New communication and information technologies and self-service systems provide some utilities of space and time which can be valued by the consumers. Banking customers will gain several
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benefits by adopting online technologies which in turn will lead to a superior quality of service, thus, providing a seamless online experience which will enable better relationship building and management. It can be deduced that the Indian banking sector has not been able to value customer relationships. Therefore, the overall empirical results provide a strong support for Indian banking sector to review its tactical strategies as far as the ability to respond to customers expectations is concerned, provision of an excellent service at any point of contact, convenience and comfort through innovative and modern banking service. 4.2 Steps to follow: Overall the banks are approaching CRM as a tool for building customer base and increasing the sales. These misinterpreted views held by the banks are damaging the image of the banks and the customers are losing confidence on their bankers. Banks needs to take special efforts to change the image of their banks, if at all they want to realize the possibilities of building strong relationship with their customers. The overall findings of this research reveal that the Axis Bank has failed to convince their customers on their CRM efforts. Various CRM initiates and dimensions measured in this study report unfavorable response. This underperformance has occurred in spite of technological developments and new processes in place. So, for proper application and implementation of CRM in Axis Bank the following steps should be taken to minimize the work regarding adoption of CRM strategy. These are: Identification of proper CRM initiatives Implementing adequate technologies in order to assist CRM initiative Setting standards (targets) for each initiative and each person involved in that circle Evaluating actual performance with the standard or benchmark Taking corrective actions to improve deviations, if any There should be more help desk for dealing with the customers.
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Front office executives should stop looking at customers for multiple product promotion and start focusing on making the customers feels comfortable in terms of service consumption.

It is important for banks to handle the customers directly through their human resources rather than IVRS (recorded voice) at the appropriate stage in the process.

Try to reduce the customers visits to the bank by redressing the problems on phone, e-mail etc.

The banks need to promote branch banking or branch contact numbers.. Employ more relationship executives for catering the needs of the people visiting the banks. Efforts should be made to redress the problem of the customer ASAP.

5. Conclusion Customer Relationship Management is concerned with attracting, maintaining and enhancing customer relationship in multi service organizations. CRM goes beyond the transactional exchange and enables the marketer to estimate the customer's sentiments and buying intentions so that the customer can be provided with products and services before the starts demanding. Customers are the backbone of any kind of business activities, maintaining relationship with them yield better result. This study provides a step in understanding the existing CRM strategies in Axis Bank at Lucknow. The findings indicate that there are several loop holes in the existing tactical CRM strategies in Axis Bank at Lucknow.This study is an example of the knowledge that can be gained in understanding the effectiveness of front end CRM strategies in the Indian banking sector from the customer perspective and further in-depth case study analysis can be executed to give more on CRM strategies in the Indian banking sector.
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Customer Relationship Management as a Strategic Tool in the Indian Banking

This study shows that if organizations want to attain a sustainable competitive advantage through CRM, they should efficiently apply all the CRM resources to create CRM process capabilities which are unique and cannot be copied by other organizations. There is a direct relationship between perception and satisfaction, important. And employing CRM may only strengthen the relationship between perceptions and up-buying and cross buying which is all in support of introducing CRM in service sector. Banks are realizing that CRM is the magic bullet that helps financial institutions to build stronger and more profitable relationships. Hence Banks should focus on delivering to customers by having a concise and precise ways of doing things through effective CRM solutions rather than developing product strategy.

References: Anand, S (2008), Customer Relationship Management in Indian Banks, Journal of Professional Banker, Dec. 2008 pp 66-70. Bholanath Dutta, CRM in Financial Services Marketing, Journal of Marketing Mastermind, Sept 2008. CRM In Banking Concepts and Cases,The ICFAI University Press. Hyderabad, Customer Relationship Management Emerging Concepts, Tools and Applications, Tata McGraw Hill, New Delhi, pp. 3-25. Customer Relationship Management ( By, Roger J. Baran Robert J. Galka Daniel, P. Strunk. Indian Edition ISBN -13 : 978-81-315-05182-2).
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Jain Subhash C. Marketing Strategy (Planning. Implementation, and Control) (ISBN 81-315-0543-X)Edited by V V Gopal year 2004. Kamath, K.V, S.S. Kohli, P.S. Shenoy, K. Ranjana, R.M. Nayak, P.T. Kuppuswamy and N. Ravichandran, (2003), Indian Banking Sector: Challenges and Opportunities, Vikalpa, Vol. 28(3), 83-89. R.S. Prasad , 2005. Understanding CRM Present and Future. The ICI FAI University Press. Hyderabad Parvatiyar A and Sheth JN (2001), Conceptual Framework of Customer Relationship in Pisharodi R et al (2003), Relationship Strategy, Effectiveness and Responsiveness in Rajiv Joshi, Customer Relationship Management : Free and Open Source CRM Software for SMEs, Journal of Marketing Mastermind, Dec. 2008. Ramkelawon Bhisham, Customer Relationship Management as an Integrated Approach in the Banking Sector A Case Study of a local bank in Mauritius Sarangapani, A (2008), Customer Relationship Management in Banking Sector, Journal of Professional Banker May 2008 pp 39-47. Services Marketing, Journal of Relationship Marketing, Vol 2, No. 1, 2003 pp. 3-22. Shainesh G and Sheth JN (2006), Customer Relationship Management A Strategic Perspective, Macmillan India, New Delhi, pp 16-29. Sisodia R.S and Wolfe D.B (2000), Information Technology: Its Role in Building, Maintaining and Enhancing Relationships, in Handbook on Relationship Marketing, Saga Publications, pp 526-563.

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Shinde, Govind P, Prof Kuldeep bhalerao and Ms Manisha Dubey :Customer relationship initiative in banking sector: a case of ICICI Bank

Websites: www.dmnews.com/Datamonitor-suggests-orcle-SAP-likely-to-remainatop-CRM market/article/98266. www.opensourcestrategic.com/ofbiz/index.php. www.atosorigin.com/enus/ Services/Solutions/Systems Integration/Solutions/CRM/. www.crm review.com/software 2. Php. http://www.ameinfo.com/43019 http://networkmagazineindia.com/200505/coverstory01.shtml Article Source: http://EzineArticles.com/?expert=Dr._Gomathi_Viswanathan

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ANNEXURE I Questionnaire for Employees

Date

place:

1. Please specify the need to implement CRM in your bank. Improved performance As a status symbol Satisfied customers More business. Do customers give references to other people for your bank

2. What types of services are provided by Axis Bank for Customer relationship management?

3. Are the customers aware of the CRM in your bank? no 4. CRM needs to be improved in your bank. no

yes

yes

5. Do you think that CRM is very important in the service sector specially banks? 6. Have you implemented CRM guidelines no 7. Have you redesigned jobs according to requirement of CRM no 8. Have you improved relations with customers no 9. Have you benchmarked your organizations performance with best practices with other banks?
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yes

yes

yes

Customer Relationship Management as a Strategic Tool in the Indian Banking

10. On a w hole are you satisfied with the CRM in your bank? no 11. CRM needs to be improved in your bank. no

yes

yes

12. Any suggestions or recommendation that you would give to improve customer retention and satisfaction?

ANNEXURE II

Questionnaire for Customers Name: Designation: Type of a/c in axis bank: 1. Are you satisfied with the customer services at axis bank?

2. Which is the best service provided by axis bank?

3. How much time it takes you to get your job done at axis bank?

4. Any difficulty faced during your visit?

5. The behavior and response of the employees Friendly cordial not good ok

6. Any other account at axis bank?

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Yes

No

7. Since how many years you are with Axis Bank?

8. Would you like to recommend your friends or relatives to have an account in Axis Bank? Yes No

9. Any a/c has been opened on your reference?

10. Any suggestion or recommendations that you would like to give regarding customer relationship management at Axis Bank?

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