CRM Assignment

by Shoaib Parwej

Submission date: 15-Apr-2023 11:57AM (UTC+0530)

TOPIC- CRM Implementation in Union Bank of India

Submitted To-
Prof. Dr. Subash Ch. Nath

Submitted By
Shoaib Parwej
Roll No-
21202066 Sec-
"A"
MBA-II

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customers so that firms have an intimate knowledge of their needs, wants, and

buying patterns. In this way, CRM is intended to help companies understand, as

well as anticipate, the needs of current and potential customers.

The project is a detail study of Process Involved in Planning of Customer

Relationship Management and Need for Customer Relationship Management.

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integrates various channels to deliver a host of services to customers, while

aiding the functioning of the bank.

Marketing Encyclopedia - Central repository for products, pricing and

competitive information, as well as internal training material, sales

presentations, proposal templates and marketing collateral.

360-degree view of company -This means whoever the bank speaks to,

irrespective of whether the communication is from sales, finance or support,

the bank is aware of the interaction. Removal of inconsistencies of data

makes the client interaction processes smooth and efficient, thus leading to

enhanced customer satisfaction.

Personalized sales home page - CRM can provide a single view where Sales

Mangers and agents can get all the most up-to-date information in one place,

including opportunity, account, news, and expense report information. This

would make sales decision fast and consistent.

Lead and Opportunity Management - These enable organizations to

effectively manage leads and opportunities and track the leads through deal

closure, the required follow-up and interaction with the prospects.

Activity Management - It helps managers to assign and track the activities

of various members. Thus improved transparency leads to improved

efficiency.

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Contact Centre - It enables customer service agent to provide uniform

service across multiple channels such as phone, Internet, email, Fax.

Operational Inefficiency Removal -CRM can help in Strategy Formulation

to eliminate current operational inefficiencies. An effective CRM solution

supports all channels of customer interaction including telephone, fax, e

mail, the online portals, wireless devices, ATMs, and face-to-face contacts

with bank personnel. It also links these customer touch points to an

operations centre and connects the operations centre with the relevant

internal and external business partners.

Enhanced productivity - CRM can help in enhanced productivity of

customers, partners and employees.

CRM with Business Intelligence - Banks need to analyze the performance of

customer relationships, uncover trends in customer behaviour, and

understand the true business value of their customers. CRM with business

intelligence allows banks to assess customer segments, which help them

calculate the net present value (NPV) of a customer segment over a given

period to derive customer lifetime value. Customers can be evaluated within

a scoring framework. Combining the behaviour key figure and frequency to

monetary acquisition analysis with a marketing revenue quota can optimize

acquisition costs and cut the number of inefficient activities.

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With such knowledge, banks can efficiently allocate resources to the most

profitable customers and reengineer the unprofitable ones. Data warehousing

solutions have been implemented in Citibank, Reserve Bank oflndia, State Bank

oflndia, IDBI, ICICI, MaxTouch, ACC, National Stock Exchange and PepsiCo.

And Business Intelligence players hope many more will follow suit.

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reduced sales costs, meanwhile, companies must meet customer demands for

better quality timeless and customization in the service they deliver.

Companies also need technologies that help them approach customers in a

rational way. E.g. remember a customer address from one transaction to

another and carefully choreograph contact between its, sales force and

customers. In addition to being wasteful and inefficient pitching a new product

to a customer who has just bought the same item makes the company look

incompetent to the customer.

The internet dramatically accelerate the focus on CRM by making customer

interactions more cost-efficiency. In addition, the web has established a more

direct sales channel that supports rapid customer's interaction and short sales

cycles. Using internet technologies, customer can interact with information

from a wide variety of sources without special training.

The idea of CRM is that it helps businesses use technology and human

resources gain insight into the behaviour of customers and the value of those

customers. If it works as hoped, a business can: provide better customer

service, make call centres more efficient, cross sell products more effectively,

help sales staff close deals faster, simplify marketing and sales processes,

discover new customers, and increase Customer revenues. It doesn't happen by

simply buying

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Quality service provided by bank?

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average good best

Customer care service of the bank?

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average good best

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Sales however is just one functional area that can benefit from customer

relationship management and that is necessary for effective customer

relationship management.

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CRM Assignment
ORIGINALITY REPORT

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SIMILARITY INDEX
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INTERNET SOURCES
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PUBLICATIONS
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STUDENT PAPERS

PRIMARY SOURCES

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Submitted to Al Khawarizmi
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International College
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Submitted to The University of the West of
Scotland
1%
Student Paper

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Raphael Donaire Albino. "Digital
transformation: an overview of the
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phenomenon based on a dynamic capabilities
framework", Universidade de Sao Paulo,
Agencia USP de Gestao da Informacao
Academica (AGUIA), 2021
Publication

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[Link]
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Submitted to University of Western Sydney
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Cardiff
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