INTRODUCTION
The biggest challenge management in the new millennium of liberalization and globalization for a business is to serve and maintain good relations with client-king. In the past, manufacturers have taken their customers for granted because at that time, customers were not asking nor had many alternative sources of supply or suppliers. Since he was a passive customer, the manufacturer dictated terms and had little customer commitment. But today there is a radical transformation. The business environment in constant evolution is characterized by economic liberalization, increasing competition, the choice of consumer high, enlightened and demanding customers, more emphasis on quality and worth buying.
All these changes have made it turn manufacturer today from traditional marketing to modern marketing. Modern marketing requires more than a product development, prices, promote it and make it accessible to reach customers. It requires building trust, a binding force and relationship value with customers to win their hearts. The new age marketing aims to win customers for ever, where companies welcome customers, creating products to meet their needs, work hard to develop the life time customers through the principles of customer pleasure, approval and enthusiasm.
WHAT 'Customer Relationship Management (CRM)
The process of developing a relationship of cooperation and collaboration between buyers and sellers is called Customer Relationship Management recently called CRM.
CRM aims to focus all activities relating to the establishment and maintenance of a client. CRM is a new marketing technique in which marketers seek to develop relations of long-term partnership with customers to develop them as the life time customers. CRM has the aim to make the customer loyalty climb the ladder.
customer focus in banking services
as fierce competition becomes a way of doing business, it is the customer who calls the shot in deciding the nature of the products and services offered on the market. Customers are increasingly demanding, dominant and selective. In fact the perceptions and expectations of customers have undergone a sea change, with the availability of banking services to customers at their door steps through the help of technology.
customer services Marketing aims at two important objectives: prosperity to the bank and satisfied customers. Banks offer tangible services such as credit programs, interest rates and types of account and the intangible services like behavior and efficiency of staff, speed of transactions and the environment. Banks may need to include customer-oriented approach and customer focus in their five areas of activities such as cash accessibility, security of assets, money transfer, deferred payment and financial advice.
There are four strategies available for managers relationships with clients':
or regain or save customer
or To attract new and potential customers
oR to create loyalty among existing customers and
or up-sell or cross-disciplinary services.
The future of the banking sector much depends on the ability of banks to develop a close relationship with customers. In order to develop a close relationship with the banking sector customers must focus on technology-oriented innovations that offer convenience to customers. Today, customers are offered ATM services, access to internet banking and phone banking services and credit cards. These have high bank beyond the barriers of time and space.
OF BANKING SERVICES
Marketing of banking services means the organization of activities and the right programs in making the right services to the right people at the right place, at the right time, at the right price and with the right communication and promotion. Marketing of banking services embrace the following unique features
or Intangibility-which can not be seen or possessed physically, but can only be experienced.
or Inseparability-their production and consumption occur simultaneously.
or variability-they are highly variable depending on the merit of customers.
or Perishability -they can not be stored.
GLOLBALISED SCENARIO
"Change" is an ongoing process and banking industry is no exception to this natural law. Change in the Indian banking sector is inevitable due to the implementation of the reforms of the financial sector and the country's policies. The main objective of financial sector reforms is to promote an efficient financial system, competitive and diversified country. Indian banking industry has undergone tremendous changes after the process of liberalization and globalization initiated in 1991. These changes have forced the Indian banking sector to adjust the product mix to maintain the rapid changes in their processes to remain competitive in a globalized context.
COMPETITION FROM FOREIGN BANKS AND NEW BANKS PRIVATE SECTOR
The entry of foreign banks more and more and new private sector banks, with streamlined and agile legs, better technology, orientation market and affordable measures, intensified competition in the Indian banking sector. Financial institutions have begun to enter the domain of banks. In recent years, the share of business of public sector banks decreased significantly. So there is an urgent need for the Indian banking sector to change its marketing strategy to attract customers and to resist the strong competition from foreign banks and new private sector banks.
technological progress
The advent of technology in terms of computers and communications has dramatically changed the banking business methodology. In the banking sector, the technology has opened up new perspectives and, in turn, has brought new possibilities for doing the same job in a different and more cost effectively. The technology helps to have 24-hour banking, all seven days in a week. Tele banking, Internet banking and e-banking have opened up new business potential and opportunities here to remain unexplored. All these technological advance could pave the way for home banking, rather than branch banking.
INNOVATION
Another important force for change in the Indian banking sector is innovation. Banks are innovative, proactive now-a-day and to offer a high-class service for customers. They play a dynamic role, not only as a finance provider, but also as a major finance magazine. As a result of this, new products such as merchant banking, mutual funds, leasing, factoring, losing, business consulting services and venture capital are emerging. These innovative services can increase revenue with cost effective measures.
development of skills Bank PERSONAL
To meet the new challenges, banks need to invent new ways to meet customer requirements. To help the banking staff to get enough exposure to the technology, appropriate packages in the field of hardware and software applications in respect of their works must be provided. In addition, a configuration of separate marketing can be created in each bank to market their banking services. They must be properly trained to keep up with the changing environment. In order to meet the challenges, the Department of Human Resources in the banks have to prepare adequate manpower plans and strategies.
CONCLUSION
The recent trend of globalization and liberalization posed serious problems for national banks. The entry of new foreign banks and private sector banks with their base of advanced knowledge of automation of banking and aggressive marketing strategies has prompted public sector banks at a narrow angle. Potential customers have begun to move toward foreign banks and private sector banks. To survive and succeed, banks must identify their areas of marketing, develop the appropriate resources, convert these resources into sound and efficient services and distribute effectively meet the varying customer tastes.
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