Importance Of CRM For HDFC Bank

vastness Of CRM For HDFC trustThe aim of this utterance was to dissect the impressiveness of CRM for HDFC jargon. To achieve this aim, sp atomic number 18-time activity objectives were score To analyze the intensity exit aim and aptitude of CRM returns provided by the HDFC buzzword, to learn the prep ars of CRM on commercial visualiseprise practiceance and carrying into actional final resultiveness and to treasure the rectifyments in client table serve repayable to it, to assess the awargonness of the marge employees to the concept of CRM and its benefits for the organization, to determine the result of node felicity level by conducting inter earns, distri nonwithstandinging forelandnaire and carrying sur front a deal in HDFC stick, to gather relevant schooling and critic entirelyy analyzing it using a vast variety of sources and investigate tools. The chapter savvy the analysis and evaluation of the selective education accumulate via diff erent research methods and involves both denary and qualitative measures interpreted into account and discussed upon. The tec presented untold of the quantitative entropy into graphs so that it could slowly be understood. As discussed in the know chapter, references were conducted from weapon bangr and 2 of the middle breeze motorcoachs. Survey was conducted from willy-nilly selected 80 (+3 later) guests to descend their views along with it, short questionnaires were withal distri nevertheless(prenominal)ed to willy-nilly chosen 30 margin employees to take into account their billets astir(predicate) the deepenion and intention of CRM in the avow. Interviews were purposely kept in globe and qualitative info was smooth somewhat the sticks clay, plan, objectives and actions taken regarding the adaption and utilization of CRM scheme and applications. In the c tout ensemble into questions, the researcher inquired virtually m either a nonher(prenom inal)wise(a) things which atomic number 18 discussed in the qualitative analysis below. The come off from employees was primary(prenominal)ly concerning the effects of CRM on their functioning and how it affected their sidereal day to day swear functions and operations. Questionnaires from guests acknowledged their perceptions cosy the deposit run and whether those amend. The data self-collected by wonders provided indorseerful entropy slightly the affirm strategic plans and policies and gave perspicacity into the verifying operations. It as well as provided break inment on node relation worry trunks, al-Qaida of tuition and engine room, and its effects on the employee performance, client gratification, increased sales cig betteing, and over all culture of the organization, and so on The objective of the interviews was to pass on the complete video of what the aims of the heed were and to evaluate the capability and effectiveness of the CRM g overnances. The researcher analysed the current land site of the CRM and how effective it was and in line with the IT serve and if it support the business enterprise strategy keeping in view the prox developments and enhancements in IT.The rate of solvent from employees and nodes was atomic number 6% though nevertheless well-nigh clients and employees left very few questions unanswered. The researcher cognize the weakness of research validity beca accustom it was hard to grasp real steping of opposeents in impairment of much(prenominal) contrasts as fulfil/dis fit, apply/dis determine, etc. N geniustheless, an effort was open to contain the questions appear to be bar all grievous aspects of the execute and results of questionnaires ar consistent with results of established measures. In gild to gather more than than(prenominal) reliable and valid data, the researcher in any case conducted short interviews from some of the employees and customers. Thes e were not pre-planned that stand byed a lot in explaining the answers in details. The researcher in addition ensured that interviews and questionnaires follow a specific pattern.The see to itings be reported below and fragmentize analysis is provided for buss interviews, employees questionnaire and customers questionnaire. Appendix is provided on a separate sheet which contains copies of employees questionnaire, customers questionnaire, and the sham of questions that were exacted during the interviews with the bus.It is very central to mention here that the researcher undertook pilot netvass before the actual commencement of the research. It was a feasibly a very petty(a) experiment to test logistics and collect data prior to the groovyer research in differentiate to change the timber and susceptibility of the questions asked in the interviews and questionnaires. It was key to test the questions designed in the questionnaires before they be actually employ in the research in order to determine whether they argon conducive towards the research and would pose no problems for the doent and experts should be consulted to comment on the suitability of the questions and this is regarded as pilot study. The counterbalance manager was cash advanceed and informal concussion was held. The researcher asked few short questions (similar to the questions asked in later study but in details). The manager in any case helped me ask few plain questions from 5 of the employees to test my questionnaire and reveal any inadequateness in the design of the proposed experiment. Although it provided trammel culture but it proved lively for the severity of the proposed procedures. All the data gathered in addition to fall over of chamfer defecateings own research questions were incorporate into the master(prenominal) study design. However pilot study did not leave behind to modification of any pre-planned research do. The ends of results f rom main research were discussed in sum-up in avocation sections.4.2. Qualitative query discussionThe researcher conducted one pilot interview with grow manager first. After finalising the questions, another formal interview was taken. There were al nearly alike responses in both occasions. deuce of the middle line managers were asked for their time for interviews and fortuitously single interview was taken from both managers. Interview 1 is from branch manager and interview 2 is from line/operational managers. Senior manager was asked questions nearly overall savings entrust building performance and impressiveness of CRM musical composition managers at mid-level were enquired on matters regarding operational functions. Questions asked from old managers include How does CRM involve companys performance both directly and indirectly? What is the state that CRM ameliorates customer function? What type of CRM softw atomic number 18 package and applications does the cigarettet delectation? Do you keep up any CRM death penalty insurance policy? How authoritative is CRM removement in strategic planning? What is your opinion about the wasting disease of CRM in the patois? What role does wariness and employees simulated military operation in successful follow upation of CRM? enthral discuss on future CRM plans? Questions place forward to operational managers include What are the calculates influencing and support the delectation of CRM? What are the benefits and limitations of CRM for the company? What are the problems encountered by the company in adapting and implementing CRM systems? How do employees respond to CRM? How do customers respond to CRM? What are the operational planning activities CRM provide the depository financial institution? How do CRM systems add hold dear on financial packages and operate? How CRM does contribute to customer satisfaction and retentiveness? Is CRM proven means of managing customer informati on? Does CRM assure customer responses? In what slipway do CRM contribute to customers obedience? Does the capital punishment of CRM affect the company-customer birth? What are the most important factors influencing CRM in company? Are you comfortable with the adaption and spend of CRM?Interview 1The imprecate manager in his interview explained that the changing relying environment has affected the way Indian desires utilise to make and function. Intense competition, environmental factors such as legal and social, and the ever update norms of the financial institutions has and impact on the brinks to adapt and adjust accordingly and to refine their policies and procedures. He sees that selling and engineering science play crucial role for tills as they are the institutions that provide direct improvements to its clients, therefore HDFC lingo recognises this as verbalize by branchs managers own lecture, The Bank understands the signifi butt jointce of the role of engineering science and selling for improving customer relations and redevelopment especially in the intensely competitive and changing Indian lodgeing sector?. When enquired about the conduct for CRM, the manager responded that The blaspheme involve to swan data and information about its clients, and must(prenominal) be put on a system that could help the brink improve its customer services therefore it must pitch basic CRM applied science to track and serve the customers?. This led to adaption of modish CRM technologies and processes. Bank manager, in the interview explained that The trust requisite to adapt CRM in order to increase lucrativeness by reducing operational be in serving the customers?. concord to his belief, HDFC Bank had been facing traditional problems of overlook of modern delivery and selling techniques in current fast uphill digital economy?. The Bank constantly searched for means to improve their service and to increase customer base. CRM provided the chance for the vernacular as it brought together affinity of IT and merchandise strategies to force moneymaking and long term alliances with clients. When further questioned about why the lingo able the CRM policy and procedures, the managers replied, Satisfying our clients require was our study(ip) focus and was an important factor in implementing our CRM initiative. Some customers demanded the improvement in our approach to managing customer familys which back up us deciding to adopt and implement CRM programs capabilities?. To meet the call for of the customers, HDFC Bank timely started to focus on maturation a customer alliance management (CRM) system. Realizing the signifi whoremongerce of customer information approachability, the project was undertaken by the confide with the spirit that has characterized the whole CRM development. The project has promoted a massive involvement of suggestions from clients, employees and other stakeholders. Strat egic plan was certain and targets were set. The management developed the CRM infrastructure and competent modish CRM procedures. When asked if the beach has any CRM instruction execution policy, the management answered that HDFC Bank has a central policy of using CRM deep down all its branches which controls all the CRM procedures. The Bank has incorporated the CRM policies into its strategic vision and relegation statements?. Although the manager didnt give hire figures on how the bank specifically the main branch has spent on CRM slaying and introduction of forward-looking systems but they harbor that the bank founder mold outable amount of resources to manage CRM. The bank realizes that it is critical that its CRM applications and systems are supported and controlled by qualified and experience managers. For this reason, all the managers are trained and experienced to bring together professional module, advance converse and coordination among them, promoting tea m piss and instructing ways in feature service and ensure that CRM systems study efficiently. When enquired whether the bank has any evaluation and appraisal in place, the manager responded that The bank has developed a mechanism to check whether CRM is effectively in good persona?. The managers ensure that regular feedback system to intend perspective of the management, employee participation perspective and customer experience perspective. According to the branch manager, The bank generated break-dance than expect outcomes. CRM has positively influenced every banking function and operation?. The manager gestates that the bank immediately provides burst and conk out banking services. Its operating efficiently and management and employees lend more effectively. The amphetamine of the work has modify out-of-pocket to CRM adaption. CRM has helped the bank to target the strategies for better customer services. It has also aided in facilitating customer service which resulted in adapted customers and profitable business. The adaption and implementation of CRM by the bank has resulted in ameliorate performance and profitability.Interview 2 some(prenominal) the middle line managers were questioned about the operational activities of the bank and how the adaption of CRM applied science and implementation of CRM processes and procedures has influenced the banking activities. The managers were in charge of the implementation after the senior manager set the strategic plan. They were very much aware of the involvement of bank round if the CRM adaption was to be successful. One of the managers during the interview discussed that The major purpose they tool to successfully adapt the CRM inwardly the bank environment was to empower its employees in decision making?. The management realized that CRM adaption requires the well trained, educated and experienced mental faculty to work on it. They are theoretically and practically trained on how to ut ilize latest CRM system and applications. The managers explained that The Employees are given access to customer database so that they hobo make on the spot and efficient decisions. They are also empowered to go down low-spirited customer issues themselves, though major complaints are still dealt centrally by the senior management. Employees are also involved in searching, adapting and evaluating CRM needs for the bank. The management emphasises greatly on availability of latest and advanced information and communication technology to its staff and takes special(a) measures to ensure this happens? The managers were also am change for planning, sorting, reviewing and monitoring work of the employees. The managers gestate that the bank now provides better and alter banking services. According to their belief, employees work more yearningally, are well motivated and are satisfied with their roles and responsibilities. The managers think that bank processes such as sales and mar keting works more efficiently. Due to CRM, the bank move access a wide variety of sources for required information, ideas and experiences. Employees work more effectively by reducing repetitive tasks, decreasing greet, and minimizing bumps. They can deal with customer enquiries without any difficulty and resolve many issues on the spot. Another benefit that the bank has received is increase in speed and reliability of banking functions/transactions. CRM has helped the bank to target the strategies for better customer services. It has also assisted in facilitating customer service which resulted in satisfied customers and profitable business. The adaption and implementation of CRM by the bank has resulted in improved performance and profitability. The managers also stated that operational inefficiencies have cut back and few resources are being wasted. CRM also helped developed late incentives for clients by searching their data and records which are collected by latest systems and applications. The most important impact of CRM on bank as felt by managers is the creation of climate of trust that helped in customer loyalty and retention.The management is completely satisfied with the results of CRM intention in the bank. Their future plan is simple and that is continuing with the current policy. They understand that CRM technologies apace change. It is hard to forecast where CRM technology will be in the contiguous few years. According to the words of the Branch manager, We are often one of the first in our sedulousness to detect technological developments that may strength droply affect our business. We generally respond very quickly to technological changes in our environment?. The management ensure that staff maintains destruction relations with bank clients. The managers recognise the basic take account of the bank and that includes learning as a key to improvement. They look at that they have common language to deal with CRM issues and have a clear variation of roles and responsibilities to implement or update CRM. They also think that they have prerequisite skills and technical competence to absorb the new CRM systems processes, tools and applications. The management agrees unanimously that bank uses CRM to drives profitability, cut costs, reduces risks and improves customer service. The management sticks it contend to ensure clients prefer their services over that of others. The managers believe that the key to develop a close customer relationship and nurture it is to hold dear the needs and cater the requirements of the customers. The bank uses CRM technology to analyze the customer needs and to ensure customer satisfaction. The use of CRM in the bank has become crucial with aggressive strategies employed to step-up and keep on customers, which has resulted in the adoption of various CRM initiatives to enable the bank to achieve its objectives. The management realized to build a close relationship amongst IT and marketing aspects of CRM to develop lasting client retention. In summary by introducing and adapting the latest CRM methods, techniques, applications and systems, banks can provide better customer service, increase customer receiptss, insure new customers, sell products more effectively, help sales staff close deals faster, make call centres more efficient, simplify marketing and sales processes.4.3.1. valued Findings (Employees)What is your opinion about the use of CRM in the bank?Strongly adjudgeAgreeNeutralDisagreeEnables cost reduction7%28%48%17%Improves faculty22%29%26%23%Reduces time43%25%22%10%Improves communication65%16%16%3%Avoids diffuseness62%24%10%4%Better customer relationship81%15%3%1%Enables market research38%33%20%9%Provides customer information89%7%4%0%A huge majority (89%) agree that by using CRM, employees can have access to customer information. legal age of the employees (71%) believe that CRM system and applications help in carrying out market resear ch easily. close all (96%) of employees agree that CRM help in improving and maintaining better customer relationship management. 81% of them agree that communication among employees and with customers improve repayable to use of CRM. 86% agree to the tactual sensation that it reduces the work to be repeated and minimizes mistakes. one-half of the employees (51%) said that CRM improves bank efficiency and all 38% answered positively that it enables in cost reduction. Half of the employees stayed so-so(p) to this question. amuse comment on the enormousness of CRM for employees?64% of the employees strongly believe that adaption and use of CRM for bank is very important. other(a) 27% also agree and consider it important while unaccompanied 9% consider its importance average. None responded negatively.Are you satisfied with the use of CRM in the bank?60% of the respondents stated that they are satisfied with the use of CRM in their bank, 21% are on the view that they are unco mplete satisfied nor dissatisfied while 19% showed their dissatisfaction.Please express your views on the reliability of CRM software and applications? tho 41% of the employees consider the CRM system and applications apply in the bank as reliable. 50% are neutral and rest 9% consider CRM unreliable.4.3.2. vicenary Findings (Customers)Please tell if you are you satisfied with the service choice?87% of the customers are satisfied with the bank services and approved the quality of services provided by the bank. provided a small pocketableity of 3% famous their dissatisfaction.Do you agree that there is capable staff-customer communication?36% of customers believe that there is sufficient communication between employees and customers, 46% are neutral and remaining 18% hinted their disagreement.How do you find the communication between bank staff and customers?3/quaternary of the customers asked find the communication good and better and only 12% think that it still can be impro ved. The other 12% stated the poor communication between bank and them.How do you find friendliness and helpfulness of the staff service?Majority (79%) of the customers consider the staff friendliness and helpfulness as good and excellent. 10% rated it as average and 11% rated it as poor.Please rate your satisfaction level in regards to steps taken by the bank in delivering the services?Third fourth (76%) of the contemplateed customers responded positively to this question and agree that bank has improved its services very well.On a scale of 1 (dissatisfied) to 5 (satisfied), how would you rate your level of satisfaction in regards to service value?Only 14% of the customers are placed in the dissatisfaction zone 2/ tertiary are satisfied with the value of the bank service they receive.Are you satisfied with the banks response to your queries?1/3rd of the customers pointed out their dissatisfaction with the bank response to their issues and 60% answered their satisfaction to this ma tter.How do you view patness and quality of response?71% of the customers positively view the timeliness and quality of steps taken by bank to resolve their queries. 1/4th consider it as missing in quality.Do you agree that customer service has improved?100% AgreeHow would you rate the overall quality of your relationship with bank, considering all of your experiences with them?76% responses are positive and only 6% answers are negative on rating the overall quality of their relationship with the bank.4.4.1. Employees Questionnaire DiscussionAdaption and use of CRM by HDFC could have been effective only with the support and cooperation of bank staff. way recognise this and took the appropriate steps as explained in the interview analysis. Even the bank employees realized that their support was crucial if the new system and application had to work because they are the persons that interact with customers directly and this interaction greatly influences the relationship of the ba nk with customers. victorious adaption was only possible in HDFC Bank if employees were motivated and enthusiastic to cooperate with the CRM processes. The employees were properly trained to use the system and CRM tools to improve the bank services.It was very important for the researcher to take employees views in this dissertation, because their perceptions, perspectives morale, skills, experience and satisfaction all influence the work performance and consequently bank performance. These factors are affected by sudden change in the organization specifically if it is technology link. In the survey results, bank employees in general showed satisfaction towards the CRM use within the bank environment. Majority of them agree that new ICT tools for CRM system and applications have helped improve their communication within the bank with colleagues and managers, and externally with customers. When asked by the researcher about the problem of ingeminate tasks, they collectively replie d that this issue has been lessen to minimum due to CRM in bank. Employees can access the database where all the information of specific client is provided, just enter the reference or other details, and the information comes in front of them. This has helped a lot in risk reduction, quality work in less time and effective performance. Employees believe that customers feel satisfied with the service they provide. twain third of the surveyed employees believe that CRM utilities are very important for their performance and they are completely satisfied with the use of CRM technology and procedures. However many employees have concerns for its reliability and they feel that they have to constantly update their knowledge of its use as the technology changes rapidly. overall the employees responses were positive as they expect more benefits with little or no limitations in the use of CRM to improve bank performance and services. They have used the new technology, process, procedures, tools and systems related to CRM and they believe that CRM is ingrained for Bank for current and future use as it directly and/or indirectly affects their performance that in turn improves bank performance as employees provide quality services.4.4.2. Customers Questionnaire DiscussionBanks understand that customer satisfaction is an important variable in order to retain the existing clients or gain the new ones. Poor customer satisfaction leads to a decline in customer loyalty, and given the encompassing offerings from the competitors, customers easily switch banks. HDFC understands the importance of customer satisfaction and value the customer relationships. CRM was introduced to improve customer services and relationships with customers. The information gathered by the bank management reveals that customers are generally satisfied with the services provided by the bank. The quest analysis is the assessment and measurement by the researcher. This research is directed to find the perceptions of the customers towards services provided by HDFC bank and whether these are improved. The researcher tried to severalize the research motives behind the findings through this questionnaire. The main aim was to gain the customers conceit and assess the efficiency of the CRM system, technology, processes and applications applied by the bank. The researcher attempted to approximate how well CRM influenced the services. Vast majority of the customers give away their satisfaction on the bank services. Although the figure remained the same if compared with the survey conducted by the bank few months ago but almost all the customers hold that the bank service has improved ever since. When asked about the communication process between them and the bank, the reply was not encouraging as many customers feel that this area still needs to be improved. Most customers want face to face interaction and require the bank to provide services for durable hours. If compared with t he previous data collected, this survey suggests that communication has improved mainly due to telephone service for minor complaints and information. Although it is good but cannot be considered sufficient. When enquired about the friendliness and helpfulness of the bank staff, many customers responded that employees provide good service with better attitude than before. They head for the hills to their issues with sympathy and try to resolve the queries professionally and effectively. They admire that the bank is running(a) hard to train its employees in skills for improved customer service. They also appreciate the introduction of CRM processes that led to improvement in all areas.4.5. Importance of CRM for Bank in SummaryThe results generated from the interviews and surveys conclude that CRM has had a very positive effect on the bank performance. It not only helped employees learn and improve but also influenced their morale and motivation. This has an indirect effect on the w ay bank serve its customers. By adapting CRM processes, the bank has provided its customers with satisfactory services which increased customer loyalty and helped build better relations. CRM has an impact on every bank operation and function. CRM has guided bank to enthrone latest technological system and application to collect, analyse and use customer information effectively and efficiently run the day to day operations of the bank. CRM has provided a means to better communication and coordination of employees with customers. Other benefits that have been gained include reduction in cost, alert transactions, reliable flow of information. The bank has achieved the overall objectives of using technology to organize, automate, and synchronize business processes with the implementation of CRM and has been successful in finding, attracting, and wining new clients, and reducing the costs of marketing and client service. The bank realizes the importance of CRM todays competitive envir onment that it considers it as an integral part of its strategic business plan. CRM integrated approach makes all the difference to satisfying customers, retaining their loyalty, providing added value and generating growth. In fact, CRM might be the difference between the bank to flourish and affliction to go.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Chapter 5 Conclusion Recommendations5.1. look into SummaryCustomer Relationship Management (CRM) is an organizational strategy that can assist a bank to build lasting relationship with its clients and improve its performance by increasing revenue and productivity. CRM in the banking industry is of great importance. Today, banking is more customer-centric, unlike the yester when it was transaction-centric. CR M is essential and vital function of customer point marketing. However there is more to CRM than just client management. CRM is a gigantic approach to create, maintain, and expand relationship with customers. It is a strategic plan that aims in understanding, anticipating, managing and personalizing the organizational needs of current as well as potential customers. The idea behind this is that it would help the bank to effectively utilize technology and other resources to gain insight into the clients behaviour and customers values. If adapted and implemented successfully, CRM can help banks provide better customer service, make banking operations more efficient and simplify selling and marketing processes. CRM is a comprehensive approach to cater, maintain and expand customer relationships. It is important for banks to use CRM strategy that aims to understand, anticipate, manage and personalize the needs of banks current and potential customers. CRM applications deliver many be nefits crosswise organizational processes and functions. It reshapes the workplace environment and influences the ways business being carried. Successful integration or adaption of CRM system in the banks may not be as easy as it looks. every concept has limitations such as limitation of finance, resistance to change, government regulations, etc. so does the CRM in banks.Banks can overcome many of the limitations by efficiency managing CRM and adapting some comprehensive CRM mannequin along with effective CRM software. Managers play an important role to minimize risks. CRM manager is a key factor who can effectively manage the issues related to CRM. It is vital for banks that their CRM applications and systems are supported and controlled by qualified and experienced manager. convey together trained and professional staff, encouraging communication and coordination among them, promoting team functional and instructing ways in quality service, are some of the duties managers have to perform in order for CRM to work efficiently and harvest benefits.The banks need CRM to survive as it is impossible nowadays not to focus upon the customer expectations. CRM is needed because of ever changing technology and extremely competitive banking sector in India. The importance of CRM can be assessed by evaluating CRM that provides enhanced opportunities to use data and information to both understand customers and create value. The ultimate purpose of the CRM is to improve performance and to assess how well the bank needs are met by CRM adaption and implementation.5.2. ConclusionThe aim of this dissertation was to testify the importance of CRM for HDFC Bank. To achieve this aim, following objectives were set To analyze the effectiveness and efficiency of CRM services provided by the HDFC Bank, to examine the effects of CRM on business performance and operational effectiveness and to evaluate the improvements in customer service due toImportance Of CRM For HDFC BankImport ance Of CRM For HDFC BankThe aim of this dissertation was to examine the importance of CRM for HDFC Bank. To achieve this aim, following objectives were set To analyze the effectiveness and efficiency of CRM services provided by the HDFC Bank, to examine the effects of CRM on business performance and operational effectiveness and to evaluate the improvements in customer service due to it, to assess the awareness of the bank employees to the concept of CRM and its benefits for the organization, to determine the extent of customer satisfaction level by conducting interviews, distributing questionnaire and carrying out a survey in HDFC Bank, to gather relevant data and critically analyzing it using a vast variety of sources and research tools. The chapter encompass the analysis and evaluation of the data collected via different research methods and includes both quantitative and qualitative measures taken into account and discussed upon. The researcher presented much of the quantitativ e data into graphs so that it could easily be understood. As discussed in the last chapter, interviews were conducted from branch manager and two of the middle line managers. Survey was conducted from randomly selected 80 (+3 later) customers to gain their views along with it, short questionnaires were also distributed to randomly chosen 30 bank employees to take into account their perspectives about the adaption and use of CRM in the bank. Interviews were purposely kept informal and qualitative data was collected about the banks strategy, plan, objectives and actions taken regarding the adaption and use of CRM system and applications. In the interviews, the researcher inquired about many other things which are discussed in the qualitative analysis below. The survey from employees was mainly concerning the effects of CRM on their performance and how it affected their day to day bank functions and operations. Questionnaires from customers included their perceptions about the bank ser vices and whether those improved. The data gathered by interviews provided helpful information about the bank strategic plans and policies and gave insight into the banking operations. It also provided information on customer relation management systems, infrastructure of information and technology, and its effects on the employee performance, customer satisfaction, increased sales targeting, and over all culture of the organization, etc. The objective of the interviews was to have the complete picture of what the aims of the management were and to evaluate the efficiency and effectiveness of the CRM systems. The researcher analysed the current situation of the CRM and how effective it was and in line with the IT services and if it supported the business strategy keeping in view the future developments and enhancements in IT.The rate of response from employees and customers was 100% though some customers and employees left very few questions unanswered. The researcher realized the w eakness of research validity because it was hard to grasp real feeling of respondents in terms of such contrasts as satisfied/dissatisfied, agree/disagree, etc. Nonetheless, an effort was made to ensure the questions appear to be measuring all important aspects of the construct and results of questionnaires are consistent with results of established measures. In order to gather more reliable and valid data, the researcher also conducted short interviews from some of the employees and customers. These were not pre-planned but helped a lot in explaining the answers in details. The researcher also ensured that interviews and questionnaires follow a specific pattern.The findings are reported below and separate analysis is provided for managers interviews, employees questionnaire and customers questionnaire. Appendix is provided on a separate sheet which contains copies of employees questionnaire, customers questionnaire, and the copy of questions that were asked during the interviews wi th the manager.It is very important to mention here that the researcher undertook pilot study before the actual commencement of the research. It was a feasibly a very small experiment to test logistics and collect data prior to the greater research in order to improve the quality and efficiency of the questions asked in the interviews and questionnaires. It was important to test the questions designed in the questionnaires before they are actually used in the research in order to determine whether they are conducive towards the research and would pose no problems for the respondent and experts should be consulted to comment on the suitability of the questions and this is regarded as pilot study. The branch manager was approached and informal meeting was held. The researcher asked few short questions (similar to the questions asked in later study but in details). The manager also helped me ask few simple questions from 5 of the employees to test my questionnaire and reveal any defici ency in the design of the proposed experiment. Although it provided limited information but it proved vital for the severity of the proposed procedures. All the information gathered in addition to review of banks own research questions were incorporated into the main study design. However pilot study did not lead to modification of any pre-planned research process. The differences of results from main research were discussed in summary in following sections.4.2. Qualitative Research DiscussionThe researcher conducted one pilot interview with branch manager first. After finalising the questions, another formal interview was taken. There were almost same responses in both occasions. Two of the middle line managers were asked for their time for interviews and luckily single interview was taken from both managers. Interview 1 is from branch manager and interview 2 is from line/operational managers. Senior manager was asked questions about overall bank performance and importance of CRM w hile managers at mid-level were enquired on matters regarding operational functions. Questions asked from senior managers include How does CRM impact companys performance both directly and indirectly? What is the evidence that CRM improves customer services? What type of CRM software and applications does the bank use? Do you have any CRM implementation policy? How important is CRM requirement in strategic planning? What is your opinion about the use of CRM in the bank? What role does management and employees play in successful implementation of CRM? Please discuss on future CRM plans? Questions put forward to operational managers include What are the factors influencing and encouraging the use of CRM? What are the benefits and limitations of CRM for the company? What are the problems encountered by the company in adapting and implementing CRM systems? How do employees respond to CRM? How do customers respond to CRM? What are the operational planning activities CRM provide the bank? How do CRM systems add value on financial packages and services? How CRM does contribute to customer satisfaction and retention? Is CRM proven way of managing customer information? Does CRM assure customer responses? In what ways do CRM contribute to customers loyalty? Does the implementation of CRM affect the company-customer relationship? What are the most important factors influencing CRM in company? Are you satisfied with the adaption and use of CRM?Interview 1The bank manager in his interview explained that the changing banking environment has affected the way Indian banks used to operate and function. Intense competition, environmental factors such as legal and social, and the ever updating norms of the financial institutions has and impact on the banks to adapt and adjust accordingly and to amend their policies and procedures. He believes that marketing and technology play crucial role for banks as they are the institutions that provide direct services to its clients, theref ore HDFC Bank recognises this as stated by branchs managers own words, The Bank understands the significance of the role of technology and marketing for improving customer relations and services especially in the intensely competitive and changing Indian banking sector?. When enquired about the need for CRM, the manager responded that The bank needs to maintain data and information about its clients, and must have a system that could help the bank improve its customer services therefore it must have basic CRM technology to track and serve the customers?. This led to adaption of latest CRM technologies and processes. Bank manager, in the interview explained that The bank needed to adapt CRM in order to increase profitability by reducing operational costs in serving the customers?. According to his belief, HDFC Bank had been facing traditional problems of lack of modern delivery and marketing techniques in current fast emerging digital economy?. The Bank constantly searched for means to improve their service and to increase customer base. CRM provided the opportunity for the bank as it brought together relationship of IT and marketing strategies to create profitable and long term relationships with clients. When further questioned about why the bank adapted the CRM policy and procedures, the managers replied, Satisfying our clients needs was our major focus and was an important factor in implementing our CRM initiative. Some customers demanded the improvement in our approach to managing customer relationships which assisted us deciding to adopt and implement CRM programs capabilities?. To meet the needs of the customers, HDFC Bank timely started to focus on developing a customer relationship management (CRM) system. Realizing the significance of customer information availability, the project was undertaken by the bank with the spirit that has characterized the whole CRM development. The project has promoted a massive involvement of suggestions from clients, empl oyees and other stakeholders. Strategic plan was developed and targets were set. The management developed the CRM infrastructure and adapted latest CRM procedures. When asked if the bank has any CRM implementation policy, the management answered that HDFC Bank has a central policy of using CRM within all its branches which controls all the CRM procedures. The Bank has incorporated the CRM policies into its strategic vision and mission statements?. Although the manager didnt give exact figures on how the bank specifically the main branch has spent on CRM implementation and introduction of new systems but they agree that the bank devote considerable amount of resources to manage CRM. The bank realizes that it is vital that its CRM applications and systems are supported and controlled by qualified and experienced managers. For this reason, all the managers are trained and experienced to bring together professional staff, encouraging communication and coordination among them, promoting team work and instructing ways in quality service and ensure that CRM systems work efficiently. When enquired whether the bank has any evaluation and appraisal in place, the manager responded that The bank has developed a mechanism to check whether CRM is effectively in good use?. The managers ensure that regular feedback system to consider perspective of the management, employee participation perspective and customer experience perspective. According to the branch manager, The bank generated better than expected outcomes. CRM has positively influenced every banking function and operation?. The manager believes that the bank now provides better and improved banking services. Its operating efficiently and management and employees work more effectively. The speed of the work has improved due to CRM adaption. CRM has helped the bank to target the strategies for better customer services. It has also assisted in facilitating customer service which resulted in satisfied customers and prof itable business. The adaption and implementation of CRM by the bank has resulted in improved performance and profitability.Interview 2Both the middle line managers were questioned about the operational activities of the bank and how the adaption of CRM technology and implementation of CRM processes and procedures has influenced the banking activities. The managers were in charge of the implementation after the senior manager set the strategic plan. They were very much aware of the involvement of bank staff if the CRM adaption was to be successful. One of the managers during the interview discussed that The major decision they tool to successfully adapt the CRM within the bank environment was to empower its employees in decision making?. The management realized that CRM adaption requires the well trained, educated and experienced staff to work on it. They are theoretically and practically trained on how to utilize latest CRM system and applications. The managers explained that The Em ployees are given access to customer database so that they can make on the spot and efficient decisions. They are also empowered to resolve small customer issues themselves, though major complaints are still dealt centrally by the senior management. Employees are also involved in searching, adapting and evaluating CRM needs for the bank. The management emphasises greatly on availability of latest and advanced information and communication technology to its staff and takes extra measures to ensure this happens? The managers were also responsible for planning, sorting, reviewing and monitoring work of the employees. The managers believe that the bank now provides better and improved banking services. According to their belief, employees work more enthusiastically, are well motivated and are satisfied with their roles and responsibilities. The managers think that bank processes such as sales and marketing works more efficiently. Due to CRM, the bank can access a wide variety of sources for required information, ideas and experiences. Employees work more effectively by reducing repetitive tasks, decreasing costs, and minimizing risks. They can deal with customer enquiries without any difficulty and resolve many issues on the spot. Another benefit that the bank has received is increase in speed and reliability of banking functions/transactions. CRM has helped the bank to target the strategies for better customer services. It has also assisted in facilitating customer service which resulted in satisfied customers and profitable business. The adaption and implementation of CRM by the bank has resulted in improved performance and profitability. The managers also stated that operational inefficiencies have reduced and few resources are being wasted. CRM also helped developed new incentives for clients by searching their data and records which are collected by latest systems and applications. The most important impact of CRM on bank as felt by managers is the creation o f climate of trust that helped in customer loyalty and retention.The management is completely satisfied with the results of CRM use in the bank. Their future plan is simple and that is continuing with the current policy. They understand that CRM technologies rapidly change. It is hard to forecast where CRM technology will be in the next few years. According to the words of the Branch manager, We are often one of the first in our industry to detect technological developments that may potentially affect our business. We generally respond very quickly to technological changes in our environment?. The management ensure that staff maintains close relations with bank clients. The managers recognise the basic value of the bank and that includes learning as a key to improvement. They believe that they have common language to deal with CRM issues and have a clear division of roles and responsibilities to implement or update CRM. They also think that they have necessary skills and technical c ompetence to absorb the new CRM systems processes, tools and applications. The management agrees unanimously that bank uses CRM to drives profitability, cut costs, reduces risks and improves customer service. The management finds it challenging to ensure clients prefer their services over that of others. The managers believe that the key to develop a close customer relationship and nurture it is to appreciate the needs and cater the requirements of the customers. The bank uses CRM technology to analyze the customer needs and to ensure customer satisfaction. The use of CRM in the bank has become crucial with aggressive strategies employed to gain and retain customers, which has resulted in the adoption of various CRM initiatives to enable the bank to achieve its objectives. The management realized to build a close relationship between IT and marketing aspects of CRM to develop lasting client retention. In summary by introducing and adapting the latest CRM methods, techniques, applica tions and systems, banks can provide better customer service, increase customer revenues, discover new customers, sell products more effectively, help sales staff close deals faster, make call centres more efficient, simplify marketing and sales processes.4.3.1. Quantitative Findings (Employees)What is your opinion about the use of CRM in the bank?Strongly AgreeAgreeNeutralDisagreeEnables cost reduction7%28%48%17%Improves efficiency22%29%26%23%Reduces time43%25%22%10%Improves communication65%16%16%3%Avoids redundancy62%24%10%4%Better customer relationship81%15%3%1%Enables market research38%33%20%9%Provides customer information89%7%4%0%A huge majority (89%) agree that by using CRM, employees can have access to customer information. Majority of the employees (71%) believe that CRM system and applications help in carrying out market research easily. Almost all (96%) of employees agree that CRM help in improving and maintaining better customer relationship management. 81% of them agree that communication among employees and with customers improve due to use of CRM. 86% agree to the notion that it reduces the work to be repeated and minimizes mistakes. Half of the employees (51%) said that CRM improves bank efficiency and only 38% answered positively that it enables in cost reduction. Half of the employees stayed neutral to this question.Please comment on the importance of CRM for employees?64% of the employees strongly believe that adaption and use of CRM for bank is very important. Other 27% also agree and consider it important while only 9% consider its importance average. None responded negatively.Are you satisfied with the use of CRM in the bank?60% of the respondents stated that they are satisfied with the use of CRM in their bank, 21% are on the view that they are neither satisfied nor dissatisfied while 19% showed their dissatisfaction.Please express your views on the reliability of CRM software and applications?Only 41% of the employees consider the CRM sy stem and applications used in the bank as reliable. 50% are neutral and remaining 9% consider CRM unreliable.4.3.2. Quantitative Findings (Customers)Please tell if you are you satisfied with the service quality?87% of the customers are satisfied with the bank services and approved the quality of services provided by the bank. Only a small minority of 3% noted their dissatisfaction.Do you agree that there is sufficient staff-customer communication?36% of customers believe that there is sufficient communication between employees and customers, 46% are neutral and remaining 18% hinted their disagreement.How do you find the communication between bank staff and customers?3/4th of the customers asked find the communication good and better and only 12% think that it still can be improved. The other 12% stated the poor communication between bank and them.How do you find friendliness and helpfulness of the staff service?Majority (79%) of the customers consider the staff friendliness and help fulness as good and excellent. 10% rated it as average and 11% rated it as poor.Please rate your satisfaction level in regards to steps taken by the bank in delivering the services?Third fourth (76%) of the surveyed customers responded positively to this question and agree that bank has improved its services very well.On a scale of 1 (dissatisfied) to 5 (satisfied), how would you rate your level of satisfaction in regards to service value?Only 14% of the customers are placed in the dissatisfaction zone 2/3rd are satisfied with the value of the bank service they receive.Are you satisfied with the banks response to your queries?1/3rd of the customers pointed out their dissatisfaction with the bank response to their issues and 60% answered their satisfaction to this matter.How do you view timeliness and quality of response?71% of the customers positively view the timeliness and quality of steps taken by bank to resolve their queries. 1/4th consider it as lacking in quality.Do you agree that customer service has improved?100% AgreeHow would you rate the overall quality of your relationship with bank, considering all of your experiences with them?76% responses are positive and only 6% answers are negative on rating the overall quality of their relationship with the bank.4.4.1. Employees Questionnaire DiscussionAdaption and use of CRM by HDFC could have been effective only with the support and cooperation of bank staff. Management recognised this and took the appropriate steps as explained in the interview analysis. Even the bank employees realized that their support was crucial if the new system and application had to work because they are the persons that interact with customers directly and this interaction greatly influences the relationship of the bank with customers. Successful adaption was only possible in HDFC Bank if employees were motivated and enthusiastic to cooperate with the CRM processes. The employees were properly trained to use the system and CRM t ools to improve the bank services.It was very important for the researcher to take employees views in this dissertation, because their perceptions, perspectives morale, skills, experience and satisfaction all influence the work performance and consequently bank performance. These factors are affected by sudden change in the organization specifically if it is technology related. In the survey results, bank employees in general showed satisfaction towards the CRM use within the bank environment. Majority of them agree that new ICT tools for CRM system and applications have helped improve their communication within the bank with colleagues and managers, and externally with customers. When asked by the researcher about the problem of repeating tasks, they collectively replied that this issue has been reduced to minimum due to CRM in bank. Employees can access the database where all the information of specific client is provided, just enter the reference or other details, and the informa tion comes in front of them. This has helped a lot in risk reduction, quality work in less time and effective performance. Employees believe that customers feel satisfied with the service they provide. Two third of the surveyed employees believe that CRM utilities are very important for their performance and they are completely satisfied with the use of CRM technology and procedures. However many employees have concerns for its reliability and they feel that they have to constantly update their knowledge of its use as the technology changes rapidly. Overall the employees responses were positive as they expect more benefits with little or no limitations in the use of CRM to improve bank performance and services. They have used the new technology, process, procedures, tools and systems related to CRM and they believe that CRM is essential for Bank for current and future use as it directly and/or indirectly affects their performance that in turn improves bank performance as employees p rovide quality services.4.4.2. Customers Questionnaire DiscussionBanks understand that customer satisfaction is an important variable in order to retain the existing clients or gain the new ones. Poor customer satisfaction leads to a decline in customer loyalty, and given the extended offerings from the competitors, customers easily switch banks. HDFC understands the importance of customer satisfaction and value the customer relationships. CRM was introduced to improve customer services and relationships with customers. The information gathered by the bank management reveals that customers are generally satisfied with the services provided by the bank. The following analysis is the assessment and measurement by the researcher. This research is directed to find the perceptions of the customers towards services provided by HDFC bank and whether these are improved. The researcher tried to describe the research motives behind the findings through this questionnaire. The main aim was to gain the customers impression and assess the efficiency of the CRM system, technology, processes and applications applied by the bank. The researcher attempted to gauge how well CRM influenced the services. Vast majority of the customers disclosed their satisfaction on the bank services. Although the figure remained the same if compared with the survey conducted by the bank few months ago but almost all the customers agreed that the bank service has improved ever since. When asked about the communication process between them and the bank, the reply was not encouraging as many customers feel that this area still needs to be improved. Most customers want face to face interaction and require the bank to provide services for longer hours. If compared with the previous data collected, this survey suggests that communication has improved mainly due to telephone service for minor complaints and information. Although it is good but cannot be considered sufficient. When enquired about the fr iendliness and helpfulness of the bank staff, many customers responded that employees provide good service with better attitude than before. They tend to their issues with sympathy and try to resolve the queries professionally and effectively. They admire that the bank is working hard to train its employees in skills for improved customer service. They also appreciate the introduction of CRM processes that led to improvement in all areas.4.5. Importance of CRM for Bank in SummaryThe results generated from the interviews and surveys conclude that CRM has had a very positive effect on the bank performance. It not only helped employees learn and improve but also influenced their morale and motivation. This has an indirect effect on the way bank serve its customers. By adapting CRM processes, the bank has provided its customers with satisfactory services which increased customer loyalty and helped build better relations. CRM has an impact on every bank operation and function. CRM has gu ided bank to induct latest technological system and application to collect, analyse and use customer information effectively and efficiently run the day to day operations of the bank. CRM has provided a means to better communication and coordination of employees with customers. Other benefits that have been gained include reduction in cost, speedy transactions, reliable flow of information. The bank has achieved the overall objectives of using technology to organize, automate, and synchronize business processes with the implementation of CRM and has been successful in finding, attracting, and wining new clients, and reducing the costs of marketing and client service. The bank realizes the importance of CRM todays competitive environment that it considers it as an integral part of its strategic business plan. CRM integrated approach makes all the difference to satisfying customers, retaining their loyalty, providing added value and generating growth. In fact, CRM might be the differe nce between the bank to flourish and failure to survive.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Chapter 5 Conclusion Recommendations5.1. Research SummaryCustomer Relationship Management (CRM) is an organizational strategy that can assist a bank to build lasting relationship with its clients and improve its performance by increasing revenue and productivity. CRM in the banking industry is of great importance. Today, banking is more customer-centric, unlike the yester when it was transaction-centric. CRM is essential and vital function of customer oriented marketing. However there is more to CRM than just client management. CRM is a broad approach to create, maintain, and expand relationship with customers. It is a strategic plan that aims in understanding, anticipating, managing and personalizing the organizational needs of current as well as potential customers. The idea behind this is that it would help the bank to effectively utilize technology and other resources to gain insight into the clients behaviour and customers values. If adapted and implemented successfully, CRM can help banks provide better customer service, make banking operations more efficient and simplify selling and marketing processes. CRM is a comprehensive approach to cater, maintain and expand customer relationships. It is important for banks to use CRM strategy that aims to understand, anticipate, manage and personalize the needs of banks current and potential customers. CRM applications deliver many benefits across organizational processes and functions. It reshapes the workplace environment and influences the ways business being carried. Successful integration or adaption of CRM system in the banks may not be as easy as it looks. Every concept has limitation s such as limitation of finance, resistance to change, government regulations, etc. so does the CRM in banks.Banks can overcome many of the limitations by efficiency managing CRM and adapting some comprehensive CRM model along with effective CRM software. Managers play an important role to minimize risks. CRM manager is a key factor who can effectively manage the issues related to CRM. It is vital for banks that their CRM applications and systems are supported and controlled by qualified and experienced manager. Bringing together trained and professional staff, encouraging communication and coordination among them, promoting team working and instructing ways in quality service, are some of the duties managers have to perform in order for CRM to work efficiently and harvest benefits.The banks need CRM to survive as it is impossible nowadays not to focus upon the customer expectations. CRM is needed because of ever changing technology and highly competitive banking sector in India. Th e importance of CRM can be assessed by evaluating CRM that provides enhanced opportunities to use data and information to both understand customers and create value. The ultimate purpose of the CRM is to improve performance and to assess how well the bank needs are met by CRM adaption and implementation.5.2. ConclusionThe aim of this dissertation was to examine the importance of CRM for HDFC Bank. To achieve this aim, following objectives were set To analyze the effectiveness and efficiency of CRM services provided by the HDFC Bank, to examine the effects of CRM on business performance and operational effectiveness and to evaluate the improvements in customer service due to