Strategic CRM in private sector banks: A study with reference to Chennai City Jayanthi L.1, Dr. Vimala V.2 1Research Scholar, Anna Adarsh College, University of Madras, Chennai, girjay2009@gmail.com 2Research Guide, Anna Adarsh College, University of Madras, Chennai Online published on 2 April, 2019. Abstract Today, many businesses such as banks, insurance companies, and other service Providers realize the importance of Customer Relationship Management (CRM) and its Potential to help them acquire new customers, retain existing ones and maximize their lifetime value. The banking business is becoming more and more complex with the changes emanating from the liberalization and globalization. For a new bank, customer creation is important, but for an established bank it is the retention which is much more efficient and cost effective mechanism. CRM is a sound business strategy to identify the bank's most profitable customers and prospects. The Customer Relationship Management in banks depends on good relationship between bank executives and customers. CRM is a combination of human factors, maintenance factors, technological factors and strategic management practices. Hence the present research encounters primarily with the strategies responsible for successful CRM practices in private sector banks. Several studies argued that the products and services offered by service sector banks are coupled with CRM strategies that enhance the knowledge about customers to improve and customize the services. Therefore it is an attempt to identify influential CRM Strategy factors for the success of CRM practices. This research depends upon primary data obtained from bank Employees in different private sector banks in Chennai city. The convenient sampling method is found useful to obtain the responses through a structured questionnaire. The application of factor analysis by principal component method derived 4 predominant factors namely, Redesigned Organization Culture, Highly Committed Employees, Customer Care/Customer Desirability, Customer Awareness, The study also emphasized the importance of successful CRM Strategies for the best service of Banks and best customer loyalty. Top Keywords CRM Strategy, committed employees, customer awareness, organization culture, customer loyalty. Top |