As we saw in earlier blog, CRM (Customer Relationship Management) focus on managing and regulating customer relationship and segmentation for any organization. One of the highest customer base is maintained and targeted by banks in India.
ICICI bank has opted for CRM technology to identify its potential customer base and strategies to approach them with attractive offers. Here CRM manages segmenting the customers based on their economic background, family commitments and dependencies, family income etc. This data is then collated to create analysis. After the analysis, a profitability analysis is done to check whether it is worth to formulate and approach the customer with new offers.
Once the customer is considered approachable, Sales Force Automation comes in handy to manage all information products offered, its pricing, proposals to be made and counter marketing strategies when the salesperson is getting in touch with the customer.
After this a constant customer interface is established as per preferred medium of the customer, here it is also made sure that its periodic and not leading into frustration to the customer due to constant contact.
ICICI has been opting for better electronic banking options and offerings to the customers with the help of CRM. It has been giving below benefits –
- As its CRM yields customer usage patterns from various transactions made by customers e.g. credit cards, FDs, saving accounts, current accounts etc.. it stores this data into warehouse. Warehouse then gives bank indications for future.
- This information is further used in developing new products and marketing strategies by considering queries asked by the customer during interactions.
- ICICIs customer data base is managed through eight operations viz. retail banking, bonds, FDs, retail customer loans, credit cards, custodial services, online share trading and ATMs which gives them ready customer segmentation.
- ICICI CRM initiative has introduced mobile ATMs for high traffic area, where ATMs will be easily accessible to people. This has been tried out in Mumbai, Chandigarh, Kerala during specific rush hours etc.
- Another initiative by its CRM is bulk deposit, which allows a special card “Deposit Only Card” for depositing huge amount at the ATM. While it has created cash pick up service for business customers.
Thus, with effective CRM usage, ICICI has created various customer centric initiatives to improve customer interactions and profitability as a whole.