Effectiveness of customer relationship management in State bank of India
MBA Project Synopsis for Effectiveness of customer relationship management in State bank of India
Part-1: Project synopsis details:
Title of the project:
“ Effectiveness of customer relationship management in State bank of India ”
As we know that the customer is regarded as The King. Customers are the lifelines of the business. No business can be done without them. But in the competitive market, you can get the customer but the more difficult is to retain the customers, and this can only be done if we satisfy customers from head to toe. If we will not satisfy the customers then they will leave our organization and join other. Today if the organization has the largest customer base then it may be possible it cannot provide the best services to all these customers.
So I am working on the project of the effectiveness of customer relationship management in SBI bank. The aim of my study is to determine how this bank has the largest customer base and how it is providing the best services to the customers. How it is providing the services individual to each customer irrespective of whole customers. In last to find that the customer is satisfy from these various products and services of bank, from their dealings, their facilities provided, their behavior with the customers etc.?
OBJECTIVES OF THE STUDY
1) To find out the customers’ satisfaction level.
2) To find out why customers have an account in more than one bank.
3) To find the pitfall in the services of the bank.
4) To throw light on how banks are meeting the needs of customers separately in order to maintain long relation.
5) And what bank should improve to increase its customers’ base and to compete other banks?
STATEMENT ABOUT THE PROBLEM
As we were seen as a liability towards the organization since there was no contribution from our side towards, nobody actually paid any attention towards CRM. It was very difficult to actually take out relevant information from the Comparative Study with SBI were very hesitant to let us meet the company. If cash flows are predictable it is simply a problem of minimizing the total costs – the transaction cost and the opportunity cost.
The bank is providing all the competitive products and services to the customer’s suit to their particular requirements. It has different types of Saving accounts, Current accounts, Loans, and Investment proposals etc., which are highly technical products to compete with other banks. People who are using the services of other banks are generally attracted with the highly efficient staff and services like Insta Alert etc.
Majority of the people prefer to open their accounts in SBI Bank because of their wide network and tie up with other bank’s branches and companies. Though it is in the mind of the people that public sector banks don’t give the best service but my project result is totally opposite to this. The survey shows that 88% customers are fully satisfied with the bank’s performance and their dealings. But the other side that come into light while this study is that some customers are also not satisfied with the dealings of the bank because of some reasons and Bank has to take corrective measures.
In this paragraph, sincere effort is given to highlight the concept and significance of CRM Vis a Vis the uses and application of CRM in banking sector. In the literature, the main difference among the definitions of CRM are technological and relationship aspects of CRM. The phrase CRM appeared in the literature after the evolution in the relationship marketing philosophy.
Berry (1983) defined relationship marketing as attracting, maintaining and enhancing the customer’s’ relationships in multi-service organisation. After a few decades, the evolution in relationship marketing philosophy changed the word relationship marketing to CRM. According to Brown (2000) CRM is a process of acquiring new customers, retaining the existence customers, and at the same time understands, anticipates and manages the needs of an organisation’s current and potential customers. Furthermore, Mylonakis (2009) described CRM as an innovative process to create a long term relationship and gaining trust. CRM in financial service industry is a cyclical process which starts with definition of customer actions (Panda, 2003). CRM is fundamental to building a customer-centric organisation. CRM is a key element that allows a bank to develop its customer base and sales capacity.
The goal of CRM is to manage all aspects of customer interactions in a manner that enables the organisation to maximise profitability from every customer.
TYPE OF RESEARCH: – Descriptive Research
Blend of Descriptive method will be use in this research for the collection of data. As the research is related to the study of consumer satisfaction, which can more effectively be studied through direct questions, personal interview and informal talks-experimental research will not much effective. Also, considering the time constraints, descriptive research leading to conclusive result is the most suitable design for this research as it is related to why anything happening. It checks the behavior features of a customer.
DATA COLLECTION METHOD: –
Primary Data:-Questionnaire Method
The data will be collect through questionnaire method. The questionnaire will be design in such a way to cover as many aspects of consumer behavior as possible. Many questions will be asking in it for feedback from customers. In it both opened ended questions and close ended questions will be asked for study.
Under this data will be taken from the internet. All the data related to its profile, mission and capital structure will be taken. Even data related to this study will be also taken from the book which is sent to bank’s manager annually and also quarterly related to its management, mission and many other things.
SAMPLE DESIGN: – Random Sampling
SAMPLE SIZE: – 100
SAMPLE UNIT: – Individual
STATISTICAL TECHNIQUES USED: – Percentage Analysis
In spite of the best efforts there are always some problems or limitations associated with market research that cannot be removed but can be minimized only. In this survey also there could be certain error due to these factors.
- Small Sample Size:Its sample size will be very small as compared to total customer base that means our sample size will be comparatively small in accordance with the universe, which is large enough.
• Non Response Error: As this research will be based upon responses provided by customer, so non-responses and some wrong responses may become part of error.
• Sampling: It is not possible to cover each and every customer so it will be try to cover all section of customer by taking representative sample, which limit the research to a certain extent. These limitations may have effect on findings of the work but not up to large extent and thus do not affect the findings of the work very significantly. Some of the respondents didn’t like to share their views and some may be ignorant about the facts of Bank.
- CRM IN BANKING – By V V GOPAL
- UNDERSTANDING CRM – By R S PRASAD
- Berry, L. L. (1983). Relationship Marketing. In L.L. Berry, G.L. Shostack, & G.D. Dpah (Eds.), Emerging Perspectives on Service Marketing (pp. 28-38). American Marketing Association.
- Shainesh,G. and Sheth, J.N. (2006): Customer Relationship Perspective: A Strategic Perspective, Macmillan India Ltd..
- Sheth, J.N. and Parvatiyar(2000): A., Handbook of Relationship Marketing, Thousand
- The Week and Business Today
- Economic Times and Times of India
Part-2: Project synopsis registration
1. Name of the Program : ……………………….
2. Name of the Student : ………………………..
3. Roll Number :………………………..
4. Session :………………………..
5. Year :………………………..
10. Name of Proposed Guide :………………………..
11. Guide Registration No. (If available) : ………………………..
12. Designation : ………………………..
13. Affiliation : ………………………..
14. Qualification : ………………………..
15. Total Experience : ………………………..
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A Project Synopsis is basically a summary of the entire project anyone will do in future, like Title of the project, main aim of doing the project, its aim & objectives, problem statement, literature review, research methodology, and references. The student needs to submit the project synopsis for approval by the university for preparing the final project report.
⇒ This is the Synopsis for MBA in Banking and Finance Management
⇒ The name of the company can be change as per your need and requirement
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