CUSTOMER RELATIONSHIP MANAGEMENT PRACTICES IN SELECT PUBLIC AND PRIVATE SECTOR BANKS IN CHENGALPATTU DISTRICT
In the ever-evolving landscape of the banking sector, adopting a customer-centric approach stands as a pivotal strategy for attaining sustainable competitive advantage. This study delves into the realm of Customer Relationship Management (CRM) practices within public and private sector banks in Chengalpattu District, unraveling the intricacies of their implementation and effectiveness. With a keen focus on customer retention and satisfaction, the research employs an exploratory approach to scrutinize various dimensions of CRM practices. The primary objective is to assess the contribution of CRM practices in crafting a sustainable competitive edge by comprehending and exceeding customer expectations. The study meticulously analyzes five key dimensions: Customer Acquisition, Customer Response, Customer Knowledge, Customer Information System, and Customer Value Evaluation. By interpreting the findings from detailed data analysis, the research illuminates the impact of CRM practices on both retaining existing customers and cultivating new relationships. Beyond insights into effective CRM implementation, the study identifies and highlights the pivotal role of exceptional customers in the success of banks. Proposing tailored strategies for further engagement with these key stakeholders through personalized products and services, the research aims to fortify the bonds between banks and their most valuable clients. Guided by the research findings, a set of strategic recommendations is presented to empower banks in optimizing their CRM practices, with a specific emphasis on the identified dimensions. These recommendations serve as a roadmap for banks to bolster their competitiveness within the dynamic and fiercely competitive banking industry. In contributing to the existing body of knowledge, this study offers practical insights into the nuances of CRM practices, providing a solid foundation for future research endeavors and strategic decision-making in the dynamic landscape of the banking sector.