CHAPTER VI SUMMARY OF FINDINGS, SUGGESTIONS AND CONCLUSION

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1 CHAPTER VI SUMMARY OF FINDINGS, SUGGESTIONS AND CONCLUSION 6.1 INTRODUCTION This chapter is completely dedicated to summaries the entire research work and to present the important findings obtain through this innovative research work. The need to find new sources of revenue is a fundamental requirement for business growth. Developing close, co-operative relationship with customers is more important in the current era of intense competition and demanding customers than it has ever been before. In the past, many organizations depended on personalized services to develop and maintain the loyalty of their customers. As the customer relationship with their supplier has become more electronic, the traditional source as customer loyalty personal service has been impacted. The one to one contact with an organization now occurs most often by telephone or on the internet. In effect, it is a combination of good business practices with common sense and courtesy. It is a well known fact that it cost a company dramatically less to retain and grow existing customers than it does to court new ones and this proposition under pins the argument that CRM is one of the most effective and valuable business tools available. The real customer relationships, those that result in the customer feeling a genuine sense of loyalty to the firm are predicated on a sense of satisfying experiences with the company. The first chapter deals with graphics introduction about CRM in public sector bank and private sector banks. This chapter also consists of need for the study and the exact statement of the problem of the research and elaborate methodology and statistical tools for the analysis which is highlighted to give more weightege for this research. It clearly explains the scope and limitations of the study that research has been designed and on exact chapterisation process. 228

2 The review of literature related to this study reveals that though there are plenty of literatures on CRM. This chapter deals with the demographic variables, initial strategies, CRM, CRM maintances, customer satisfaction, technology on CRM, impact of CRM. It clearly explains the reviews. This study is an attempt to fill this gap. The third chapter deals with the conceptual frame work of CRM. This chapter also consists of meaning of CRM, the definition, implementing CRM process and CRM in banking sectors. The fourth chapter deals with analysis of banks customers point of view of customer relationship practices in banks the use of statistical tools of t-test, customers of different types of banks public sectors banks perceived the various elements, initial strategies, customer maintances, technology in CRM, customer satisfaction and impact of CRM. These perceptions are identified in lickers 5 point scale which range from strongly agree to strongly disagree in fact these variables are considered as dependent in nature. The exact perception of these 500 respondents is ascertained through the comparisons of hypothesized means 3 and computed means. This enables to uncertain the optimist or pecimistic perception about various elements of CRM. Factor analysis principle components methods are a famous data reduction tool. It reduces the number of underlined variable to give out the prominent factors. Each factors presents by the set of variables. Cluster analysis, ANOVA, and frequency analysis to the banks customers. The fifth chapter deals with analysis the banker point of view of customer s relationship practices in banks, the use of statistical tools of t-test, frequency analysis. The sixth chapter deals with the summary of findings, suggestions and conclusion. 229

3 6.2 FINDINGS Findings pertaining to objective first Majority of 86.2 percent of the respondents using the overdraft facility with the banks, most of respondents 82.4 percent are not using the credit card facility with the banks, a maximum of 62.6 percent of the respondents are using the credit card in every month above 50,001, a maximum of 49.8 percent of the respondents are using the card only system. Most of the respondents 69.2 percent are not attended the customer interaction programmes to the banks, majority of 48.6 percent of the respondents are dissatisfied the customer interaction programme to the banks, a maximum of 71.4 percent of the respondents are not CRM increased the numbers of the customers with the banks, majority of 64.4 percent of the respondents are not presenting the customer complaint cell to our banks, most of the respondents 47.6 percent are poor functioning customer complaint cell of the banks. The percent analysis revealed 64 percent of customers in Salem district have current account, 71.2 percent demate account, 70 percent fixed deposit, 75.4 percent recurring deposit, 76.2 percent insurance schemes, 68.8 percent daily saving schemes, 78.4 percent marriage saving schemes, 79.4 percent minor saving schemes, 80 percent term loan, 73.8 percent cash credit, 73 percent overdraft, 76.8 percent discounting bills, 74 percent letters of credit, 61.2 percent housing loan, 76 percent car loan, 80.2 percent educational loan, 76.8 percent loans to small industries, 79 percent loans to SHGs, 82.2 percent loans to self employed person, 75.8 percent loans to staff members. It is found that the 76.8 percent of the customers possess negotiable instrument, 70.8 percent safe deposit vaults, 77.8 percent telephone banking, 75.6 percent mobile banking, 84.9 percent internet banking, 87 percent multicity cheque facility, 81.2 percent multi city banking,

4 percent safe deposit locker facility, 80.6 percent customer custody service, 90 percent ATM, 77 percent cash tree ATM network, 84.4 percent any time banking, 86.6 percent anywhere banking, 89 percent door step banking, 90.6 percent credit cards, 79 percent debit cards, 84.8 percent gift card, 87 percent merchant bankers, 83.8 percent traveler s cheque, 85.6 percent of customers possess gift cheque in Salem district. It is revealed 87.8 percent of customers in Salem district have demand draft, 91.4 percent telegraphic transfer, 89.8 percent electronic fund transfer, 90 percent real time gross settlement, 64 percent foreign exchange services, 77.2 percent bank assurance, 78.4 percent mutual funds, 79.4 percent depository services, 73.8 percent E-payments, 73 percent nomination facility, 82.2 percent online railway ticket booking, 75.8 percent core banking services, 81.2 percent I-banking, 59 percent portfolio management The followings findings are presented for verifying the Second objective The customer s public and private sector banks have strong opinion about importance of loan facilities, ATM service and time taken services of CRM in banks. They are very much aware of initial strategies. The customers of banking industries strongly believed that advertisements, reports, communication, guidance, may I help you counter, information pamphlets and ombudsman committee customer s also admirable role to achieve the customer satisfaction. The customer staff relationships in CRM depend upon employee s personal touch with their customers and employee s performance. Finally, internet services, advanced technology, core banking, and financial performance well defined strategies and achievement of 231

5 customer satisfaction directly create incidental effects on customers and make them to stick on to the same service providers. Factor analysis on initiation gives out three predominant factors namely attractive services, customer retention strategy and quick services. Strategies to maintain the customers in these selected banking industries depend upon customer value measurement, banker strategy, responsive customer service, customer win back strategy, customers attractive services and formidable customer relationship is an indispensable factor for materialization of customer satisfaction. Technology innovation and latest developments in the electronic fields powerfully affecting the customer relationship management. The first establishing electronic re-contact, the second place of technology and CRM finally third place of customer service strategy. The technologies fought with convenient electronic devices magnetically attract the customers. There are six factors included under the customer satisfaction to increase the customer satisfaction, materialization of customers, establishment of transparency, cordial relationship between the customer and staff and bankers- customers attractive strategy. The analysis revealed the impact of CRM on the lines of privilege and perfect services to the customers, the achievement of strong bonds of relationship is the main objectives of impact of CRM to get mutual benefit to customers as well as service providers The following findings are presented for verifying the third objective. Cluster analysis initial strategies of CRM classified the customers of public and private sector banks into 3 groups namely, meticulous customers (38.4 percent), mechanical customers (41 percent), changing tendency customers (20.6 percent). 232

6 It is found that the CRM maintances divided the customers of public and private sector banks into three groups namely, demanding customers (54.4percent), expecting customers (29.6percent) and gregarious customers (17percent). It is clear that the technology on CRM differentiate the public and private sector banks customer into three groups namely, innovative customers (36.2percent), settlement oriented customers (46.4 percent),unaware customers (17.4 percent). It is revealed that the customer satisfaction classified the public and private sector bank customers into three groups namely, prompt customers (42.8percent), convenient demanding customers (31.4 percent), and adjustable customers (41percent). It is concluded that the impact on CRM divided into the customers as public and private sectors bank into three groups namely, saturated customers (43.2 percent), caring customers (39.4 percent), and growthoriented customers (17.4 percent) Impact of demographic variables of customers on various elements of CRM objective four In this study the variables age, Gender, education, Occupation, marital status and income are considered for analysis. The major findings are as follows: Male customers possess high perception about initiation strategies, strategies increase the customers, customers satisfaction and customer staff relationship of the banking industry. Hence, in the case gender, CRM and customer satisfaction differ significantly and other factors do not differ significantly. As far as education concern, CRM initiation, strategies increase the customers, maintain customers, customer satisfaction and impact of 233

7 CRM on customers do not differ significantly. The diploma levels of customers possess high perception about initiation, strategies to increase the customers and customer satisfaction. The analysis indicates that, the government employees possess high perception with respect to initiation, strategy to increase the customers, maintenance of the customers, customer satisfaction and customer staff relationship than others. One way ANOVA revealed that gender of the customers influences the attractive services, it is also found that the factors consistent of personalized interaction, promotion strategy and lucrative interpersonal related are perceived by customers in different age and different manner. The customers opined that the factors are demanded settlement, service availability and infrastructure are identified by customers in different age group in different manner. The different educational qualifications of the customers opined are different types of factors transparency, promptness and customer gratification of the banks. The different types of customers demand more services from the banks. It is found that the five factors are quick services, promotion strategy, dynamic redress mechanism, and service availability and growth management. These different factors are influenced different services to the occupation groups of customers. It is concluded that the different income groups of customers influences are transparency, customer gratification and growth management services with the banks, and also found that the attractive services, quick services, customer retention strategy, consistent personalized interaction, promotion strategy, courteousness, customer win back strategy, are perceived by different groups are different manner. 234

8 The different banks customers to differ in the opinion towards dynamic redress mechanism, lucrative interpersonal, electronic acquaintance, centralized services, demand settlement, service availability, convenience, transparency, promptness, infrastructure and customer gratification services to the banks Findings of CRM with respect to executives, objective fifth Based on the findings of research projects in India and the opinions of executives met by the researcher certain personal profile of executives were chosen for testing whether they affect optimistic and developmental relationship. These included the following. Field of the executives, gender of the executives, marital status of the executives, education of the executive, age of the executives, income of the executives, department of the executives, customer interaction programme, CRM increased the number of customers, CRM strategies and presence of customer complaint cell. These personal profiles were written in part-i of the questionnaire. The executives per-dominantly optioned as follows on the above issues. In case of field of the executives are given greater response about CRM relationship than other industries the sample unit of executives comprises maximum number of female executives in these industries. As per the education of the executives includes maximum number of post graduate executives, executive comprising maximum number of 21 to 30 years old, executives income shows maximum number of executives earning ` 10,000 to ` 15,000, department of the executives indicates that, when compared with clerical and sub staff, maximum number of executives under the managerial department. Maximum numbers of executives are accepted to the frequent visit of the customers and fulfill their customer s satisfaction. Maximum numbers of executives hope and trust the CRM increased the number of 235

9 customers. A CRM strategy indicates that, least number of executives possess the sufficient knowledge about CRM in these industry and present in their complaint cell in their organization. The executives of banking industries strongly agreed that initiation in CRM primarily depend upon identifying the potential customers and that loyalty rates towards organization. The selected banking industry strongly believed that the maintenances procedures in CRM aimed to concentrate current customers, gathering the customer s grievances, periodic evaluation, employees training, employees are rewarded and different customers are given different treatment. The selected banking industries are strongly accepted the technology in CRM basically depends upon the introduction of cost, usage of modern technology and advanced technology and understanding the customer s behaviour. 6.3 SUGGESTIONS The customers of banking industries preferred and except transparency with the executives. So, customer interaction programmes must be essential to study the characteristic features of the customers. Information search place a major role in consolidating optimistic relationship between customers and executives. So, meticulous care must be taken by the industries to advertise their services. The customers are advised to the about mutual benefit. This enables the industries to improve the quality of services. The qualitative approach and proportionate should be taken care for their customers. Since the executives are enthusiastic in initial strategies to acquire the customers the industries may adopt certain incentives strategies for the 236

10 customers to encourage them. This move would pave the way maintain smooth relationship between executives and customers to The executives of these banking industries should conduct a survey to measure the customer preference and level of satisfaction. Instead of terminating the problematic and unwanted customers, these industries should come forward to analyze the basic needs and expectation of the problematic customers. This move will be vital reducing the stained relationship with unwanted customers. It is found from the research that certain groups of executive are unaware as well as unenthusiastic towards CRM elements. So, executive training programmes must be periodically conducted to give effective responsibility to the executives. 6.4 CONCLUSION CRM is a powerful concept for the success of any industry. It paves the way to maintain an optimistic relationship with customers to increase the business and profitability. The strategies employed CRM is aimed at mutual benefit to the customers and industries. It creates deep and wide impact on customers and make in deep in roads in identifying the lucrative move of the industries. Personal details of customers like gender, age, education qualification are essential in determing in essential to perform better for all the industries in fact it gives maximum credit and gains to the industry for the future. 6.5 SCOPE FOR THE FURTHER RESEARCH The following studies have got the scope for the future researcher. 1. A comparative study of public and private sector banks in CRM practices. 2. A study on Customer Relationship Management Practices in foreign banks. 3. A comparative study on CRM practices in selected banks in India. 237