Retail Marketing
...to:
Prof. J.K. Das
Submitted by:
Indian Institute of Management Lucknow
November 29, 2004
Table of Contents
Executive Summary 3
Introduction 4
CRM Initiatives in Banks 7
Retail Banking: 7
Corporate Banking: 8
CRM Initiatives in Indian Banks 9
CRM Initiatives in Foreign Banks 9
Gap Analysis: CRM Initiatives at Indian Banks 10
Case Study: ICICI Bank 12
Objectives 12
ICICI Bank-Infosys Partnership 12
Implementation of CRM Intiatives 14
CRM Redefines ICICI's Online CRM Objectives: Future Actions 17
Customer Acquisition 17
Service Channel Medium 18
Virtual Community 19
Future Opportunities 20
CRM Packages 22
Conclusion 25
Executive Summary
The various market drivers for the CRM market in India are need for improved customer service, high global adoption, and reduced product differentiation, capabilities of new technologies and media attention. On the other hand, there are certain market inhibitors like low awareness of its benefits, high cost of implementation, poor IT infrastructure, lack of customer orientation, lack of information about CRM market and also lack of success stories. Banking, Insurance and Financial Services are the sectors that are expected to benefit the most from CRM practices and technologies. To study this sector on which the impact of CRM initiatives is expected to be immense we have specially taken up the detailed live case study of ICICI Bank. From this case study and the secondary analysis of various other national and international banks, we have tried to identify the areas where there is scope for improvement, solutions and strategies for implementing these future plans and the lessons drawn from the initiatives taken by various banks. Also the market for CRM packages has been explored to identify the leading packages for Banking and Financial Services. SIEBEL emerges as the top-of-the-mind...
View Full Essay
