Electronic Customer Relationship Management an Effective Tool in the Banking Sector

Globalization of business in the present world has led to competition in various sectors like healthcare, education, entertainment, tourism etc. Along with it, service sectors like banking and insurance has gained massive importance offering better customer services. In order to sustain in this competitive business market in a long run, better strategies have to be implemented to upgrade quality and transparency in the services. So, the banking sector is expected to provide value-driven proposition to their potential customers, which is arrived only through the process of effective market research which highlights the importance of e-CRM and its essential role in these sectors. The flourishing importance towards IT (Information Technology) has made most of the businesses to run its operations in a global form and a rapid rise in the competition amongst all the services as well as the business sectors has increased the importance to undertake the business in an electronic form along with the best service to its customers, moving from a traditional way of customer services to a modern way which is called e-CRM. In the current scenario, both the public as well as the private sector banks are being efficient enoughin boosting their service by adopting and implementing e-CRM. This paper, with a methodical literature review aims to study the effectiveness of e- CRM in banking and its role in promoting the growth of banking sector.