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DMM09Customer Relationship Management

Assignment I

Assignment Code: 2013DMM09A1 Last Date of Submission: 15th April 2013 (for old PhD)15th May 2013 (for ACM)

Maximum Marks: 100

Attempt all the questions given at the end of the Case. All questions carry equal marks.

Case Study

CRM IN BANKING : A CASE STUDY OF ICICI BANK

Globally, regulation and technological improvements are responsible for the vast majority of innovations in

banking over the past quarter century. The introduction of personal computers and the proliferation of ATMs

in the 1970s captured the bank managements attention. The regulatory changes in the 1980s fuelled much

of the industrys growth, which was followed by downsizing as bankers focused on creating a market

presence which resulted in significant merger activity. Recent technological improvements are at the root of

the bankers focus as well as a target for their significant investment today. In fact, according to recent

projections, bankers and their financial service company brethren will spend almost $ 7 billion this year on

CRM and increase that by 14 per cent each year for the next several years.

Why CRM? The Changing Environment

The environment within which financial institutions operate has changed in recent years. It is now one of:

Increased competition

Growing product commoditization, and

Diminishing margins

Banking customers have also changed in recent years. Customers today are more knowledgeable,

sophisticated and assertive than ever before. They demand higher levels of customer service, are less

loyal, and more inclined to switch to a competitor. Modern customers thus necessitate flexibility in hours of

operation, greater convenience, customization, transparency, accessibility and control.

This has led to a shift in business focus from transactional to relationship marketing.

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CRM Strategy

Customers are the lifeblood of the business and the way in which a bank can protect and increase its

customer base and ultimately its profitability is to build strong customer relationships through the

delivery of superior quality service and to meet customer needs better than the competitors. The CRM

approach focuses on maximizing value for the customer and the bank.

Research has shown that the key drivers of customer loyalty are:

Positive staff attitude Honesty, integrity and reliability

Proactive advice and deliver of promise

Consistent delivery of superior quality service

Simplicity and ease of doing business

Good after-sales service

A fair effective complaints resolution policy.

Focus on ICICI Banks Initiatives

The use of CRM in banking has gained importance with the aggressive strategies for customer acquisition

and retention being employed by banks in todays competitive milieu. This has resulted in the adoption of

various CRM initiatives by these banks to enable them achieve their objectives.

The steps that banks follow in implementing CRM are:

Identifying CRM initiatives with reference to the objectives to be attained (such as increased

number of customers, enhanced per-customer profitability, etc.),

Setting measurable targets for each initiative in terms of growth in profits, number of customers,

etc. and

Evaluating and choosing the appropriate CRM package that will help the company achieve its CRM

goals (a comparison of pay-offs against investments could be carried out during the evaluation

exercise).

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CRM has been deployed in retail banking. The challenges in managing customer relations in retail banking

are due to the multiple products being offered and the diverse channels being used for the distribution of the

products. Customer expectation from banks can be summed up as:

Any time anywhere service, personalized offers, and lower payouts.

Aggressive marketing and promotions on the part of the banks have resulted in most customers happily

switching loyalties to enjoy better privileges, thereby making the task of retaining them more difficult for the

banks.

The use of CRM in banking has been essentially done for the following purposes:

Targeting customers

It is necessary for banks to identify potential customers for approaching them with suitable offers.

The transactional data that is generated through customer interactions and also by taking into

account the profile of the customer (such as the lifecycle stage, economic background, family

commitments, etc.) needs to be collated into one database to facilitate its proper analysis. For

example, a customer interacts with the banks for savings accounts, credit cards, home loans, car

loans, demat accounts, etc. the data generated through all these services needs to be integrated to

enable effective targeting. After the integration is done, a profitability analysis of the customer

needs to be undertaken to acquire an understanding of the profit-worthiness of the customer before

targeting him with new offers.

Sales reference material

A consolidated information database on all products, pricing, competitor information, sales

presentations, proposal templates and marketing collateral should be accessible to all the people

concerned. These prove to be very helpful in Sales Force Automation (SFA) wherein the

salesperson gets instantaneous access to all relevant material as and when it is required

(especially when he/she is in a meeting with a client.)

Consistent interface with customers

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The communication to customers from various departments like sales, finance, customer support,

etc. should be consistent and not contradictory. Therefore, all departments should be privy to a

unified view of the customer to enable a consistent approach. Removal of inconsistencies is

necessary to ensure that customers are not harassed and frustrated owing to poor internal co-

ordination. This is bound to enhance customer satisfaction. The contact centres used to interface

with customers should ensure consistency in customer interaction, irrespective of the medium used

for the interaction such as telephone, Internet, e-mail, fax, etc.

Banks can use the data on customers to effectively segment the customers before targeting them. Proper

analysis of all available data will enable banks to understand the needs of various customer segments and

the issues that determine value for that segment. Accordingly, suitable campaigns can be designed to

address the issues relevant for that segment and to ensure higher loyalty from these customers. When

data analysis is done in the right manner, it helps in generating opportunities for cross-selling and up-

selling.

ICICI Banks CRM Initiatives

ICICI Bank has to manage more than 13 million customers. The bank has over 550 branches, a network of

2025 ATMs, multiple call centres, Internet banking and mobile banking. Its customers often use multiple

channels, and they are increasingly turning to electronic banking options. Business from the Internet. ATMs

and other electronic channels now comprises more than 50 per cent of all transactions.

In the process of making its business grow to this level, ICICI Bank has distinguished itself from other banksthrough its relationship with customers.

The Teradata solution focuses on a CRM platform. Information from various legacy and transaction

systems is fed into a single enterprise called wide data warehouse. This allows the bank to generate a

single view of its customers. The warehouse has the capability to integrate data from multiple sources

comprising Oracle and flat files. The Behaviour Explorer enables profiling of customers and querying on

various parameters. These enable the bank staff create suitable campaigns for targeting individual

customers on the basis of their requirements.

The logistics in the system have also led to other benefits like interactive reports, unearthing cross-selling

opportunities as well as finding out about the channel usage undertaken by a segment. The data access

was facilitated through the use of Cognos Power Cubes.

The Benefits of CRM

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Customers usage pattern

ICICIs CRM data warehouse integrates data from multiple sources and enables users to find out

about the customers various transactions pertaining to savings accounts, credit cards, fixeddeposits, etc. The warehouse also gives indications regarding the customers channel usage.

New product development

Analysis at ICICI guide product development and marketing campaigns through Behaviour

Explorer, whereby customer profiling can be undertaken by using ad hocqueries. The products

thus created take into account the customers needs and desires, enabling the bank to satisfy

customers through better personalization and customization of services.

Central data management

The initial implementation of CRM allowed ICICI to analyse its customer database, which includes

information from eight separate operations systems including retail banking, bonds, fixed deposits,

retail consumer loans, credit cards, custodial services, online share trading and ATM.

Some Noteworthy CRM Initiatives of ICICI Bank

Mobile ATMs

Customers of ICICI Bank can access their bank accounts through mobile ATMs. These ATMs are kept in

vans and parked at locations that have a high traffic of bank customers such as the commercial areas in a

city or upmarket residential areas ICICI Bank now provides standard ATM facilities through ATM vans. This

facility has been tried at Mumbai, Chandigarh and various places in Kerala during specified timings.

Table Mumbai Mobile Van

Timings Locations

9.00 am to 10.00 am Junction of Nehru Road and M.O. Road, near

Ram temple, Vile Parle (E)11.00 am to 12.00 noon Opp.J.W. Marriott Hotel, Juhu1.00 pm to 2.00 pm Lokhandwala Circle, Andheri (W)3.30 pm to 5.00 pm Outside Vasanth Sagar, 120 ft. Road, Hakur

Village, Khandivali (E)

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Bulk Deposits

The ICICI Banks Bulk Deposit ATMs enable customers to deposit large amounts at one time. Unlike

conventional ATMs, which are able to accept only 30 notes at a time, these ATMs allow the deposit of huge

amounts. The Bulk Deposit ATM is available in Mumbais Vashi sector branch office of ICICI.

The bulk deposit facility can be availed of by select customers who need to deposit huge amounts of cash.

ICICI Bank issues a special card called the `Deposit Only Card to facilitate this service. This card allows

for deposit transactions only. The service is further facilitated by the provision of special bags at ATMs in

which a customer can put his money. After the deposit slip is filled, the bag can be inserted in the ATM.

The transaction slip is then generated by the ATM as an acknowledgement of the deposit. ICICI Bank also

has cash pick-up service for business customers under the business banking segment.

ATMs for the visually challenged

ICICI Bank has launched ATMs with special voice-guided systems, which guide a visually challenged

person to access ATMs without any help. The jack on the terminal enables headphones to be connected to

it and voice commands enable the customer to transact business. Customers may choose a suitable

language to get voice commands. After the language selection is done, the customer is guided to ensure

that the ATM card is inserted in the right slot and thereafter, guidance is provided for entering the PIN by

using the keypad. A raised button is provided on number 5 to enable users to identify the numbers easily

through touch. The slot for cash collection has such raised `pips that enable easy identification throughtouch.

Other Services through ATMs

Apart from the usual transactions involving the bank, some other services can also be availed of by ICICI

Bank customers. These include:

Prepaid mobile recharge

Buying and renewing Internet packs (such as those of TATA Indicom Internet service provider and

Sify).

Making donations for Tirupati Tirumala Devasthanams, Nathdwara temple and Shri Mata

Vaishnodevi shrine.

Mutual fund transactions, and

Bill payments

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Mobile phone as a Virtual Wallet

The mobile phone has been transformed into a virtual wallet a new innovation in mobile commerce. On

September 19, 2005, Airtel, ICICI Bank and VISA announced the launch of mChq a revolutionary new

service which is a credit card using the mobile phone. This is the first mobile-to-mobile payment option

which enables Airtel customers and ICICI Bank Visa cardholders to pay for their purchases with their Airtel

Mobile phones. The service has eliminated the need for carrying physical cash for making a purchase and

also the problems associated with the point of sale (POS) terminal since the mobile phone services as a

secure POS and a payment mechanism.

Social Events

ICICI Bank organized the largest domestic invitational amateur golf event for HN1 (high-net-worthindividuals) customers. This nation-wide golf tournament had over one lakh high-net-worth clients of ICICI

Banks private banking division participating in the event.

Mobile Banking Benefits

Mobile banking enables the customer to avail of many facilities by just sending an SMS. These facilities,

which are currently offered free of cost, are as follows:

Locating ATM

Locating branch

Locating drop box

Alert facilities like salary credit, account debit/credit, cheque bounce, etc., and

Queries on banking, cards and demat account

Case Questions

1. Explain the initiatives take by ICICI Bank to promote CRM.

2. Discuss the benefits of the initiatives taken by ICICI Bank to promote CRM.

3. What should be the core elements of CRM that ICICI bank in your opinion should follow, besideswhat they are already following to make themselves a distinct bank from their competitors?

4. Outsourcing CRM is one activity that most organizations follow. Is it a viable option. Give your

views keeping in mind the cost involved in implementing CRM and enhancing business also.

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DMM09Customer Relationship Management

Assignment II

Assignment Code: 2013DMM09A2 Last Date of Submission: 15th May 2013 (for old PhD)15th May 2013 (for ACM)

Maximum Marks: 100

Attempt all the questions given at the end of the Case. All questions carry equal marks.

Case Study

BPO in CRM

Introduction

Winning the market share by offering world-class customer service is an important method adopted by

many companies. Customer relationship management (CRM) is one of the customer care services which

provide companies with an opportunity to retain customers and also attract new markets for their products.

Significance of CRM

Customer retention by offering better customer services is very significant for any business enterprise. The

slowdown in the global economy and tough competition among the enterprises have forced companies to

focus at cost containment and growth in profitability. Managing a good relationship with customers is the

only key to success and the only means of ensuring the survival of the business. The concept of customerrelationship management (CRM) helps companies not only to retain existing customers, but also to widen

their customer base. The cost of retaining a customer is one-fifth the cost of acquiring a new customer.

CRM helps in tracking marketing opportunities better and in focusing on those customers who increase not

only the sales/volume of a company but also its profitability. CRM is defined as the process of tracking

customer behaviour in order to develop marketing and maintain customer relationship in case of a brand

often by a development of software system. The system provides one-to-one contact between the

marketing business and its customers. CRM is a business strategy which includes the people, processes,

and technology associated with marketing and service. It provides information to facilitate every corporate

activity from marketing to fulfillment.

CRM embodies six key disciplines; sales force automation; marketing automation; help desk, appropriate

softwares, data input, and call centre. CRM technology works on the promise of retaining customers and

boosting the top line, which is significant and continues to resonate with in an environment where

companies are trying to survive a tough economy. Apart from customer relationship management, CRM

also pertains to customer relationship marketing and continuous retention marketing.

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CRMs largest vendors such as Siebel, People soft, Oracle, and SAP will continue to grow and expand their

reach into newer application segments such as marketing automation, partner relationship management

and even employee relationship management.

ICICI Bank, HDFC Standard Life, UTI (Axis Bank) and ABN-AMRO are now implementing business process

management to increase returns on investment, and to improve customer relationship management and

employee productivity.

The worldwide CRM services market touched $22 billion in 2002-03, a 10.6 per cent increase from the

preceding year, according to the Gartner Group. This market hit $ 25.3 billion in 2003-04, and $ 47 billion

by 2006, according to this group.

The CRM market in India has witnesses healthy growth and the CRM software market is growing at aCAGR of 40 per cent and reached Rs 188 crores in 2006.

IBMs 2004 Global CRM Survey

According to the 2004 Global CRM Study conducted by IBM Business Consulting Services, 85 per cent of

the companies in America, Europe and Asia, both large and small, across every industry, do not feel fully

successful in implementing CRM. Fewer than 15 per cent of the global companies believe that they are

succeeding fully with their CRM initiatives, while another 20 to 30 per cent have had only some success.

The survey was conducted in late 2003 and early 2004 on 373 senior level management decision-makersor influencers in a mix of small, medium and large enterprises, to understand how companies attain CRM

success and achieve significant return on investment. More than half of the respondents companies had

annual revenues exceeding US $ 50 million; 30 per cent of the respondents reported annual revenues of

US $ 1 billion to more than US $ 50 billion.

Despite the dismal results, CRM continues to hold great promise for most companies. Over 50 per cent of

the 373 companies surveyed believe that CRM is relevant to increasing performance from a shareholder

value perspective. Of those interviewed, 75 per cent consider CRM important in delivering revenue growth

through improved customer experiences, retaining and growing existing customer bases, increasing

customer acquisition rates and influencing the development of new products and services.

A successful CRM strategy should be at the heart of every business model which focuses on a virtue of

flexibility, real-time responsiveness, and a laser focus on the customer.

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Approaches to CRM Success

The Global Research Survey found that the two approaches most consistently cited as requirements for

CRM success were `change management such as training employees to use CRM processes, tools and

policies; and `process change such as involving employees in the process of designing and changing CRM

activities. The right action taken facilitates commitment to CRM throughout the company that, in turn,

translates into sustained value.

The key faults which can cause CRM projects to fail or prevent delivery of the expected returns on

investment include too much dependence on technology and systems as a panacea for the ills. In other

words, organizations downplay the importance of senior management buy-in which, in turn, leads to

lukewarm adoption of CRM by employees.

The IBM study reveals the great promise that CRM holds in driving customer value and increasingorganizational performance when it is done correctly. In the end, making CRM effective depends on culture

and the creation of broad acceptance and adoption. Successful CRM can transform a company, helping it

to grow more profitably by serving its customers more intelligently. At its best, CRM does more than just

automate a call centre or improve a sales report; it can transform a company culturally, structurally and

strategically.

P-Factors in Implementation

For implementing CRM, the company has to start with three P-factors, namely people, processes, andplanning. The P factors affect sales, productivity, service and profitability. A good management of the

organization and the right mix of these factors will help the company grow and prosper.

People Factor

A positive interaction among employees, customers, and vendors will create a successful enterprise.

Contact with the customers and vendors is essential to understand their likes and dislikes in relation to a

companys products and pave the way for further improvement of the companys business. The next

people factor is employees. If there are complaints from employees about the customers, vendors and

other departments, or complaints about employees from customers and vendors, the gaps have to be

bridged before a CRM initiative can be started.

The importance of a favorable peoples change towards the work and interaction with each other is a

valuable contributor to the successful implementation of the CRM concept. Establishing a consistent

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process of reviewing and resolving contentious issues will create a good image of the companys

management. Efforts must also be made to ensure that employees, customers and vendors have a positive

perception of the company.

Process Factor

The success of CRM is also influenced by the process factor. Before introducing a new technology, the

company management needs to review the business and workflow processes. While reviewing the

workflow, it is essential to look at the natural flow of orders, product and information. It is also important to

assess the process at the source of the order namely the Internet, mail or the call centre, and continue the

assessment through the shipment of product. This will enable the management to identify any bottlenecks,

employee conflicts and inter-departmental issues. Once these are mitigated, the next step is to document

the procedures, policies and processes.

Planning Factor

Planning is a particular kind of decision-making which addresses the specific future that managers desire

for their organizations. A well-developed plan will allow managers to stretch boundaries and achieveorganizational goals.

The primary features of a good plan are:

Specific particulars: Each goal and the step must be indicated, for example, `increase customer

retention by 20 per cent.

Responsibility: The responsibility of completing a task should be assigned to a team or person

Deadlines: Specific deadlines and contingencies need to be mentioned

Flexibility: Modifications should be made in the plan when necessary

Integration: The area affected by CRM must be integrated into the plan

Metrics: It is essential to lay down benchmarks in order to measure success or failure.

Addressing the P factors will result in small gains initially and later, there will be tremendous growth in

profitability. There will be a rise in sales, decline in cost, creation of satisfactory customers and motivation

of employees.

How do Companies Succeed in CRM?

Across the world, there are some companies that are successful in establishing customer relationships

while others are not. Numerous reasons can be attributed for this. George Day, Marketing Professor at the

Wharton Business School provided the answer after surveying 342 companies. He classified the

companies that pursue a CRM strategy into three groups.

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The first and the most successful are companies that have market-driven approaches. This approach

makes CRM a core element of a strategy that aims to deliver superior customer value through complete

solutions, superior service and a willingness to cater to individual requirements. Technological support can

then be used to speed up business processes which will save the customers time and effort.

The second rung consists of companies who use inner-directed CRM initiatives. These companies want to

get a better picture of their internal processes, with the objective of organizing data to cut service costs and

help improve marketing targets. However, these companies assign operational tasks to the IT department,

which does not have much to do with the operational strategy.

Finally, there are companies that use a defensive approach to CRM, by way of using loyalty programmes

and reward. This is essentially a reactive strategy and, at best, helps the company maintain a status quo in

the market.

Limitations of CRM

The business objectives of achieving CRM seen more like distant mirages when companies come across

the potholes, traffic jams and drivers indulging in road rage, that lie in between.

It costs hundreds of thousands of dollars to buy and customize the software and hardware systems and it

takes months, if not years, to install, integrate and debug them. The process requires endless meetings

with the IT staff, who is generally in short supply, command huge wages, and may not have all the skills to

get it right.

Further, the business enterprises may not have the screening and training modules, or have the time to

develop and deploy them to sift out agents for contacts.

CRM is essentially about value. But this is not achieved simply by putting more people on the phones. The

businesses have to offer a broad, integrated range of services including live agents and technology, backed

by market analytics, each of which needs to be deployed to advantage.

The implementation of CRM is a challenge. Most managers are reluctant to measure parameters to

monitor progress before and after a CRM exercise. This is because it could show how well or inefficiently

the manager has implemented the CRM programme.

CRM has become a senior management issue because it entails staggering costs, and notwithstanding the

success stories, has mostly proved to be a disappointment. Companies around the world spend $ 3.5

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billion a year on CRM software and this constitutes only a fraction of the total expense. Implementation,

training, and integration outlays can be three to five times higher. Further, it takes three years to complete

the implementation.

Outsourcing CRM

In order to overcome the limitations of the CRM approach practised by the companies themselves, the latter

contact the outsourcing bureau or service provider to find the solution. This will facilitate a faster and less

bumpier alternative CRM route to reach the business destination. The outsourcing provider or bureau

provides a CRM platform which offers an integrated blend of live agent and automated interactive voice

recording (IVR), Web and e-mail services, connected with contact management, and if needed, integration

with the existing database of the business enterprise.

With many service providers having entered the CRM game, companies now have almost too many

choices. There are database providers and call centres. They are communications specialists. Mostadvertising agencies have their own direct marketing arms. Further, there are technology vendors. With all

these, getting started on CRM should not be a problem.

Outsourcing CRM can reduce customer retention costs, without compromising the responsiveness,

accuracy, availability and quality of customer service. In addition, businesses should strive to increase both

their efficiency and quality, and derive greater profits to boost their bottom lines.

By outsourcing CRM and intelligence, companies can achieve powerful analytics with less payroll

overheads. Meanwhile, suppliers are delivering greater personnel accountability and ability to accesssoftware, technology and skill sets that are otherwise not available to a single company. A few suppliers

promise greater revenue, reduced marketing costs and a shortened cycle time.

Many companies have decided to outsource all or part of their CRM technology, applications and/or

business processes to achieve improved processes, business improvement, more effective customer

service, increased competitive advantage and a demonstrated return on investment (ROI).

According to a survey reported in Tele Professional magazine, Companies who fully outsource CRM had

the most favorable results. This is reflected in a greater ten-year average return to investors, a higher

average ten-year annual growth rate and a larger average percentage change in annual earnings per

share.

Off shoring CRM Locations

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A large number of companies around the world have set up thousands of offshore call centres to provide

integrated customer service solutions. Australia has about 4000 call centres employing 2,25,000 people

with a revenue of US $ 7 billion. Similarly, India has nearly 1000 companies employing over 1,00,000

people with revenue of US $ 1 billion. Philippines and Ireland have 70 and 500 companies, employing over

12,000 and 40,000 people, respectively.

Elements of CRM Outsourcing

Outsourcing of CRM includes the following elements:

Customer Support: This comprises value-based phone support, e-mail response, live chat and co-

browsing and instant messaging.

Telemarketing and Telesales: This covers outbound calling for generating leads, and campaign

management, and for cross-selling and up-selling to existing customers.

Employee IT Desk: This comprises level one and two multi-channel support for internal

applications, system problem resolutions related to desktop, notebooks, shrink-wrapped products,

connectivity, office productivity support tools including browsers and mail, new service requests, IT

operational issues, and remote diagnostics.

Thames Water, UK is a good example of CRM outsourcing in the utilities industry. Thames Water has

signed a business process outsourcing deal with Xansa to offshore to India its metered billing expenses and

customer correspondence operations. Its BPO service will handle over 7,00,000 transactions a year and in

one month, it has already handled predicted volumes and cleared a backlog of an extra 17 per cent of the

transactions.

Vital Reasons to Outsourcing CRM

The compelling reasons for outsourcing CRM are listed below:

Cost reduction

Introduction of specialist manpower

Improved customer service

Insight into improved customer service

Access to cutting edge technology

Prevention of significant capital investments

Selection of an Outsource Service Provider

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While selecting the outsource service provider, the business enterprise needs to pay special attention to

various factors. These include:

Due diligence Contract agreement

Cost structures

Vendor relationship as a partnership

Limitations of CRM

Even though outsourcing of CRM provides valuable benefits to a business organization, it still results in

some problems. It causes business enterprises to lose much of their control over customers and services

to another party. Other problems in this sphere pertain to technology implementation, database integration,

agent selection, and training issues with the service provider. These issues are more complex and need to

be addressed carefully.

Conclusion

While selecting the right service provider for outsourcing, business enterprises should devote enough time,

and due diligence and have clearly established and communicated goals and objectives. A successful

relationship will be one that lowers the business costs, increases the companys revenue and results in a

profitable relationship with customers, thus creating a win-win situation for the companys business and its

most valuable assets, the customers.

Case Questions

1. What is the significance of CRM in winning the market share?

2. Better customer service and managing a good relationship with the customers are said to be two

effective ways of retaining and widening the customer base. How do you think are these ways

effective?

3. How do the P-factors influence the growth of a company?

4. Can CRM be limited or constrained by deadlines?

5. The behaviour, attitude, and needs of the customers vary from culture to culture, country to country,

state to state, and even from city to city. They also vary from time to time. Do you, therefore, think

that the studies carried out in a particular period can be relevant all over the world at all the times?

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