Union Bank Of India

amalgamation Bank Of IndiaINTRODUCTION Union Bank Of India generate of the Nation, Mahatma Gandhi, inaugrated the Union Bank Of India on November 11, 1919. It covers all the firmaments of the society, be it agriculture, industry, trade and commerce, work or infrastructure, the deposit plays a major role in make goods to the financial inevitably of every section. Apart from this, the bank in addition extended financial support to educational, housing and trade sector. In 1947, the bank had only 4 branches which include 3 in Mumbai and 1 in Saurashtra. The bank was nationalised in 1969 and at time of nationalisation the bank had perfect 240 branches all over India.In June 2000, Union Bank acquired Bank of the Statess highly profitable operations in Pakistan and went on to construct one of the largest private commercial banks. The acquisition added a new proportionality to Union Banks business and enhanced its node group, deposits, and lend portfolio quality. This acquisit ion also enhanced Union Banks incorporate image in the domestic financial market.PRODUCTS AND SERVICES OFFERED BY compact BANKDeposits AccountCumulative Deposit SchemeDeposit Reinvestment awardUnion Flexi-DepositUnion Insured Recurring DepositUnion 94 Months Double SchemeMonthly Income SchemeTax Exemption DepositsUnion Float DepositsUnion Unfixed Deposits For NRIFCNR (B)Foreign Currency DepositRFCclient Relationship ManagementCRM ( node relationship management) is an in physical composition industry term for methodologies, software, and ordinarily Internet capabilities that help an enterprise manage customer relationships in an nonionic way. It happens by maintaining and updating the contacts of customer.This is for the1. Existing customers2. Prospective customersFor example, an enterprise skill reconstruct a data dwelling houseabout its customers that described relationships in sufficient detail so that management, sales pot, people providing service, and perhaps the cust omer directly could access schooling, match customer needs with product plans and offerings, remind customers of service requirements, know what other products a customer had purchased, and so forth.It consists of the followingHelping an enterprise to enable its marketing departments to depict and tar arrive their best customers, manage marketing campaigns and generate quality leads for the sales team.Assessing the organization to improve telesales, account, and sales management by optimizing information share by multiple employees, and streamlining live processes (for example, taking orders using mobile devices)Allowing the formation of tell relationships with customers, with the aim of improving customer satisfaction and maximizing sugar commiting the most profitable customers and providing them the highest level of service.Providing employees with the information and processes necessary to know their customers, consider and identify customer needs and effectively build re lationships between the company, its customer base, and distribution partners.CRM Strategies Adopted By Union Bank of IndiaNowadays, many businesses such(prenominal) as banks, insurance companies, and other service providers realize the importance of node Relationship Management (CRM) and its potential to help them acquire new customers go on existing ones and maximize their lifetime value. At this point, close relationship with customers pull up stakes require a strong coordination between IT and marketing departments to provide a long-term retention of selected customers.Union Bank aims to increase customer favourableness with any customer retention. It is a sound business scheme to identify the banks most profitable customers and prospects, and devotes time and attention to expanding account relationships with those customers through individualized marketing, pricing, discretionary decision making.According to Union Bank of India having and acting upon deeper companionship a bout the customer, ensure that the customer such as how to fund the customer, get to know the customer, keep in tough with the customer, ensure that the customer gets what he wishes from service provider and understand when they are not satisfied and might leave the service provider and act accordingly.Union Bank of India has a database of its customers and informs them about the various(a) schemes offered by the bank.The bank has a suggestion stroke in which customers of the bank can give their views and suggestions.The bank also has a helping desk where the customers can ask their queries. This is a very good scheme to retain the customer.The bank provides the information to its customers about any change in the interest rate of advances.They attend all the customers who are present in the bank, so that they do not feel neglected and not duty period to any other bank.CRM Strategy of Public Sector BanksPublic sector CRM dodging must be aligned to the organizations direct in o rder to realize a sustained achievement of CRM objectives and in(predicate) customer relationships. While CRM strategies differ among implementers, the most successful strategies have several(prenominal) criteria in common.Alignment between the organizations guardianship and the CRM strategy a good strategy is a direct reflection of the mission and supports the mission in direct, clear and easy to understand terms.Strategies must be customer focused they speak to the positioning and evolvement of the customer relationship.CRM strategies require executive director director sponsorship and complete buy in the rank and file take their queues from the executive team so the executives must visibly, vocally and actively sponsor the CRM strategy for it to be successful.Strategies are an iterative process as the the organization evolves so to will the CRM strategy.They mainly focus on the followingTo win hazard or save customersTo attract new and potential customersTo create commitmen t among existing customers andTo up sell or offer cross services. endpointCRM in banking industry entirely different from other sectors, because banking industry strictly related to financial services, which needs to create the trust among the people. Establishing customer apprehension support during on and off official hours, making timely information about interest payments, maturity of time deposit, issuing credit and debit entry cum ATM card, creating awareness regarding online and e-banking, adopting mobile request etc are requisite to keep regular relationship with customers.The present day CRM includes developing customer base. The bank has to pay adequate attention to increase customer base by all means, it is possible if the performance is at satisfactory level, the existing clients can recommend others to have banking connection with the bank he is operating. therefrom asking reference from the existing customers can develop their client base. If the base increased, t he profitability is also increase.Hence the bank has to implement lot of progressive CRM to capture and retain the customers.There is a shift from bank centric activities to customer centric activities are opted. The private sector banks in India deployed much progressive strategies to attract new customers and to retain existing customers. CRM in banking sector is fluent in evolutionary stage, it is the time for taking ideas from customers to enrich its service. The use of CRM in banking has gained importance with the aggressive strategies for customer acquisition and retention being sedulous by the bank in todays competitive milieu. This has resulted in the adoption of various CRM initiatives by these banks.Private Sector Banks have been able to implement the CRM practices much effectively as compared to the Public Sector on the basis of of the service quality level being provided by these banks.