INTRODUCTION: Union Bank Of India
Father of the Nation, Mahatma Gandhi, inaugrated the Union Bank Of India on November 11, 1919. It covers all the sectors of the society, be it agriculture, industry, trade and commerce, services or infrastructure, the bank plays a major role in rendering services to the financial needs of every section. Apart from this, the bank also 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 total 240 branches all over India.
In June 2000, Union Bank acquired Bank of America’s highly profitable operations in Pakistan and went on to become one of the largest private commercial banks. The acquisition added a new dimension to Union Bank’s business and enhanced its customer base, deposits, and loan portfolio quality. This acquisition also enhanced Union Bank’s corporate image in the domestic financial market.
PRODUCTS AND SERVICES OFFERED BY UNION BANK:
Deposits Account:
Customer Relationship Management
CRM (customer relationship management) is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way. It happens by maintaining and updating the contacts of customer.
This is for the:
1. Existing customers
2. Prospective customers
For example, an enterprise might build a database about its customers that described relationships in sufficient detail so that management, salespeople, people providing service, and perhaps the customer directly could access information, 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 following:
CRM Strategies Adopted By Union Bank of India
Nowadays, many businesses such as banks, insurance companies, and other service providers realize the importance of Customer Relationship Management (CRM) and its potential to help them acquire new customers retain existing ones and maximize their lifetime value. At this point, close relationship with customers will require a strong coordination between IT and marketing departments to provide a long-term retention of selected customers.
CRM Strategy of Public Sector Banks
Public sector CRM strategy must be aligned to the organization’s purpose in order to realize a sustained achievement of CRM objectives and successful customer relationships. While CRM strategies differ among implementers, the most successful strategies have several criteria in common.
They mainly focus on the following:
CONCLUSION
