Question

What is ‘Customer Relationship Management’ (CRM)? Discuss the different types of CRM
 Systems.

09 Jul 2026
Answer :
Word Count : 740
Customer Relationship Management (CRM) refers to a strategic approach used by organizations to manage, develop, and maintain relationships with customers by using technology, processes, and business practices. In the financial sector, CRM plays an important role in understanding customer needs, improving service quality, increasing customer satisfaction, and building long-term relationships. Financial professionals use CRM systems to manage customer information, analyze customer behaviour, provide personalized services, and enhance customer loyalty. CRM combines customer data from different sources such as banking transactions, investment records, insurance policies, loan details, and communication history. It helps financial institutions understand customer preferences and offer suitable products and services. The main objective of CRM is to create value for both customers and financial organizations by improving interaction, trust, and service _________ _____ ________ _________ _______ ___ ________.
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