International Journal of Recent Technology and Engineering (IJRTE)

ISSN: 2277-3878, Volume-8 Issue-4, November 2019

Relationship Marketing: Impact on Bank

Customers‟ Satisfaction
Deboshree Chatterjee, AVS Kamesh

Abstract: In a country, banking sector servers as the founder and COO,of this company, who has worked with
foundation on which the pillars of economic growth and many popular brands like HDFC bank, Shoppers stopetc in
development can be constructed. With the major reforms in the field of new marketing era, has come up with the
banking sector, the scenario of bank market has been changed. innovative suggestion to shift the marketing strategy from
Target market of banking sector has become highly competitive,
POWER BRAND to POWER CUSTOMERS who
dynamic and fragmented. Hence, there is a need for a shift from
the transactional marketing strategy to relationship-based
contribute disproportionately to the company‟s profit. This
marketing strategy in all the banks. This study reviewed the is a shift of marketing strategy from power brand to power
conceptand need of relationship marketingin banks andattempts customer. This strategy focuses on customer retention rather
to identify significant dimensions of relationship marketing and than new customer acquisition. Over the last few years, the
their impact on customer satisfaction. The paper concludes on concept of relationship marketing is widely understood,
the basis of extensive literature review thatrelationship marketing both academically and professionally. The goal of
dimensions like quality service, tailored products, relationship marketing is to build strong relationship and to
communication, trust, commitment, empathy, social bonding, convert indifferent customers into loyal ones through
financial bonding, cooperation, andtechnology should be taken
commitment, trust, empathy, power, cooperation, financial
into serious consideration by banks to enhance the level of
customer satisfactionwhich in turn increases customer loyalty bonds, social bonds, rapport etc. In today‟s business world,
and retention rate.Consequently, both the parties get mutual implementation of relationship marketing strategies is the
benefits. need of the hour which creates mutual benefits to both the
firm and the customers.
Keywords: Transactionalmarketing, Relationship marketing,
Relationship marketing strategies in Banking sector, Customers In banking industry business, the days are changed.
satisfaction in banks. Gone are those days where the focus was on „pushing‟
banking products. Now the focus should be to assist
I. INTRODUCTION customers with their financial needs. According to an article
of „The Financial Brand,‟ the problem is that most of the
Banks are considered to be the pivot for the economic bank employees are engaged in Cross- Selling and they
development of a country. They basically help in follow Push Strategy to attain their sales targets. In few
mobilization of capital from surplus to deficit in the surveys like TD bank employees admitted in CBC news and
economy and also aim at making available necessary in NPR segment, former Wells Fargo employees explained
banking facilities in all parts of the country specially the that Sometimes they have to adopt uncomfortable and
unbanked rural and semi urban areas. Thus, economic unethical sales tactics to meet their sales goals and this
development of a country depends upon the success of its situation creates unwanted pressure and mental stress to the
banking industry and success of the banks largely depends employees. A new way of engagement is to be introduced.
upon trust and satisfaction of its customers. The traditional Push strategy should be transformed into Pull strategy
banking in India was only confined to depositing and where the customers can make their own financial decisions,
lending activities, but the modern banking is a business based on their unique situations, personal needs and
which includes many more activities in addition. Customers preferences and the seller‟s role is to simplify the path of
are aware of the kind of services available around world, purchasing of the customers. This is known as Cross Buying
thus expect the best from their banks. As banking sector is which is just opposite situation of Cross Selling and which
in service-oriented industry, customers are the base of their can accrue maximum satisfaction to the customers. Further
survival.Banking industry in Indiais facing many challenges it helps in building long term and strong relationship
like strong competition, fragmentation of markets, short life between customers and banks and both will get mutual
cycle of financial products, increasing customer awareness benefit from it.
and complexity, heterogeneous demand etc. In this situation
transactional marketing strategy has proved to be a Transactional marketing
failure.Hansa Cequity is a company that helps its clients to Transactional marketing is a traditional marketing strategy
build empowered customer relationships. Ajay Kelkar, Co- which has a solo focus to increase SALES. This strategy
concentrates on offering high quality products which can
Revised Manuscript Received on November 15, 2019 meet the need and demand of customers, at competitive
Deboshree Chatterjee Research Scholar,Business School
KoneruLakshmaiah Education Foundation, Vaddeswaram, AP, India. price and through effective distribution and promotion, just
AVS Kamesh, Professor,Business School, KoneruLakshmaiah to increase the sales volume. Transactional marketing
Education Foundation, Vaddeswaram, AP, India focuses on product selling only, and does not take into
consideration the attainment of actual needs of the
customers. This strategy avoids
the concept of building long

Retrieval Number: D9158118419/2019©BEIESP Published By:

DOI:10.35940/ijrte.D9158.118419 8754 Blue Eyes Intelligence Engineering
& Sciences Publication
 Relationship Marketing: Impact on Bank Customers’ Satisfaction

term and strong relationship with customers. Here single from transactional marketing to relationship marketing in
time huge sale is more important than retention and repeated banking sector.
customers.In product-oriented business attracting customers Unfortunately, there is a lacuna of studies focusing on the
for one-time sale is comparatively easier than service impact of relationship marketing efforts on Customer
industry, where building and retaining customers for long behaviour in banking industry. This study contributes the
run is most important function. necessary suggestions to banks on how to implement
relationship marketing strategies to motivate the customers
Relationship Marketing
for Cross Buying the multiple financial products and so to
“RelationshipMarketing refers to all marketing activities increase the sales and profitability of the firms.
directed towards establishing, developing and maintaining
successful relational exchanges.” Morgan and Hunt (1994). Customers satisfaction in banks
The concept of relationship marketing originated in Europe At present the profile of bank customers is changing very
in 1980s. This concept was first explicitly used by Berry fast. Customers want their financial institutions to be a
in1983. He argues that the researchers and businessmen seamless part of their daily life. They expect everything to
have concentrated mostly on how to attract customers happen with their individual needs and demands. The banks
towards products and services rather than retaining them. should be able to communicate with the customers at the
According to Berry, attraction of new customers should be right time, right place, right channel and on the appropriate
only the preliminary step in the process of marketing and device.They precisely want their primary financial
maximum focus should be on retention approach.Many institution to know them, look out for them and reward
researchers suggested that in a service industry, the them. This attitude of banks really helps their customers to
objective should not be only attracting the new customers develop trust and loyalty and a sense of satisfaction from
but to build and maintain a strong and long-term their banks which finally reduces the chances of switching
relationship with the existing customers.The cost of and increases customer retention. Customer‟ satisfaction is a
maintaining existing customers frequently are lower than very important factor in increasing earning capacity and
the cost of attracting new customers (Berry, 1995). The market coverage of all organizations either goods producing
definition of Relationship marketing within the service or service rendering. Customer satisfaction leads to frequent
marketing literature is, “RM concerns attracting, purchase, brand loyalty and positive mouth advertisement
developing, and retaining customer relations”.The strategy and so ultimately improves financial performance of the
of relationship is particularly important to the service organization. Banking is considered as customer-based
industries because of the intangible nature of service and service industry, where customer is at the centre point. So,
their high level of customer interaction. As more evidence there is a connection between satisfaction,loyalty and
shows that customer satisfaction and profitability are retention of these customers which in turn increases
directly related, it is very important for service industry to profitability and thus improves the financial soundness of
focus on building strong firm-customer relationship. banks.
Consequently, customer retention will increase, company
profitability will increase, and the company can secure a II.OBJECTIVES OF THE STUDY
sustainable competitive advantage. In banking sector of
India, implementation of relationship marketing strategies is1. To study the concept of relationship marketing in banks.
the need of the hour. Basically, these strategies are2. To explore the impact of relationship marketing dimensions
categorized in communication, personalization, rewarding on customer satisfaction in various banks.
and trust, which help in building long term relationship
between banks and customers. III. METHODOLOGY OF STUDY
Relationship marketing strategies in Banking Sector This is a conceptual paperbased on previous theoretical and
Banking is a personalized service-oriented industry and empirical studies. The data is secondary in nature. We
hence should provide services which exactly matches with explored the review of literature and proposed a conceptual
the need of customers. So,the bankers are expected to model to further conduct empirical studies.
anticipate, identify, design, deliver and finally satisfy all the
needs of customers effectively and efficiently. In the IV. REVIEWOF LITERATURE
banking industry, offering quality services is the most
important factor in creating closer relationship with all the According to Banking Companies act 1949, banking is
customers. Quality of service has the power to create defined as, accepting for the purpose of lending and
customer satisfaction. On the other hand, poor quality of investment of deposit money from the public, repayable on
services will result into customer dissatisfaction and lack of demand or otherwise and withdrawal by cheque, draft or
customer loyalty.As per a report from RBI, the Indian otherwise.According toNilesh Vitthal Limbore, 2014,
banking system consists of 27 public sector banks, 21 Bank is the institution which accepts the public deposits and
private sector banks, 49 foreign banks, 56 regional rural advances loans and provides other financial services. Thus,
banks, 1562 urban cooperative banks and 94,384 rural it is the foundation for economic growth and development
cooperative banks. So, at present era, in banking sector, of any country. Banks also serve as spine of modern
Marketing is the crucial connection between banks and business in this era.Mahtab N, Abdullah M, 2016,
customers. Without a well-designed marketing strategy concluded in their research thatBanking comes under
banks cannot expect success and long-term survival. These service industry which should provide tailored products to
days banks are focusing much on retaining the customers by satisfy needs and wants of customers. The main role of
building long term relationship with them rather than banks is not only to attract and
attracting and gaining new customers. Hence, there is a shift get a greater number of
customers but the ultimate

Published By:
Retrieval Number: D9158118419/2019©BEIESP
Blue Eyes Intelligence Engineering
DOI:10.35940/ijrte.D9158.118419 8755 & Sciences Publication
 International Journal of Recent Technology and Engineering (IJRTE)
ISSN: 2277-3878, Volume-8 Issue-4, November 2019

focus should be on satisfaction and retention of them for to reduce the rate of customer churn. The paper of Nidhi
long run. Hence, every employee at every level, should be Grover Arora explains the key drivers of cross buying
involved in exercising marketing practices.R.K. Uppal, intentions of bank customers in India. According to the
2010,specifies in his study thatthere are major reforms in author the key drivers are locational convenience, trust,
banking sector till now, and high competition is one of the Bank reputation, time consciousness, product knowledge,
significant consequences of such reforms. Banking sector is switching cost, Product quality and value and overall
facing many challenges like frequently updated technology, satisfaction, which motivate the customers to cross buy
rural marketing, customer education and awareness, more and more products and services from the existing
retention of effective and trained staff and winning trust and seller. According to the authorShikha Agrawal, 2017,
confidence of customers. To overcome from such banking is always customer oriented, service sector
challenges, banks of this present era should design effective industry. Hence, utmost satisfaction of customers by
marketing strategies to face the tough competition and to providing personalized services is a must to stand in this
provide maximum customer satisfaction.Manoj P K, 2015, highly competitive era. The banks should implement
states thatin this LPG era in banking sector, marketing of “customers first” strategy and try to develop and maintain
bank products has become must for survival of banks. There strong relationship with them. Further emphasis was given
should be an ongoing market research and customer survey on the importance of relationship marketing in banking
to analyse the ever-changing customer needs and sector. According to S.N. Mahapatra, Parveen Kumar,
preferences. New and innovative products need to be 2017, in this competitive era customer centric approach is a
launched to meet the expectations of each market segment. perquisite to retain the customers. Firms should try to build
And there should be a perfect balance maintained between a quality relationship with customers to increase the
ICT adoption and personalized customers service.In further customer loyalty. There are various factors of customer
studies Snehal J. Bhatt and Krishna Gor, 2012discusses retention i.e. tangible factors, reliability factors,
the five phases in Indian banks like pre-independence, post- responsiveness factors, assurance and empathy factors. With
independence, pre nationalization, nationalization and post the help of these factors banks can stop their customers from
nationalization. In the last phase, the level of competition switching to its competitors. Abdullah Mohammad Al-
has increased and customers have become more demanding. Harsh,2014discussed in his paper that there are few
So, for improving the efficiency of banking services and for customer relationship marketing dimensions, like trust,
building a loyal customer base, implementation of commitment, communication, empathy, social bonding, and
marketing strategies is very much required.As per the study fulfilling promises, which have greater impact on customer
of Rupali Madam, Rachna Agrawal, Mitu G Matta, satisfaction. Further customer satisfaction will result into
2015, this is highly competitive era in banking sector. increase in profitability of company and also helps the
Customers are demanding the customised products which company to secure sustainable competitive
can actually fulfil their needs. Maintaining long term and advantage.FirouzehAzizi, 2014suggests that relationship
strong relationships with customers are very important than marketing strategies like trust, link, empathy,
just obtaining the new ones. Hence, there should be a communication, mutual relationships and joint values in
transition from transactional marketing to relationship banking sector helps in developing customer satisfaction
marketing strategy which would help in developing strong towards banking products and services.Girish P B,
customer relationship, reducing operating cost and also 2010discusses in his paper that if banks want to cross sell
obtaining new market segment. Further it will be beneficial successfully, they have to understand what their customers
for banks, customers as well as employees. Vishal Vyas need. Analysing the customer database and then putting the
and Sonika Raitani, 2015in their paper believes that cross right customer relationship management strategies in place
selling in banks is not a transaction- based activity but a is essential to ensure the successful cross selling.As per the
relationship-building exercise and so relationship marketing studyof Yasar F Jarrar and Andy Neely, 2002cross
and relationship quality may be the driving force behind selling is all about culture and real- time support. The main
cross buying. This paper establishes a model which focuses ingredients are customer satisfaction, customer needs,
on five factors i.e.Relationship advertising, two-way customer complaints, customer loyalty, customer personal
communication, database marketing, face to face contacts, profile, customer financial profile, customer holdings,
and listening activities which causes trust and satisfaction customer contact history, customer segmentation and
among customers for banks and generates cross buying customer profitably which help the banks in increasing cross
intentions among them.Helen Akers, explains in her article, selling. Minal Shah, Sanjay Guha, Urvashi Shrivastava,
“The impact of a relationship marketing strategy on 2016,advocates in their study thatCross selling proves to be
customer loyalty”, that there are two main components of beneficial for both banks and customers. On one hand,
relationship marketing – one is personalization and another banks revenue may be increased and selling cost may be
is regular and periodic communication which lead to reduced by selling additional products to the existing
increase customer satisfaction. Customer satisfaction will customers. And on the other hand, financial needs of
further result into developing customer loyalty, customer customers are fulfilled under one roof that saves the time
gratitude and retention of customers. Thus, Helen has and switching cost. Further, it gives customer satisfaction.
concluded the article with the statement that, the outcome of Thus, the paper concludes with the statement that if cross
relationship marketing is mutual benefit. The study of P selling is strategically implemented in banks and if it is
Sashikala, 2015, develops a model which explains four based on relationship marketing strategy, the consequence
factors which are helpful in customer retention. Those will be customer satisfaction.Jim Marous, 2017, states
factors are customer service, convenience, reliability and thatthe successful financial
product benefit. The banking sector in India should focus on services organization in the
these factors to increase the rate of customer retention and future will differentiate

Retrieval Number: D9158118419/2019©BEIESP Published By:

DOI:10.35940/ijrte.D9158.118419 8756 Blue Eyes Intelligence Engineering
& Sciences Publication
 Relationship Marketing: Impact on Bank Customers’ Satisfaction

themselves by the ability to deliver relationship-based relationship with satisfied customers. According to
selling solutions to enhance the customer‟s daily life. If we Shamsher Singh, 2013, in banking sector technology
can accomplish this, we will earn the trust and loyalty of our related factors have brought lots of changes. Despite all
customers.The paper of Krishna A. Goyal, Vijay Joshi, these changes, human touch and customer relationship are
2012discusses the opportunities and challenges of banking much responsible factors for enhancement of customer
sector at present and in future. The opportunities and satisfaction. This study explains that service quality,
challenges are rural market, transparency, customer customer satisfaction, customer retention and customer
expectations, management of risks, growth in banking delight are now major challenges in Indian banking sector.
sector, human factor, global banking, environmental further this study explains that prompt service delivery,
concern, social and ethical issues, employee and customer employee's knowledge about products, courteous behaviour
retention. So the banking companies have shifted their focus of employees, convenient business hours, personal attention
from product to customer. In order to understand their to customers, ensure reliable and relevant information etc
customers in a better way relationship marketing is needed will improve service delivery quality. This will enhance
at present and also in future. The study of Joan Karambu customer satisfaction and improve the retention of
Muketha, KubaisonThiane, and LydiahThuranira, 2016 customers and finally the development of customer
explored the important three dimensions of relationship relationship.Aby Abdul Rabb, 2014highlights the level of
marketing. These dimensions are quality service, customer satisfaction in SBI in Kanyakumari District. After
communication and trust. These dimensions play very analysing the data, the study concludes that there is a
important role in enhancing customer satisfaction which in medium level of satisfaction among customers. There are
turn results in customer retention in banks. As per the few factors like employee behaviour, banking services and
studyof S. Sivesan, 2012relationship marketing introduces banking performance which affect the level of customer
new variables and uniquely combines them to achieve satisfaction. SBI has to implement prompt customer friendly
customer loyalty. These variables are commitment, trust, schemes / portfolios. Hence, relationship marketing is
communication and conflict handling which results in needed in SBI also to enhance the level of customer
customer loyalty. The study has further conducted satisfaction. According to Rajagopal Subashini,
regression analyses according to that 58.6% of the customer Velmurugan, Gopalasamy, 2016, in order to gain
loyalty was determined by the relationship marketing. The competitive advantage creating loyal customer base is the
study of Anis Ali and BabitaRatwani, 2017focuses on need of the hour. It is very important for all the banks to
defining the level of customer satisfaction in rural and urban understand the needs of the customer and provide customize
branches of Indian banks. The study observed that most of services based on their needs. This in turn will help the
the Indian banking customers are satisfied with the services banks in achieving customer satisfaction to a larger extent.
of banks. If few customers are dissatisfied, that is because of further this study advocates that banks should extend their
poor responsiveness and empathy of employees in both fullest service to all customers irrespective of age,
urban and rural branches. Customers are dissatisfied community, geography and customer needs. This study also
because their special needs are not taken care by the explains the positive relationship between quality service of
employees and they are not receiving any individual banks and customer satisfaction in global scenario. This
attention from the employees. So it is clear from this study study concludes that relationship marketing strategies are
that customers are satisfied with banking products and required by all the banks globally, in order to give highest
services but lack of relationship marketing strategies cause satisfaction to the customer in order to stand in competitive
dissatisfaction among customers. The study of Abhijit M era.The above-mentioned papers explain the importance of
and Remya Vivek Menon, 2018 used the data collected by relationship marketing in banks. The present situation of
ICSI (Indian Customer Satisfaction Index). Customers of 9 banking industry is highly competitive and fragmented.
banks including private, public and foreign banks in Delhi Hence, there is a need for a shift from transactional
have been taken into consideration. This study focuses on marketing strategy which only focuses on selling to
determining the level of customer satisfaction in Indian relationship marketing strategy which focuses on attracting,
banks. As per the findings of this study, the net profit and gaining, satisfying and maintaining long term relationship
closing stock of a bank does not have an impact in with customers.Based on the review of literature above, the
improving customer satisfaction. There are many other following conceptual model has been developed.
factors like credibility, customer services, easiness of
operation etc. are the driving forcefor improving customer
satisfaction.Trapti Pandya, Neeti Mathur and Mr.
Himanshu Mathur, 2016 studied the level of customers
satisfaction in public sector banks. As per the findings of
this study, on one hand customers are satisfied with the
availability of various services, products, basic
infrastructure facilities of banks, but on the other hand they
were found least satisfied on the personal ground, like
considering them as their valued customers, willingness of
employees to listen them with personal attention and
responding accordingly, their grievance handling etc.
Hence, banks should focus more on the practices of
relationship marketing in order to build long and strong

Published By:
Retrieval Number: D9158118419/2019©BEIESP
Blue Eyes Intelligence Engineering
DOI:10.35940/ijrte.D9158.118419 8757 & Sciences Publication
 International Journal of Recent Technology and Engineering (IJRTE)
ISSN: 2277-3878, Volume-8 Issue-4, November 2019

Dimensions of Relationship Marketing

QUALITY SERVICE

TAILORED PRODUCTS

TRUST

COMMUNICATION

COMITTMENTNT
CUSTOMER
EMPATHY SATISFACTION

FINANCIAL BOND

SOCIAL BOND

COOPERATION

TECHNOLOGY

Trust: Trust is the key component of a trading relationship.

V. EXPLANATION OF THE ABOVE MODEL In a firm the success of a relationship is in fact highly
On the basis of the review of literature,this model explains dependent on the trust between customer and service
that the banks should implement few key relationship-based provider. Employees of the banks should try to develop
marketing strategies like,Quality Service, Trust, strong trust among customers on bank products / services,
Commitment, Empathy, Financial bond, Social bond, and trust on bank transaction handling, trust on loan
Cooperation,as competitive advantage. information, trust on bank information etc. This trust helps
Quality Service: Banking sector is a service-oriented in increasing customer satisfaction. Trust can be developed
sector. The first important dimension of creating and by responding to all the queries of customers effectively, by
maintaining strong relationship with customers is quality being proactive about customers‟ concerns, and by
service rendered by the banks. It includes the followings: complying with their requests.
 Addressing customers‟ needs Communication: Free flow of communication is the base
 Offering customers reliable services of any relation. Employees of banks should establish an
 Offering prompt services effective communication with the target customers at every
 Resolving customers‟ concerns stage of transaction i.e. pre-selling, selling, availing service,
 Creating convenient environment for customers and post-availing stage. Effective communication includes
Tailored products:In order to gain competitive advantage quality information which is actually suitable to the needs
creating loyal customer base is the need of the hour. It is and interests of customers. Effective Communication helps
very important for all the banks to understand the needs of in developing strong connections with the customers
the customer and provide customize services based on their Commitment:It means keeping a touch with valued
needs. This in turn will help the banks in achieving customers, providing
customer satisfaction to a larger extent. trustworthy information on
service and service changes and

Retrieval Number: D9158118419/2019©BEIESP Published By:

DOI:10.35940/ijrte.D9158.118419 8758 Blue Eyes Intelligence Engineering
& Sciences Publication
 Relationship Marketing: Impact on Bank Customers’ Satisfaction

communicating proactively if a delivery problem occurs. future. A loyal customer base contributes to the continuity
Empathy: It means the ability to understand and share the of the banks.
feelings of another. In other words, it is the ability of a Customer retention: customer retention is absolutely
person to sense and respect another‟s thought, feelings, necessary in banking sector due to growing competition and
experiences and emotions and to react accordingly. There is changing market profile. Customer acquisition is an
always a positive association between employee empathy investment for banks, and customer satisfaction and
and customer satisfaction. Hence, employees should retention enhance the value of the business. The banks need
understand the expectations and problems of the customers to go beyond its core services and provide a complete
and should value their opinions and feelings. This helps in banking experience to the customers and ensure customer
building strong customer relationships. loyalty and retention.
Financial bonding: financial bonding includes offering Mutual benefit: In a transaction when both the parties gain
special discounts and special prices, good and effective loan something, is called mutual benefit. With the
repayment terms, and effective free services. In every implementation of relationship marketing in banking sector
transaction, customers exchange their hard-earned money both the parties, the banks and the customers gain benefits.
for getting some benefits. If derived value matches with the Customers get trust and satisfaction with the fulfilment of
investment, the financial bonding will be strong and their financial needs and finally get financial stability in
consequence will be fruitful. their lives. On the other side, database of loyal customers
Social bonding: Banking is a service-oriented business who keep on cross- buy from the same bank, helps in
which deals with intangible products. Hence, developing a increasing profitability and thus helps in long term survival
strong bond with customers is highly significant to win their of the firm.
trust and confidence. Banks should incorporate the practices
of regular and effective communication, creation of a VI. DISCUSSION AND CONCLUSION
friendly relationship and ensuring social support to create a In banking sector both the parties, the banks and the
strong social bond with the customers and consequently to customers are interdependent. Every customer needs
provide utmost satisfaction. financial stability in their lives and banks need profitability
Cooperation: cooperation refers to a situation where both and consistency in this competitive era.Days are gone where
the parties work together to achieve mutual goals. the banks used to focus on completing one-time sale
Cooperation helps in developing trust and finally it gives transaction to earn maximum profit. These days concept has
satisfaction to both the parties. changed. Banks try to develop and strengthen long term
Technology: The banking sector in India is on a growing relationship with their customers. Thus, the transactional
trend. Banking has always been a highly information marketing strategy is getting shifted to relationship
intensive activity that relies heavily on Information marketing strategy. Relationship marketing focuses on
Technology (IT) to acquire, process and deliver the attracting, analysing, supplying, satisfying and retaining the
information to all relevant users. Use of technology in customers for long run.On the basis of extensive review of
banking sector has enhanced the convenience of banking at literature, few key dimensions of relationship marketing are
anytime, anywhere as well as reduce the cost significantly. identified i.e.Quality service, Tailored products, Trust,
Technology enables the banking sector to perform accurate Commitment, Communication, Social bonding, Financial
and timely financial transactions, process, payments in the bonding, Empathy, Cooperation, and Technologywhich
easy and quick way. Thus, we can say customers find the should be taken into consideration seriously by banks in
usage of technology Faster, No Time Limit, Convenience, order to enhance the level of customer satisfactionOn one
and Easy to use. Hence, customers are satisfied with usage side, customers get their financial needs and wants satisfied
of technology. and further they can secure financial stability in their lives.
The above-mentioned dimensions of relationship-based On the other side, satisfied customers will continue to cross-
marketing have greater impact on shaping the behaviour of buy from the same seller and they will also be loyal to the
customers. These all dimensions help in achieving greater firm. In such way firm‟s profitability increases and firms
customer satisfaction and consequently customer retention can secure long term survival in this competitive era. Thus,
can be achieved. we can say relationship-based marketing is the need of the
Customer satisfaction: It is pivotal for all players in hour in banking sector at present as well as in future, which
banking industry to understand the needs of the customers is mutually beneficial for both the banks and the customers.
and provide customize services based on their needs. This in
turn will help in achieving customer satisfaction to a larger
REFERENCES
extent. When the customers are satisfied, they become much
1. Abdullah Mohammad Al-Hersh, Abdelmo'ti Suleiman Aburoub,
loyal and avoid switching to another suppliers or sellers. Abdalelah S. Satty, The impact of customer relationship marketing
Satisfied customers‟ database helps in increasing on customer satisfaction of the Arab bank services, 2014, l4(4) ,
profitability and long-term survival of business. International journal of Academic research in business and social
Customer trust and loyalty: Trust is very important for sciences, pp67-100
2. Abhijit M and Remya Vivek Menon, study on customer satisfaction in
customer- bank relationship. With a high level of trust, Indian banking sector, 2018, 118(20), International journal of pure and
customers feel confident that their interests are well served applied mathematics pp4297-4302
by the banks. Customers will be more loyal to a bank they 3. Aby Abdul Rabb,a study on customer's satisfaction towards banking
trust than to a bank they do not trust. Building customer services of state bank of india in Kanyakumari district, 2014, 2(2),
International journal of management and commerce innovation pp429-
trust and loyalty requires a consistent commitment to the 443.
customer from the organization over a significant period of
time. If the organization invest in customer relationship
today, the benefits of customer loyalty are delivered in the

Published By:
Retrieval Number: D9158118419/2019©BEIESP
Blue Eyes Intelligence Engineering
DOI:10.35940/ijrte.D9158.118419 8759 & Sciences Publication
 International Journal of Recent Technology and Engineering (IJRTE)
ISSN: 2277-3878, Volume-8 Issue-4, November 2019

4. Anis Ali and BabitaRatwani, customer' satisfaction in indian banks: AUTHORS PROFILE
problems and solutions, 2017, 14(9), international journal of economic
research pp69-76.
Deboshree Chatterjee
5. Firouzeh Azizi, Relationship marketing strategy and customers'
Deboshree Chatterjee is an assistant professor in department
satisfaction in the third millennium organizations, 2014, 2(12),
of management in Saanvi Degree College for Women,
International journal of scientific management and development
affiliated to Osmania University, Hyderabad, India.
pp728-732.
Deboshree Chatterjee is a research scholar in KL Education Foundation,
6. Girish P B, Cross selling at banks: Adopting the right strategy for a
deemed to be University, Guntur, India. She has conducted few seminars
healthy bottom line,2010.
for management students on entrepreneurship, relationship marketing, retail
7. Helen Akers, “the impact of a relationship marketing strategy on
marketing. Her research article on “impact of relationship marketing on
customer loyalty.
behaviour of bank customers” caught reader‟s attention. She aspires to
8. Jim Marous, Banking Desperately Needs A Relationship-Based
contribute to the field of academics and research. She can be reached at
Selling Strategy, 2017,The financial Brand.
9. Joan Karambu Muketha, KubaisonThiane and LydiahThuranira,
influence of relationship marketing on customer retention in the
AVS Kamesh is a Professor of Management in Business School, KL
branches of commercial banks in Meru town, Kenya, 2016, 3(11),
Education Foundation, Deemed to be University, Guntur, India. AVS
International journal of advanced multidisciplinary research pp20-61.
Kamesh is specialized in General Management, Leadership in
10. K.A. Goyal, Vijay Joshi, Indian Banking Industry: challenges and
Organizations. AVS Kamesh authored books in
opportunities,2012 ,3(1), Global business and management research: an
Management, published research articles in national
international journal pp18-28
and international journals and is actively involved in
11. Krishna A.Goyal, Vijay Joshi, Indian Banking Industry:Challenges and
Management Consulting. He can be reached at
Opportunities 2012, Global business and management research : an
international journal pp18-28
12. Mahtab N, Abdullah M, Marketing Of Financial And Banking
Products: An Example From Bangladeshi Bank, 2016, 5(2) journal of
accounting and marketing, pp1-11
13. Manoj P.K.,CRM in banks in the ICT era: An Empirical study of
customer acceptance, 2015, 4(3), Pezzottaite journals
14. Mark G. Durkin,Relationship Marketing in Banking Sector: Impact of
new technologies, 2003, 21(1), Marketing Intelligence and Planning
pp61-71.
15. Minal Shah, Sanjay Guha, Urvashi Shrivastava, cross selling and its
impact on customer satisfaction: a literature review, 2016, 5(8),
Abhinav international monthly refereed journal of research in
management and technology, pp11-22
16. Nidhi Grover Arora,Drivers of cross buying intentions of bank
customers in India: a structural equation Modeling (sem) approach,
1(1) , Economics, commerce and trade management: an international
journal, pp25-41
17. Nilesh Vitthal Limbore, a study of banking sector in India and
overview of performance of Indian banks with refence to net interest
margin and market capitalization of banks, 2014, 3(5) pp1-8
18. P Sashikala, customer retention in Indian banking sector- managing
customer churn, 2015, 10(15),International journal of Applied
Engineering Research pp35567-35584
19. R.K.Uppal, Marketing of bank products- emerging challenges and new
strategies,2010, 2(10), journal of economics and international finance,
pp35-42
20. Rajagopal Subashini, Velmurugan Gopalasamy, A review of service
quality and customer satisfaction in banking services: Global scenario,
2016, 21(55), Journal of internet banking and commerce pp1-9.
21. Rupali madam, Rachna Agrawal, Mitu G. Matta, Relationship
marketing strategies in banking sector: a review, 2015, 4(4),
International journal of BRIC business research pp1-10
22. S. Sivesan,Impact of relationship marketing on customer loyalty on
banking sectors, 2012, 2(3), South Asian journal of marketing and
management research pp179-191.
23. S.N. Mahapatra, Parveen Kumar, Customer retention: a study on Indian
banks, 2017,5(7), International journal of research granthalaya, pp485-
492.
24. Shamsher singh, The impact of service delivery quality on customer
satisfaction in indian banks, 2013, 6(1), International journal of
financial services management pp60-78.
25. Shikha Agrawal, Impact of customer relationship management on
Indian banking sector, 2017, 6(1), Voice of research pp35-36
26. Shirmila Stanley,New perspective in the banking sector - The CRM
way,2012,1(11),International journal of marketing, financial services
and management research pp19-24.
27. Snehal J. Bhatt and Krishna Gor, Recent trends in marketing strategies
in banking sector, 2012, IBMRD, Vol 1(1), pp45-48
28. Trapti Pandya, Neeti Mathur and Mr. Himanshu Mathur, customer
satisfaction in public sector bank ( A study of South Rajasthan), 2016,
2(9), Imperial journal of Interdisciplinary research pp550-556.
29. Vishal Vyas and Sonika Raitani, Impact of relationship marketing on
cross buying, 2015, 14(2), Journal of relationship marketing, pp79-108
30. Yasar F Jarrar, Andy Neely, cross selling in the financial sector:
customer profitability is key, 2002, 10(3), journal of targeting,
measurement and analysis for marketing, pp282-296.

Retrieval Number: D9158118419/2019©BEIESP Published By:

DOI:10.35940/ijrte.D9158.118419 8760 Blue Eyes Intelligence Engineering
& Sciences Publication