AKTU Customer Relationship Management in BFSI (BMBF307) Syllabus PDF – MBA (Banking & Financial Services) 3rd Semester

Course Objectives

1. Understand the fundamental concepts and principles of Customer Relationship Management (CRM) and its significance in the Banking, Financial Services, and Insurance (BFSI) sector.
2. analyse customer relationship strategies and customer-centric approaches for enhancing customer acquisition, engagement, retention, and loyalty in BFSI.
3. Apply CRM tools, digital technologies, and analytics to improve customer experience and service quality in financial institutions.
4. Evaluate CRM practices, customer value management, and regulatory aspects to support sustainable business growth in BFSI.
5. Develop innovative CRM strategies by integrating Artificial Intelligence (AI), data analytics, digital banking, and emerging technologies in the BFSI sector.

Course Content

Module I: Fundamentals of Customer Relationship Management in BFSI (8 Hours)

Concept, Evolution and Importance of CRM; CRM in Banking, Financial Services and Insurance; Customer-Centric Organization; CRM Process; Customer Life Cycle; Customer Expectations and Satisfaction; Customer Value and Customer Lifetime Value (CLV); Service Quality in BFSI; Digital Transformation in Customer Relationship Management.

Module II: Customer Segmentation and Relationship Management Strategies (8 Hours)

Customer Segmentation – Demographic, Geographic, Behavioral and Psychographic Segmentation; Customer Profiling;

Customer Acquisition; Customer Onboarding; Cross-selling and Up-selling; Customer Retention Strategies; Customer Loyalty Programs; Customer Complaint Management; Omnichannel Customer Engagement; Relationship Marketing in BFSI.

Module III: CRM Analytics in BFSI (8 Hours)

Introduction to CRM Analytics; Customer Data Management; Customer Data Warehousing; Data Mining for CRM;

Customer Profitability Analysis; Customer Lifetime Value (CLV) Analytics; Predictive Analytics; Customer Churn Analysis; Cross-sell and Up-sell Analytics; Customer Satisfaction Measurement; AI and Machine Learning Applications in CRM; Dashboards and Business Intelligence for CRM Decision-Making.

Module IV: CRM Technology and Digital Innovation in BFSI (8 Hours)

CRM Software and Platforms; CRM Databases; Integration of CRM with Core Banking Systems, Digital Banking Channels and Customer Service Platforms; Cloud CRM; Mobile CRM; FinTech Applications; Artificial Intelligence (AI), Chatbots and Virtual Assistants; Robotic Process Automation (RPA); Blockchain Applications in Customer Service; Data Privacy, Cyber Security and Regulatory Compliance in CRM Systems.

Module V: Strategic CRM and Emerging Trends in BFSI (8 Hours)

Strategic CRM Planning; CRM Performance Measurement; Customer Experience Management (CEM); Service Recovery Strategies; Ethical Issues in CRM; Regulatory Framework for Customer Protection; ESG (Environmental, Social and Governance) and Customer Trust; Digital Customer Experience; Future Trends in CRM; Open Banking; Hyper-personalization; Case Studies on CRM Best Practices in BFSI.

Activities a. Case studies on CRM practices in banks, insurance companies, NBFCs, and financial institutions. b. Hands-on analysis of CRM dashboards and customer analytics tools. c. Demonstration of AI-enabled CRM systems, chatbots, and digital banking platforms. d. Presentation on CRM analytics, predictive modelling, and customer churn analysis. e. Seminar on emerging trends including AI, Blockchain, ESG, Open Banking, and Hyper-personalization in CRM.

Suggested Readings

1. Buttle, F. & Maklan, S.; Customer Relationship Management: Concepts and Technologies; Routledge.
2. Peppers, D. & Rogers, M.; Managing Customer Relationships; Wiley.
3. Kumar, V. & Reinartz, W.; Customer Relationship Management: Concept, Strategy and Tools; Springer.
4. Alok Kumar Rai; Customer Relationship Management: Concepts and Cases; PHI Learning.
5. Jill Dyche; The CRM Handbook: A Business Guide to Customer Relationship Management; Addison-Wesley.
6. Payne, A. & Frow, P.; Strategic Customer Management; Cambridge University Press.
7. Chishti, S. & Barberis, J.; The FinTech Book; Wiley.
8. Sharma, S. K. & Singh, R.; Financial Technology (FinTech) and Digital Banking in India; Himalaya Publishing House.
9. Kotler, P., Keller, K. L. & Chernev, A.; Marketing Management; Pearson.
10. Kumar, V.; Customer Relationship Management and Customer Analytics; Wiley.

Course Outcomes