Management of Personal financial services. China case study Essay

Management of Personal financial services. China case study - Essay Example Customer Relationship Management (CRM) in financial services has become utmost important because of the present challenging marketing environment. Presently, the company differentiate themselves by delivering exquisite customer experience and offer product, which are unique, tailor-made for delivering customer satisfaction. By delivering highly innovative financial products for core banking, insurance and wealth management, the company would be able to develop meaningful relationship with its customers. Often termed as relationship marketing in China, it is also focuses on customer retention. CRM also helps in laying emphasis on the product features, which highlights the product benefits that are meaningful and necessary for the customers. The Chinese investment banking companies rely on the strength of the financial services that help the banks to make tailor-made financial products for customized customer requirements. Although, CRM is relatively a new concept, it entails the diffe rent marketing approaches involved in obtaining the refined customer information search, which helps the management to attract potential customers (Besson, 2000). The CRM activities in the financial institutions involve the incorporation of electronic business activities, relationship and customer management activities, and integration of customer centric strategy with the back office or front office executives (Carson, 2005). The main crux of CRM activities involves building of long term and healthy relationships to retain customers in the competitive financial environment. 1.2.1 Customer Relationship Management in Chinese Financial Institutions The long term relationship building process with the Chinese customers has not only become an enduring strategy for relationship building, but it has also augmented for customer loyalty and retention. It was observed in Chinese banking that due to the financial implications there was a strong correlation between customer loyalty and profitability of the bank. The deregulation and emergence of new banking technology in the financial services industry have also