1. INTRODUCTION:

The electronic Customer Relationship Management (e-CRM) is basically derived from the CRM. In fact, CRM is the process of acquiring, retaining, maintaining and growing profitable customers. e-CRM is the combination of traditional CRM with e-commerce environment. The objective of e-CRM is to serve the customer in best possible manner and maximize the retention strategies within the organization. e-CRM is the latest buzzword in the corporate sector which has given a new dimension to the commercial banks. The advancement and growth of information technology made the new millennium as e-millennium.

In the emergence of global and competitive environment, the banking sector facing intense challenges to survive in the market. The technology driven banking is striving hard for retaining and maintaining their customer base. However, the performance of commercial bank depends upon the satisfaction of customers. The emergence of information technology and use of computer in every field of activities and customer demand the traditional CRM on Internet has given birth to e-CRM. It took a long way to travel from barter days to present e-business. In this journey, buyers and sellers were always present; buyers in the form of customers and sellers in the form of marketers. Particularly in the banking sector, the application of e-CRM is entirely different from other sectors.

In fact, banking industry related to financial services, which required creating a fair amount of trust and loyalty among the people whom they use to deal with. In banking sector, deeper knowledge about customer is important, providing and establishing customer care support during off and on official hours. Traditional commercial banks provide many services to their customers such as deposits, loans, withdrawals, etc. As compared to traditional channel of offering banking services through physical branches, online banking uses Internet to deliver its services to the respective customers such as opening account, electronic bill payments, transferring funds, etc. One of the main concerned of online banking is security. Customers are afraid of security issue, that are why they are not willing to use Internet banking. Now-a-days, commercial banks with e-CRM application offer several methods to ensure a high level security.

In the passage of time and with advent of technological up-gradation the Internet banking getting rapid growth in the market and services are likely to improve in future. A few commercial banks are eager to introduce electronic money and electronic checks. At one side it will facilitate customers and at the other side it help bank to grow business and generate more revenue. With the help of e-CRM software applications, the Internet banking services are accessed with the help of uniform resource locator (URL) that uses encryption and firewall tools for securing online transactions. In addition, data warehouse and data mining, ATM, debit card, smart card, computerized decision support system, email, etc. are various techniques that aids in the better implementation of e-CRM^{1, 2}.

2. THEORIES AND MODELS OF e-CRM:

According to Jelassi & Ender³, there are four elements in c-CRM: i) customer selection, ii) customer acquisition, iii) customer retention, and iv) customer extension.

2.1 Process and Components of e-CRM

According to Julta and colleagues⁴, there are four processes in e-CRM which consists of engage, order, fulfillment and support components. Anton & Postmust²² provided components which are used in e-CRM activities in a firm, such as alternative channels, website customization, membership, ailing list, site tour, sitemap, chat, electronic bulletin, etc.

2.2 Rules for Successful Implementation of e-CRM

Nielsen⁵ has identified components which are useful in e-CRM activities of a firm, such as predesign state, design state and post design state.

2.3 e-CRM Integration Dimensions

According to Adebanjo⁶, there are three key dimension of e-CRM integration: i) technical integration, ii) functional integration and iii) cultural integration.

2.4 e-CRM Implementation Perspectives

According to Adebanjo⁶, there are three implementation perspective of e-CRM: i) complexity, ii) time frame, and iii) configurability.

3. REVIEW OF PREVIOUS WORKS:

Chandra⁷emphasize upon the use of e-CRM having sharper edge over CRM because of Web-based applications. It is said that using Internet for CRM is now must and in fact, necessity not a luxury. The organizations that do not accept this argument are doomed. According to Chaffey⁸, e-CRM can be said that CRM which is more Web-based. It has been emphasized that e-CRM provide firm with a mean to conduct interactive, personalized and relevant communication with customer across both traditional and online channel. It has been mentioned the use of Internet especially in context of Indian banking system. The public sector banks, such as SBI, UBI, OBC, are transforming themselves to conduct their business electronically but the normal banking activities still prevails in development nation like India. Popli & Rao⁹ stated that private sector banks have been able to implement e-CRM practices most efficiently and effectively as compared to public sector banks. Mittal & Kumar¹⁰ stated that HDFC bank for the first time provided e-shopping experiences in India by secure online and real-time with the launch of its payment gateway.

In our research study, we try our level best to gain a better understanding of the benefits of E-CRM to bank as well as customers related to bank. By going through previous research paper following research gap are identified:

i) CRM emerged as a response to decreasing customer loyalty with increase competition.

ii) Many research paper written on CRM and its application to various discipline such as airlines, health, insurance hospital and cement industries.

iii) Paper written CRM architecture, CRM approaches and types which focus upon the process and system level.

iv) Model and framework were developed in CRM to increase the effectiveness of the organization.

v) The impacts of customer satisfaction in agricultural bank were measured.

vi) In e-CRM on line banking has no social dimension customer are not serve in the way as they are in face to face situation at branch¹¹.

vii) Customers are afraid of security issue^{12, 13}.

viii) During my review we came to know that a few research paper available for public sector bank in India most of the review done for private sector banks

e-CRM is still infancy, there is no much work done in this field. In our research study, we try to fill this gap by knowing the effectiveness of e-CRM in commercial bank with respect to use, implementation and application prospect for bankers. As we have gone through so many research papers during review we came to know that previous researches focuses only to private sector bank or foreign banks, public sector banks are a neglected wing by them. In our research study, the leading public sector bank and private bank including one foreign bank is considered which may provide a holistic approach to e-CRM.

In previous research studies, most of the work has been done on analytical and operational e-CRM but we focused on implementation strategies of e-CRM in commercial banks. Previous research shows that penetration level of internet banking is low in developing country like India but now the era has totally changed most of the customer are inclined towards internet banking. On the ground of above it is assessed that there is enough information gap in the existing research which is related to the effectiveness of e-CRM in commercial banking sector particularly the application an implementation and its benefits for banks. This fact shows that no many empirical studies have done in this connection. Thus the objective of this study is to contribute and try to fill the gap by exploring the utility of e-CRM in commercial banking sector.

4. DATA COLLECTION AND REPRESENTATION :

In this research study, we considered four commercial banks and data have been collected from the bankers. A glimpse of the questionnaire and data is shown in the following sections.

4.1 Data Collected from Oriental Bank of Commerce, New Delhi.

Research Question 1. How does e-CRM be used in Internet banking?

Oriental Bank of Commerce (OBC) IT strategy is based on a single centralized IT platform. All its divisions and subsidiaries are operating on that shared platform. Its website provides bank information, product information, brochures, country information where OBC is operating, events, e-mail support, news and search. When a customer gets OBC e-banking facility, it is available for 24x7. It is a Web-based system and it even enables companies to conduct routine banking transactions. It gives a company quick access to its accounts, create and approve payments and also gives the current liquidity situation of the firm. The portal helps the bank advisers to see the overall view of individual customer's files, their history and facilities provided to them. In addition, this portal also has the products and solutions, which are relevant to the customer's history. This service gives a lot of information about customer behavior. OBC also has the Internal MIS, and it helps to overview tasks, files, and customer leads generated from customers behavior. OBC is in a position to introduce automatic limits for all customers. It helps to the bank advisers to offer more effective advisory services and sales. This tool makes it possible for the customers to create and maintain their own financial budgets via e-banking facility.

Here is the list of all the features of OBC eBanking system. Certain features are not available in all countries. To have some features available it is the requirement for customers to have Markets Online module of eBanking on their computer.

Essential functions: i) View balances and entries, ii) make payments to creditors & order cheques, and iii) securities trading.

Accounts/payment types: i) Domestic accounts, ii) domestic payments, iii) International payments from India, iv) local payments outside of India, v) online education loan, and vi) e-shopping for online purchasing.

Connections: i) Direct connection to OBC Bank via Internet Service Provider (ISP), ii) access to OBC Website.

Research Question 2. How can banks get benefits of e-CRM technology in online banking?

OBC offers competitive financial products and advisory services, including online banking and cash management services. A customer can have real-time status of its liquidity and currency. Local payments and across the border transactions can be done by minimizing cost and administrative works. Similarly, OBC has large staff at back-office operations so that due to any need these staffs may be accessed. Through OBC Internet banking, customers can pay their bills, have alert of its cash balance via email or SMS, can get electronic account statement, order foreign currency, able to access financial markets, monitor investments, trade securities by using. A customer can use a PC for the transaction as OBC security system is of the highest standard. These are the main features of OBC online banking system; all are not available in English in all operating countries. In traditional CRM the users are the employee of the bank CRM applications are design around product and job functions .The applications are designed for the corporate department or the individual employee to provide customer services more effectively. In e-CRM the application are design with customer in mind and give the customer total experience on web.

OBC Bank is building a Digital Banking strategy with main focus on self-service, channel shift and automation like where leads are pushed to the customer at specific times. To do effective marketing it is essential to secure campaign matching to the specific customer and the ability to push product offerings in online channels. OBC tracking system is so strong that its central database locates the browsing customer or visitor on its website and can see the specification of connected computers and their location so OBC customers feel comfortable that no one can interfere in the transactions communication. Its people who are dealing with customers in financial instruments have completed training program me. The cost of operation has reduced because of automation, reduced staff and self-service. Bank has introduced new no-fee personal banking packages; thousands have adopted this of old and new customers and OBC customers have increased. By using IT development and by increased use of the digital signature, the cost of operation of bank has reduced. Customer interaction has increased due to 24x7 accesses and providing the customers the ability to compare multiple providers. This IT platform has helped because a customer contact via different channels include bank desk, online and they are provided same service because of central database. By having full information of customers it is possible to offer differentiated products based on customer recognition and due to relevant product offering customers loyalty has increased at the bank.

Research Question 3: How can banks implement e-CRM technology successfully in online banking?

OBC products and systems are highly integrated and they function on all branches and departments. It has different modular systems for different purposes, one is Business Online. It is a combination of various modules which depend on customer's choice. They are Cash Management Account Information, Cash Management Payments, Cash Management File Transfers, Collection Service. In Markets Online, securities and forex trading, including spot, forward and swap rates are traded. For implementation of system, all the stakeholders of the system, particularly customers and employees, are identified. Later suggestions from all the system users are collected before finalizing the whole IT design and then IT development team again checks the functions and shortcomings are eliminated.

At OBC self service solutions are provided with high level of security. When a customer is communicating, OBC validates the request before transmission of any information. Any unauthorized persons cannot break into the communication and cannot execute transactions.

4.2 Data collected from HDFC Bank, New Delhi

Research Question l. How does e-CRM be used in internet banking?

In Housing Development Finance Corporation (HDFC) selection and acquisition of customers is mainly done by traditional channels such as by post and telephone. Retention and extension of customers are based on the information available in HDFC’s record. HDFC forward information to its customers through its in logged internet website, and also to some extent by traditional channels. This is not individually based but with groupings. HDFC has quite big groupings when customers are targeted for marketing; they are contacted in big groups but not in narrow grouping. The availability of 24 hours bank service is very important as the customers can be in contact with the bank anytime from their home. HDFC has a great support desk by telephone, which is a part of communication that can be done through the secured mail on the internet site.

A customer can buy majority of the bank's products and services in its in logged environment. For security reasons a new customer has to visit a branch in order to become a member of the in logged environment of HDFCs website. A customer can get information about the products and services both on the open homepage as well as on the in logged environment of HDFCs website. As the banking industry is highly regulated so HDFC has to inform to customer about all the purchase conditions. HDFC has a great website which is easy to navigate but not that advance on one-to-one customization. It is using email channel to communicate its customer. If a customer has any complaint, HDFC has specific department for complaint which covers all channels. It is not specific for only Internet.

Research Question 2. How can banks get benefits of e-CRM technology in online banking?

The HDFC offers help and advice on how to solve and improve the economic situation through the different life-stages of the customer. This is going to become even more crucial with younger generations that have high requirements of modem technology. HDFC Bank services are secure and use industry standard technologies and infrastructure. As security is the top priority, Bank initiated the secure access solution to protect customer from fraudsters and hackers, which is a two-step process: i) customer id and ii) password. Secure analysis is an additional layer of security that protects customer account from hackers and fraudsters. Security Analysis requires one time registration. To register for secure access, a customer need to i) personalize an image, ii) personalize text, iii) answer of five questions and iv) share two contacts.

Research Question 3. How can banks implement e-CRM technology successfully in internet banking?

At HDFC, self-services are provided with high level of security. Its tracking system is so strong that its central database locate the browsing customer on its website. HDFC gives opportunity to its employees to enhance their in-service training. To improve quality and efficiency, HDFC has installed a culture of continuous improvement by considering four areas, like sales tool and standardized processes, performance management, skills building, mindset and behavior. HDFC gives more importance to have open and continuous dialogue with its employees. HDFC use the basic e-CRM due to cost restraints, system limitations and also all the IT systems do not have a 100 % interaction. The impact of configurability of e-CRM implementation in online banking is crucial. It is costly to make the alterations to HDFCs systems, but without the configuration it is not as effective and one would not get an overall system control.

4.3 Data collected from Union Bank of India

Research Question 1. How does Electronic Customer Relationship Management (e-CRM) be used in online banking?

Union Bank of India (UBI) IT strategy based on a single centralized IT platform. All its divisions and subsidiaries are operating on that shared platform. Its website provides bank information, product information, brochures, country information where UBI is operating, events, e-mail support, news and search. When a customer gets UBI eBanking facility, it is available for 24x7. It is a Web-based system and it even enables companies to conduct routine banking transactions. It gives a company quick access to its accounts, create and approve payments and also gives the current liquidity situation of the firm. A customer company can also integrate its accounting information with UBI’s online system. Its website is one of the main interaction points with its customers. A customer receives automatic sms of transaction. The portal helps the bank advisers to see the overall view of individual customer's files, their history and facilities provided to them. In addition, this portal also has the products and solutions, which are relevant to the customer's history. This service gives a lot of information about customer behavior. Initially at first step personalized banners are forwarded to individual customers.

UBI also has the Internal MIS, and it helps to overview tasks, files, and customer leads generated from customers behavior. UBI is in a position to introduce automatic limits for all customers. It helps to the bank advisers to offer more effective advisory services and sales. This tool made it possible for the customers to create and maintain their own financial budgets via eBanking facility. By using this tool, customers can share their financial information with bank advisor; this has helped advisory service to make decisions based on actual facts while previously it was based on manual entries. Here is the list of all the features of UBI eBanking system. Certain features are not available in all countries. To have some features available it is the requirement for customers to have Markets Online module of eBanking on their computer.

Research Question 2. How can banks get benefits of e-CRM technology in online banking?

UBI Bank is building a Digital Banking strategy with main focus on self-service, channel shift and automation like where leads are pushed to the customer at specific times. To do effective marketing it is essential to secure campaign matching to the specific customer and the ability to push product offerings in online channels. UBI tracking system is so strong that its central database locates the browsing customer or visitor on its website and can see the specification of connected computers and their location so UBI customers feel comfortable that no one can interfere in the transactions communication.

Its people who are dealing with customers in financial instruments have completed training programmers. The cost of operation has reduced because of automation, reduced staff and self-service. Bank has introduced new no-fee personal banking packages; thousands have adopted this of old and new customers and UBI customers have increased. By using IT development and by increased use of the digital signature, the cost of operation of bank has reduced. UBI offers competitive financial products and advisory services, like by having online banking facility and cash management services. A customer can have real-time overview of its liquidity and currency position, it can make local payments and across the border transactions, in that way cost and administrative work is minimized. Similarly UBI has large staff at back-office operations; on any problem this staff can be accessed. Through UBI website a customer can pay his bills, have alert of its cash balance via email or SMS, can get electronic account statement, order foreign currency, able to access financial markets, monitor investments, trade securities by using UBI Net banking collaboration (joint agreement). A customer can use a PC, UBI security system is of the highest standard. These are the main features of UBI online banking system, all are not available in English in all operating countries.

Research Question 3. How can banks implement e-CRM technology successfully in online banking?

At UBI, customer solutions are offered with high level of security. At UBI, the "One Group - one system" motto is one of the guiding principle of the banks IT strategy. Groups all brands and subsidiaries operate on the same platform. At UBI, IT is the core of business development and it is delivering best products and processes to the market by using IT strategy. By using its central database, bank has streamlined its processes, systems in all dimensions of the bank operations. UBI cannot implement e-CRM without having a predefine vision, mission, strategy and most of all business objectives.

4.4 Data collected from HSBC Bank, New Delhi

Research Question 1. How does electronic customer Relationship management used in Internet Banking?

HSBC offer 24 hours banking services that include internet banking and phone banking. The Banking hours at each HSBC Bank also timed keeping in mind the business requirement, it assured the best customer services and safety of deposit at HSBC Bank. The first ATM in India was introduced by HSBC Bank in 1987. An online ATM and branch locator is available on the official website of HSBC Bank which gives the location and exact address of nearest HSBC bank branch or ATM. A customer can access internet banking account on the site just log into customer account and get the bank right at one’s desktop also log on to the official HSBC website to get any information on the interest rate of various banking products. Bank website contains huge and enormous amount of data. It is a place where customer look for the information related to advertising of new products or any other kind of services. Website is updated very often and when there is come thing new about the bank its immediately appears on the bank website. A customer receives automatic e-mail of transaction. amount of data. It is a electronic data processing (India) private limited through its offices in Hyderabad, Bangalore and Vishakhapatnam provide data processing/customer service facilities for the amount of data. It is a group’s overseas operation. Customer service and support (CSS) at amount of data. It automates the service request, complaints, product returns and information request. The internal help desk and inbound call center support for customer enquiries have been evolved into the customer interaction center (CIC) using multiple channel (web, phone, fax, face to face, kiosk etc) key infrastructure requirement of CSS include computer telephony integration (CTI) which provide high volume processing capability and reliability. A customer can buy banks products and services in its in logged environment. A customer gets information about the product and services both on the open home page as well as on the in logged environment of HSBC website the availability of round the clock services hours is very important as the customers can be in contact with the bank any time from their home. The website of the bank has become the new face of communication with customer .The web site is attractive and provide all means of information. HSBC is trying to ensure secure payments on the Internet by using latest technologies.

Research Question 2. How can bank get benefits of e-CRM technology in Internet banking?

The HSBC bank introduces personalized services by identifying the need of customers and providing them best solutions. HSBC has people who are specially trained and then certified for the purpose these people have their own customer. Customer can use website to get information about product and services. Customer can search for information about services and products by choosing different categories or with a key word when there is something new about bank activities information is passed to all the branches and the customers are informed about it. Website is an efficient way and cost effective mechanism for the delivery of bank services. Customer can contact bank 24 hours a day all through the year on website. They can submit their queries in case of any discrepancies about bank activities.

HSBC uses all the effective way and latest technology to keep their website secure. All the transactions are secured with the usage of security authenticator in HSBC bank. Transactions are recorded bank governs statement of transaction and their security. As far as transaction security is concerned customer gets access to his account with cards and personal identification number HSBC explores alternate security measures such as electronic signature, digital signature, smart card and biometrics etc. If a customer is not active on the banks web page the account get automatically logged off. It is safely measure to prevent from unauthorized access all the credit goes to latest technology. A customer can see on line information available for help, see products, services, vacancies for job, organization structure browse the web site to get inside information of bank services. A customer can see financial result of many years’ profits, bank announcement and this is available on line and can be accessed instantly.

Research Question 3. How HSBC implements e-CRM technology in order to increase the effectiveness of banking?

Customer Service Support (CSS) at HSBC automates the service request, complaints, and product return and information request. The internal help desk and inbound call center support for customer inquiries have been evolved into the Customer Interaction Center (CSC). Using multiple channels (Web, Phone, Fax, Face to face, Kiosk etc). Key infrastructure of CSS includes Computer Telephony Integration (CTI), which provide high volume processing capability and reliability.

Enterprise Marketing Automation (EMA) of the company provides information about the business environment, including competitor of HSBC industry trends and macro environmental variables. It is the execution side of campaign and lead management. The intent of EMA application is to improve marketing campaign efficiencies. Function includes demographic analysis, variable segmentation and productive modeling occurs on the analytical side.

Integrated CRM software is also known as front office solution of HSBC because they deal directly with the customer of the company. HSBC uses CRM software to store all their customer details. When a customer calls at HSBC the system is used to retrieve and store information relevant to the customer. By serving the customer quickly and efficiently and also keeping all information on a customer in one place, and the management at HSBC aims to make cost saving also encourage new customer. Technical white paper uses business rules (A set of enterprise rules that define the action to be taken and termed as customer recommended action or CRA). The decision engine takes as input the customer profile contact history and applies the Stores Business Rules thereby creating a set of one or more recommended actions for the customer. The Business Rules Management component enables the creation, deletion, analysis and storage of the business rules in a repository. The relevant Customer Conversation / Contact / Dialogue information is captured and stored in Contact Management Component. The CRM effectiveness Analysis Component by using data mining technology provide a facility to explore rules recommended action and customer interaction effectiveness in general.

5. ANALYSIS OF DATA:

The empirical data were analyzed which is generated from the answer of the respondents. Our analysis is related to four leading commercial bank of India service provider. Out of four commercial banks, two private sector banks and two public sector banks were considered. In this section, case analysis of individual banks and cross case analysis among banks were done, which shows a fair comparison of private and public sector banks. The most important variables were identified during literature review which has been used as a base for comparison of data.

In this research study, we have focused on three major research questions for two public sector banks and two private sector banks. For the first case study, various theories/variables by renowned researcher are considered such as mass customization, monitor customer behavior, market segmentation, mass market operation, customer promotion and retention, personalization³, customer life time value, right product for right customer, customer profiling, enhance customer services, accurate marketing campaign, one-to-one marketing, accuracy in order management, self-service application/time saving⁴. Each variable has been tested in the light of these theories for research question of bankers.

Similarly, for the second case study, we considered theories that includes competitive financial products¹⁴, real-time over of liquidity position, localization of transaction, minimized administrative work^{15, 16}, highest security system, complete overview of organizational activities¹⁷, one point of contact⁴, locks in target prices, complete overview of transaction¹⁸, reduced cost of operation^{3, 15, 19}, different contact option for customer¹⁹, customer recognition¹⁹, increase customer loyalty⁴.

For the third case study, we took theories such as evaluate customer feedback, evaluate competing product, new feature addition⁵, trained employee is the key for implementation²⁰, every organization has different e-CRM requirement⁶.

5.1 Case Study 1

Research question 1. How does e-CRM be used in Internet banking?

Descriptions: In response to research question 1, the fourteen variables were checked with respect to theories, and outcome shows the commercial banks supported these theories. Mass market operation has been given high importance by almost all banks. Personalization is also important and given priorities by all these banks. Self-services are given primary importance by all the four commercial banks (refer Table 1 and Fig. 1(i)).

5.2 Case Study 2

Research question 2. How can banks get benefits of e-CRM technology in online banking?

Descriptions: In response to research question 2, thirteen variables were checked in the light of theories given by renowned researchers (refer Table 2). Competitive financial products have been given high importance by all the commercial banks. The high security systems were appreciated by commercial banks but its theory is not supported. Lock in target price is also given primary importance but theory is not supported by any banks. Customer recognition is also given importance by all the commercial banks (refer Fig. 1(ii)).

5.3 Case Analysis 3

Research Question 3.How can banks implement e-CRM technology successfully in internet banking?

Descriptions: In response to research question 3, five variables were check in the light of popular theories given by renowned researchers of this field. Evaluate customer feedback is highly appreciated by all the commercial banks. New feature additions are given low importance by all the commercial banks except HSBC giving no importance. Evaluating competing products are not supported by any commercial bank (refer Table 3 and Fig. 1(iii)).

Table 1. Variables check by four banks against case study 1

S. No.	Variables	Theory Supported	OBC	HDFC	UBI	HSBC
1.	Mass Customization	Jelassi and Enders³	Primary Importance	Primary Importance	Primary Importance	Primary Importance
2.	Monitor Customer behavior	Jelassi and Enders³	Primary Importance	Low Importance	Primary Importance	Low Importance
3.	Market Segmentation	Jelassi and Enders³	Primary Importance	Low Importance	Primary Importance	Low Importance
4.	Mass Market Operation	Jelassi and Enders³	High importance	Primary Importance	High importance	Primary Importance
5.	Customer Promotion and Retention	Jelassi and Enders³	Low importance	High Importance	Low importance	High Importance
6.	Personalization	Jelassi and Enders³, Julta and colleagues⁴	Primary importance	High Importance	Primary importance	High Importance
7.	Maximize Customer Lifetime Value	Julta and colleagues⁴	Low importance	High Importance	Low importance	High Importance
8.	Right Product for Right	Julta and colleagues⁴	High importance	High Importance	High importance	Low Importance
9.	Customer Profiling	Julta and colleagues⁴	Primary Importance	Low Importance	Primary Importance	Primary Importance
10.	Enhanced Customer Service	Julta and colleagues⁴	Primary Importance	Primary Importance	Primary Importance	Low Importance
11.	Accurate Marketing Campaign	Julta and colleagues⁴	Low importance	Low Importance	Low importance	Low Importance
12.	One-to-One Marketing	Julta and colleagues⁴	Primary Importance	High Importance	Primary Importance	High Importance
13.	Accuracy in Order Management	Julta and colleagues⁴	High importance	Primary Importance	High importance	Primary Importance
14.	Self Service	Julta and colleagues⁴	Primary Importance	Primary Importance	Primary Importance	Primary Importance

Table 2. Variables check by four banks against case study 2

S. No.	Variables	Theory	OBC	HDFC	UBI	HSBC
1.	Competitive Financial Products	Ab Hamid ¹⁴	High Importance	High Importance	High Importance	High Importance
2.	Real -time Overview of Liquidity Position	No theory supports	Low Importance	High Importance	Low Importance	High Importance
3.	Localization of Transactions	No theory supports	High Importance	Low Importance	High Importance	Low Importance
4.	Minimized Administrative Work	Rigby and colleagues¹⁶,Ahn and colleagues¹⁵	Low Importance	Low Importance	Low Importance	Low Importance
5.	Highest Security System	No theory supports	High Importance	Primary Importance	High Importance	Primary Importance
6.	Complete Overview of Organizational Activities	Crosby and Johnson¹⁷	Low Importance	High Importance	Low Importance	High Importance
7.	One Point of Contact	Julta and colleagues⁴	Low Importance	High Importance	Low Importance	High Importance
8.	Locks in Target Prices	No theory supports	Primary Importance	Primary Importance	Primary Importance	Primary Importance
9.	Complete Overview of Transactions	Ragins and Greco¹⁸	High Importance	Low Importance	High Importance	Low Importance
10.	Reduced Cost of Operation	Jelassi and Enders³, Scullin and colleagues¹⁹,Ahn and colleagues¹⁵	Primary Importance	Primary Importance	Primary Importance	Primary Importance
11.	Different Contact Options for Customer	Scullin and colleagues¹⁹	Low Importance	Low Importance	Low Importance	Low Importance
12.	Customer Recognition	Scullin and colleagues¹⁹	High Importance	High Importance	High Importance	High Importance
13.	Increase customer Loyalty	Anon²¹	Primary Importance	Primary Importance	Primary Importance	Primary Importance

Fig. 1. Graphical representation of checked variables with respect to four considered banks

Table 3. Variables check by four banks against case study 3.

S. No.	Variables	Theory	OBC	HDFC	Union Bank	HSBC Bank
1.	Evaluate Customers Feedback	Nielsen⁵	High Importance	High Importance	High Importance	High Importance
2.	Evaluate Competing Products	Nielsen⁵	No Importance	No Importance	No Importance	No Importance
3.	New Feature Additions	Nielsen⁵	Low Importance	No Importance	Low Importance	No Importance
4.	Trained Personnel is key for successful implementation	Fjermestad and Romano²⁰	Primary Importance	Primary Importance	Primary Importance	Primary Importance
5.	Every Organization has Different e-CRM requirement	Adebanjo ⁶	Low Importance	Low Importance	Low Importance	Low Importance

6. FINDINGS AND CONCLUSIONS:

With the implementation of e-CRM and recent technologies, commercial banks ensure full security for the transactions processed by their customers. Initially, customers were afraid of using Internet banking and it was tough task for banks to convince them. But in the passage of time, commercial banks demonstrated their ability for safe and secure transactions which resulted now. Customers in majority are making full use of online services. Now-a-days, Websites provide latest and updated information. It is an effective means of communication among stakeholders. The information about product and services are available on Websites which can be found easily.

Due to usage of e-CRM, all the commercial banks, private as well as public sector, maintained good relationship with customers. The e-CRM has enabled commercial banks to provide personalized services to their customers. All the commercial banks successfully implemented e-CRM in order to ensure efficiency and effectiveness in their services.

The following conclusions are drawn from the above findings:

· e-CRM entitled to maintain good relationship among all the stakeholders of the commercial banks.

· It enables all the commercial banks to provide personalized and one-to-one effective services to the customers.

· All the considered commercial banks ensure that latest and updated information are available on their organizations’ Website.

· In e-CRM, recent techniques and measures were used to provide safe and secure transactions.

· Current data reveals that e-CRM have sharper edge on CRM. Direct implementation of CRM is costly and time consuming as the system are located in different locations, whereas e-CRM is very fast with less operating cost because system implementation and expansion can be managed in one location and one server.

· The public sector bank OBC and UBI have almost common characteristics in implementing e-CRM technologies and practices.

· Convenience is a major benefit provided to the customers of the banks. Speed at which the transactions have been processed and their rate of accuracy is an advantage provided by banks through the usage of e-CRM.

· Reliable employees, availability of the latest information technology were some of the added benefits provided by banks to its customers.

· Trust in the overall services of the organization is an important benefit provided to the customers. In private sector bank, especially HSBC, provide effective services. In public sector bank, OBC is smart with its services.

7. RECOMMENDATIONS AND SUGGESTIONS:

The following recommendations and suggestions are based upon the empirical data, analysis and interpretation made during this study. The theories we adopted as a frame of reference correspond well with actual findings in the cases of four considered leading commercial banks of India. They are very close to our study and actual findings but we could not see the support of these theories in few areas like localization of transaction, security system, and real time over view of liquidity position etc., since most of the theories used in the study are of common theories of e-CRM practices. These theories should be revised in the light of banking sector because they give prior importance to security to security system and then locks in prices.

Our objective of the study is to understand and explain e-CRM and its application to various commercial banks. Our goal is to have a better understanding and insight about e-CRM by answering the research questions. This was possible only with the help of theories presented different researchers in this field. Although, all the commercial banks recognizes the need and importance of e-CRM but not every bank is implementing it in true sense. This is a useful business strategy for stakeholders, customer, employee and investors. Technological solution is important but they must be users friendly. The commercial bank must adopt e-CRM which should be customer centric. The success of e-CRM implementation depends upon the development of huge and flexible infrastructure, e-commerce capabilities and reduction of cost through high productivity, low complexity, and automation of administrative functions.

In order to make e-CRM a success full commercial bank should consider the followings:

i) The important and popular theories of e-CRM were used as a frame of reference which corresponds well with the actual findings from the cases. They are very close to our study and our findings. But we could not see the support of those theories in the areas of real time, overview of liquidity position, localization of transaction, highest security system locks in target prices. These theory should be revised in light of considering financial sector because commercial banks giving highest important for security system and lock in process.

ii) Computer Threats and Phishing is still malicious executed carelessly on the end user’s computer once attackers tend to target the weakest link. The attacker has control over a user’s computer he/she can modify the information flow to his/her advantage. The situation will mostly not change until new transaction methods are introduced.

iii) Only a few commercial banks provide provision to avail 24x7 services and most of the commercial banks provide these facilities for limited hours. These services should be made available round the clock.

iv) IT Act unable to explain the eCRM and its regulation. So, in IT Act there should be separate clause or provision introduced in order to develop a better insight and understanding of eCRM.

v) Commercial bank should use customer friendly technology so that their customers can use and bring value to their life.

vi) Measurement is the key to understanding, learning, and improving customer experience in commercial banking sector. Management need actively to articulate the need for an improved and consistent customer experience.

vii) Commercial bank should get support from local media, newspaper and magazines to build commitment and trust in the community and reflect values and aspiration of local community in product and services.

viii) Commercial bank should sponsor different social and cultural activities of their stake holders to build the mutual relationship.

ix) Commercial bank should focus upon measuring current volume in geographic penetration to help predict future value or growth pattern to ensure understanding of customer, satisfaction level, service expectation, customer loyalties.

x) Commercial bank should launch education program in order to improve understanding of banks procedure and decision making and increase comfort level.

xi) On the whole commercial banks have a clear vision of their desire strategic position they want to differentiate their brand and product through superior customer service and to drive effective sales through a customer’s entire portfolio.

xii) There should be a separate government policy for e-CRM regulation.

xiii) Commercial Banks are required to put in place appropriate risk mitigation measures, like transaction limit (per transaction daily, weekly, monthly), transaction velocity limit. Fraud check should be depending upon the bank’s own risk perception, unless otherwise mandated by reserve bank of India.

xiv) Commercial bank should recognize the diversity of experience and need of different customer.

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Received on 13.03.2017 Modified on 24.03.2017

Asian J. Management; 2017; 8(2):293-304.

DOI: 10.5958/2321-5763.2017.00045.2

S. No.	Variable	Public Sector Bank	Private sector bank	Theory V s Case
1.	Mass Customization	Primary Importance	Primary Importance	Supported
2.	Monitor Customer Behavior	Primary Importance	Low Importance	Supported
3.	Market Segmentation	Primary Importance	Low Importance	Supported
4.	Mass Market Operation	High Importance	Primary Importance	Supported
5.	Customer Promotion and Retention	Low Importance	High Importance	Supported
6.	Personalization	Primary Importance	High Importance	Supported
7.	Maximize Customer Lifetime Value	Low Importance	High Importance	Supported
8.	Right Product for Right Customer	High Importance	Low Importance	Supported
9.	Customer Profiling	Primary Importance	Primary Importance	Supported
10.	Enhanced Customer Service	Primary Importance	Low Importance	Supported
11.	Accurate Marketing Campaign	Low Importance	Low Importance	Supported
12.	One-to-One Marketing	Primary Importance	High Importance	Supported
13.	Accuracy in Order Management	High Importance	Primary Importance	Supported
14.	Self Service Application/Time Saving	Primary Importance	Primary Importance	Supported

S. No.	Variable	Case One: Public sector bank	Case Two: Private sector bank	Theory vs Case
1.	Competitive Financial Products	High Importance	High Importance	Supported
2.	Real -time Overview of Liquidity Position	Low Importance	High Importance	Not Supported
3.	Localization of Transactions	High Importance	Low Importance	Not Supported
4.	Minimized Administrative work	Low Importance	Low Importance	Supported
5.	Highest Security System	High Importance	Primary Importance	Not Supported
6.	Complete Overview of Organizational Activities	Primary Importance	High Importance	Supported
7.	One Point of Contact	Low Importance	High Importance	Supported
8.	Locks in Target Prices	Primary Importance	Primary Importance	Not Supported
9.	Complete Overview of Transactions	High Importance	Low Importance	Supported
10.	Reduced Cost of Operation	Primary Importance	Primary Importance	Supported
11.	Different Contact Options for Customer	Low Importance	Low Importance	Supported
12.	Customer Recognition	High Importance	High Importance	Supported
13.	Increased Customer Loyalty	Primary Importance	Primary Importance	Supported