Customer's Experience between Private and Public Sector Banks in India: A study

Abstract

Just when Indian banks are becoming comfortable with the idea of Customer
Relationship Management (CRM), a new term has emerged: Customer
Experience Management (CEM). The two are similar in many ways, not least in
that they are both difficult to define. Neither can be identified with a unique
product or a specific technology; rather, they both comprise a group of
applications, technologies and analytics that orbit around a central premise.
The premises of CRM and CEM are quite different, however, and are best
understood when compared side by side. The idea at the center of CRM can be
stated in the following way:
Every time a company and a customer interact, the company learns something
about the customer. By capturing, sharing, analyzing and acting upon this
information, companies can better manage individual customer profitability.
Customer Experience Management's premise is almost the mirror image. It says
that every time a company and a customer interact, the customer learns
something about the company.