Marketing Analytics in Financial Services and Its Impact on Customer Acquisition Strategies (Published)
This paper examines how marketing analytics reshaped customer acquisition strategy in financial services up to 2016. The study develops a conceptual synthesis of research on customer equity, customer lifetime value, relationship marketing, customer relationship management, multichannel management, data mining, and marketing productivity, with a specific focus on banking, insurance, credit, and investment services. Financial services present a distinctive setting because products are information intensive, switching costs vary across categories, regulatory oversight is high, and customer value unfolds over long relationship horizons. The paper argues that analytics improves acquisition not simply by reducing campaign waste, but by connecting prospect selection, channel choice, offer design, onboarding, and early relationship development to expected long term value. A framework is proposed that links data inputs, analytical capabilities, acquisition decisions, and performance outcomes. The paper shows that firms that align acquisition spending with customer value and risk quality are more likely to achieve profitable growth than firms that optimize only response volume or short term sales. Research and managerial implications are discussed.
Keywords: Banking, CRM, Financial Services, Marketing Analytics, customer acquisition, customer equity
BRANCH BANKING TO VIRTUAL BANKING -UTILIZATION OF DIRECT BANKING CHANNEL IN INDIAN BANKING SECTOR (Published)
The rapid growth of Information Technology (IT) has tremendously changed the way banking is done worldwide. For obtaining service the customers need not to visit Brick and mortars structure of the Bank. All the services of the Bank can be utilized by alternate channels sitting at any location away from Bank. The influence of IT on banking enables the customer to get all major operations/decisions with regard to deposits, withdrawals, and investments by just clicking of a mouse on a computer or at an Automatic Teller Machine (ATM) or mobile. Direct Banking channels or alternate banking channels can be utilized by banks for acquiring, tracking and serving customers through multiple channels. An entire range of services including account opening, fund transfers third party transfers, utility payments can be done through using direct banking channels. This paper will try to evaluate the usage of Direct banking channels for managing CRM of Bank with special reference to the banking sector in India.
Keywords: CRM, Customers’ Satisfaction, Direct Banking channel, Virtual Banking