MBF 403 CRM AND IT IN BANKING

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ASSIGNMENT

PROGRAM	MBABF
SEMESTER	IV
SUBJECT CODE & NAME	MBF 403 CRM AND IT IN BANKING
CREDIT	4
BK ID	B 1410
MAX.MARKS	60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

1 a. Explain the stages of CRM implementation.

Answer: Here are the 5 steps to a successful implementation:

·         Plan and prepare

·         Set up and customize

·         Deploy Salesforce CRM

·         Drive adoption

·         Continuously improve.

b. Describe CRM integration.

Answer: Customer relationship management (CRM) is a system for managing a company’s interactions with current and future customers. It often involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.

CRM products:

CRM products come with many features and tools and it is important for a company to choose a product based on their specific organizational needs. Most vendors will present information on their respective websites.

c. Explain CRM workflow

Answer: workflow in CRM provides the facility to automate your business processes. Workflows are triggered when a specified event occurs in the system, such as a record being created or field being updated, and can be set to automatically perform actions including sending emails and creating or updating other records in CRM.

Some simple examples of CRM workflow:

2 a. Explain the various CRM initiatives in Banks.

Answer: Customer relationship management is a broad approach for creating, maintaining and expanding customer relationships. CRM is the business strategy that aims to understand, anticipate, manage and personalize the needs of an organization's current and potential customers. At the heart of a perfect strategy is the creation of mutual value for all parties involved in the business process. It is about creating a sustainable

b. Explain Analytical CRM.

Answer: Analytical CRM supports organizational back-office operations and analysis. It deals with all the operations and processes that do not directly deal with customers. Hence, there is a key difference between operational CRM and Analytical CRM. Unlike from operational CRM, where automation of marketing, sales-force and services are done by direct interaction with customers and determining customer’s needs, analytical CRM is designed to analyze deeply the customer’s information and data and unwrap or disclose the essential convention and intension of behavior of customers on which capitalization can be done by the organization.

3 a. What is core banking?

Answer: Core banking is a banking service provided by a group of networked bank branches where customers may access their bank account and perform basic transactions from any of the member branch offices. Core banking is often associated with retail banking and many banks treat the retail customers as their core banking customers. Businesses are usually managed via the Corporate banking division of the institution. Core banking covers basic depositing and lending of money.

Normal core banking functions will include

b. Explain the significance of core banking.

Answer: A core banking system is the software used to support a bank’s most common transactions.

Elements of core banking include:

·         Making and servicing loans.

·         Opening new accounts.

·         Processing cash deposits and withdrawals.

·         Processing payments and cheques.

·         Calculating interest.

4 With the help of a flowchart diagram discuss the working of E-pins.

Answer: E-PINs are similar to Call and Text Cards but are given via secured paper slips or via text message. Each E-PIN has a card number and a PIN number which you can use to reload.

5 a. Explain the role of technology in banks.

Answer: The banking sector has embraced the use of technology to serve its client’s faster and also to do more with less. Emerging technologies have changed the banking industry from paper and branch based banks to ”digitized and networked banking services. Unlike before, broadband internet is cheap and it makes the transfer of data easy and first. Technology has changed the accounting and management system of all banks. And it is now changing the way how banks are delivering services to their customers.

b. Describe cheque clearing using MICR technology.

Answer: Cheque truncation is the conversion of a physical cheque into a substitute electronic form for transmission to the paying bank.  Cheque truncation eliminates cumbersome physical presentation of the cheque and saves time and processing costs. To settle a cheque, it has to be presented to the drawee bank for payment. Originally this was done by taking the cheque to the drawee bank, however as cheque usage increased this became cumbersome and banks arranged to meet each day at a central location to exchange cheques and settle the money.

6 Define disaster recovery and contingency operations planning.

Answer: Disaster recovery is the area of security planning that deals with protecting an organization from the effects of significant negative events. Significant negative events, in this context, can include anything that puts an organization’s operations at risk: crippling cyberattacks and equipment failures, for example, as well as hurricanes, earthquakes and other natural disasters.

A disaster recovery plan (DRP) documents policies,

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