Pattern Recognition Approach to Customer Relationship Management in Banking Sector

CRM is a system that contains the strategies and tactics that businesses should use while communicating with their clients. The relationship between a bank and its clients involves a large set of online and offline transactions and visits to the E Banking portals multiple times in a day. Thus it is a challenge for banks to analyze the big data and multiple interactions between client and banks. Pattern recognition is thus the new need of hour to deal with such issues. For present study data were gathered from 125 online registered client’s activity on E banking portal and 25 administrators from banks in Tri-City. The Client’s interaction with banks using E banking website was explored. A model of interaction was then proposed based on the responses of the clients and administrators using the pattern recognition analysis on a data set of 500 online bank transactions, which was gathered, analyzed using common patterns. Extensive experiments have been performed to evaluate the proposed model and prove the claim of utilizing CRM practices being beneficial for business progress. The metrics selected for experiments is Customer retention rate, Customer satisfaction rate and customer acquisitions cost.