Version 1
: Received: 20 October 2024 / Approved: 21 October 2024 / Online: 21 October 2024 (13:44:23 CEST)
How to cite:
TK, S.; ALI, P. D. . M. A. Integrating Indigenous Knowledge with Modern CRM Practices in Indian Banking. Preprints2024, 2024101610. https://doi.org/10.20944/preprints202410.1610.v1
TK, S.; ALI, P. D. . M. A. Integrating Indigenous Knowledge with Modern CRM Practices in Indian Banking. Preprints 2024, 2024101610. https://doi.org/10.20944/preprints202410.1610.v1
TK, S.; ALI, P. D. . M. A. Integrating Indigenous Knowledge with Modern CRM Practices in Indian Banking. Preprints2024, 2024101610. https://doi.org/10.20944/preprints202410.1610.v1
APA Style
TK, S., & ALI, P. D. . M. A. (2024). Integrating Indigenous Knowledge with Modern CRM Practices in Indian Banking. Preprints. https://doi.org/10.20944/preprints202410.1610.v1
Chicago/Turabian Style
TK, S. and PROF DR MOHAMMED ASHRAF ALI. 2024 "Integrating Indigenous Knowledge with Modern CRM Practices in Indian Banking" Preprints. https://doi.org/10.20944/preprints202410.1610.v1
Abstract
This study investigated the integration of indigenous knowledge with modern Customer Relationship Management (CRM) practices in the Indian banking sector. Through a comprehensive analysis of secondary data from industry surveys, government reports, and academic studies (2018-2023), we explored how this integration impacts customer satisfaction, loyalty, and financial inclusion. Our findings reveal that banks that incorporate indigenous practices experience a 25% increase in customer satisfaction scores, 30% lower churn rates, and 20% higher cross-selling success. Financial inclusion metrics have improved significantly, with rural account ownership increasing from 70% to 85% (2018-2023). We identify five key areas of indigenous knowledge integration: personalized relationship management, community-centric banking, vernacular communication, cultural event-based products, and traditional value-aligned services. Despite the challenges in technology integration and staff training, the successful implementation demonstrates the potential of this approach. This study concludes that integrating indigenous knowledge with CRM practices leads to more culturally relevant and effective banking services, contributing to India's financial inclusion and economic development goals. This study provides a framework for banks to create inclusive strategies that are potentially applicable to other sectors in culturally diverse markets.
Keywords
Indigenous Financial Practices; Cultural Banking Innovation; CRM Integration Financial Inclusion; Digital Banking Transformation; Relationship Banking
Subject
Arts and Humanities, Other
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
