Economics · Economy
Customer Relationship Management (CRM) has shifted from being a mere database of customer names to a strategic tool for 'Customer Centricity' in banking. A bank implements a new CRM system that integrates data from mobile apps, branch visits, and ATM usage to predict which customers might need a personal loan. Which of the following best describes the specific type of CRM and its function in this scenario?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Strategic CRM, which aims to reduce the number of employees at branches by forcing all customers to use digital kiosks.
- 2Analytical CRM, which uses data mining and pattern recognition to provide insights into customer behavior and cross-selling opportunities.✓
- 3Collaborative CRM, which is used to share customer data with third-party marketing agencies to increase lead generation.
- 4Operational CRM, which focuses solely on the back-office accounting and ledger maintenance of the bank.
Correct answer
Analytical CRM, which uses data mining and pattern recognition to provide insights into customer behavior and cross-selling opportunities.
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