Customer Relationship Management: A Key Factor in Banks’ Competitiveness in Modern Business

This paper investigates the degree of implementation of the customer relationship management (CRM) concept in Serbian banks. The CRM strategy is extremely important in the financial services sector, given the number of clients and their rapidly changing and evolving needs. The applied research method is an online survey of bank clients, i.e., the collection of descriptive data based on structured questionnaires. The research results showed the extent to which banks effectively use the CRM model. CRM is mostly used for personalized communication with clients, especially with VIP clients who have higher than average importance for banks’ operations. In addition, the research results showed that banks improve and integrate their communication and sales channels and train employees to use CRM tools that will enable them to cross-sell while retaining existing and attracting new customers