Table of Contents

1 Introduction ........................................................................................................................ 1
1.1 CRM ............................................................................................................................ 1
1.2 Importance of Customer Relationship Management................................................... 1
2 Overview of asset Management Company ........................................................................ 3
2.1 Function ....................................................................................................................... 3
2.2 Roles within the asset management business .............................................................. 3
3 Overview of Company ....................................................................................................... 5
3.1 Overview of ICICI Prudential Asset Management Company ..................................... 5
3.2 Overview of Axis Asset Management Company ........................................................ 5
4 CRM Practices in Companies ............................................................................................ 7
4.1 Introduction to CRM at ICICI ..................................................................................... 7
4.2 CRM PRACTICES AT AXIS AMC ........................................................................... 9
5 Comparison of CRM practices of ICICI and Axis AMC ................................................ 12
6 Suggestions ...................................................................................................................... 13
6.1 Suggestions to improve CRM practices in the AMC Industry ................................. 13
6.2 Suggestions to improve CRM practices in both the Companies ............................... 14
7 Bibliography .................................................................................................................... 16

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 1 Introduction
1.1 CRM
Customer Relationship Management (CRM) is a strategy for managing all your company's
relationships and interactions with your customers and potential customers. It helps you
improve your profitability.

1.2 Importance of Customer Relationship Management

CRM is about understanding who are your customers and nurturing the relationships you have
with them. It is also about understanding the needs and behaviours of these people, whilst
reacting to them, and adapting as these change.

Targeted customer relationship management

CRM is about understanding who your customers are in every business. When you know what
makes them tick, you can better target your sales or even the products or strategies that you sell
to match their needs. By offering a targeted approach, you will not be wasting time in failing
to meet the needs of your customers. You can also develop a personalised approach to your
marketing, and focus on those that give you the best return. In using CRM to target specific
groups of customers, or even potential customers, you can improve your offering. This can,
ultimately, help to boost sales and growth, whilst driving customer loyalty.

Communication channels

It is a fact that as technology has evolved; the number of communication channels has also
grown exponentially. This means that businesses now have multiple different ways in which
to communicate with their customers, including both offline and online methods. Having more
communication channels is a good thing for a business, but it also makes the ability to interact
with customers, and serve their needs, something of a challenge. The need for effective
customer relationship management becomes even more pertinent as the number of
communication channels increases.

Improved experiences

CRM is about building relationships with your customers, so that, ultimately, they enjoy
positive experiences when interacting with your brand. As a business grows, it may be hard to
keep track of customer interactions, and there is the possibility that a poor interaction may slip
through the net.

Customer experience management is about making sure that you are aware of the experiences
customers are having with your brand, and reacting accordingly. By implementing appropriate
systems, such as digital marketing services you can ensure that positive and negative
experiences are handled effectively.

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Nurturing experiences as part of your CRM strategy can help to improve customer loyalty, and
enhance the good reputation of your brand name and image.

Focusing your business

Having CRM systems in place means that you can answer to all questions. It provides you with
the information you need to understand what your customers' want or need, and who they are.
You can use this intelligence to steer your brand in a particular direction. Keeping up to date
with customer demands is essential to ensure you stay ahead of your competitors. It also offers
you the best chance for business growth, and for making improvements.

New customers

CRM is not just about nurturing the relationships with those people who already purchase from
your brand. It is also about gaining new customers, and converting potential customers into
new and returning customers. If you want your business to flourish, you cannot simply rely
upon your existing customer base to achieve this. You need to implement marketing strategies
to win new customers over, especially if you operate in a competitive market. CRM tools let
you identify potential customers who may be interested in your brand, and focus your
marketing efforts on engaging with these prospects. These could be people who have made an
enquiry in the past, or who fit the demographic profile of your target audience.

Cost effective

Putting systems in place to implement CRM strategies may sound like a time consuming and
costly affair, but it can offer a very strong return on investment. By building relationships with
your customers, you get to understand their needs and desires, so you can become more targeted
in your approach. You can work out which of your customers are profitable for your business,
and which are not. CRM ensures that you don't waste time and money implementing the wrong
strategy for the wrong customers. By being targeted and focused, you maximise your sales and
growth potential.

Reputation management

By giving customers what they need, solving their problems and responding to ensure that they
have a great customer experience, you increase satisfaction. This enhances loyalty and boosts
your reputation. Building relationships with customers and potential customers is certainly not
something any business can afford to ignore if it wants to achieve success.

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 2 Overview of asset Management Company

2.1 Function
An asset management company invests its clients pooled fund into securities that match its
declared financial objectives. Asset management companies provide investors with more
diversification and investing options than they would have by themselves. Mutual funds, hedge
funds and pension plans are all run by asset management companies. These companies earn
income by charging service fees to their clients.

Example activities
Enrolling new investors in mutual funds or other investment products.
Advising potential clients in the range of investments and choices available
Distribute mutual fund information to a client and recommend the best investments for
a clients objectives
Provide statements of accounts, annual reports, performance information
May manage investment accounts on behalf of customers
May participate in funding various investments on behalf of its investors.
Sets up and administrators various types of retirement accounts, unit investment trusts
and other investment products.
May operate a hedge fund for a private partnership of investors
May operate a private equity fund to invest in companies, arrange mergers, buy-outs
and other investments in corporations, including start-up funding.

2.2 Roles within the asset management business

Asset management of mutual funds requires an infrastructure that includes:
fund manager to manage the assets of a mutual fund
analysts to research equities and fixed-income investments
economists to evaluate the direction of the market and economy
salespeople and marketers to persuade people to buy the fund
traders to execute orders
accountants to track assets
tech specialists and back-office staff
A retail stockbroker, financial adviser or asset manager working on behalf of their clients
picks stocks, bonds, and other investments, determines the right portfolio mix, and executes
trades.

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Primary broker/Advisory roles

Primary Broker/Adviser Roles-A Financial Advisers primary role is to acquire

new clients, sell them a variety of products-from stock recommendations and mutual funds,
to annuity-based life insurance.
Institutional Relationship Manager -ensure that institutional clients of mutual
funds or other institutional products are happy; they resolve issues, educate clients on
products, and implement new processes. Relationship managers also advise and sell clients
new products.
Institutional Sales Manager -call on pension funds, union plans, AMCs, and other
institutional clients and sell them funds, back-office products, or other products.
Private AMCers offer financial services and advice to wealthy individuals. These
AMCers are often highly specialized and carry multiple degrees. Private AMCing units
usually charge their clients a fee for their services based on a percentage of assets under
management. Private AMCers typically have at least five years of professional experience
as well as professional degrees.

Average Assets Under Management (AAUM) of Indian Mutual Fund Industry for the month
of October 2017 stood at 21.79 lakh crore. Assets Under Management (AUM) as on October
31, 2017 stood at 21.41 lakh crore.

The AUM of the Indian MF Industry has grown from 3.26 trillion as on 31st March 2007 to
21.41 trillion as on 31st October, 2017, more than six and half fold increase in a span of about
10 and half years!!

The MF Industrys AUM has grown from 5.87 trillion as on 31st March, 2012 to 21.41
trillion as on 31st October, 2017, about three and half fold increase in a span of about 5 and
half years !!

The Industrys AUM had crossed the milestone of 10 Trillion (10 Lakh Crore) for the first
time in May 2014 and in a short span of about three and half years, the AUM size has increased
more than two folds and stood at 21.41 Trillion ( 21.41 Lakh Crore) as on 31st October,
2017.

The total number of accounts (or folios as per mutual fund parlance) as on October 31, 2017
stood at 6.32 crore (63.2 million), while the number of folios under Equity, ELSS and Balanced
schemes, wherein the maximum investment is from retail segment stood at 5.15 crore (51.5
million).

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 3 Overview of Company

3.1 Overview of ICICI Prudential Asset Management Company

ICICI AMC is India's largest private sector AMC which was established in the year 1994 at
Vadodara. Its headquarter is in Mumbai and its CEO is Chanda Kochhar. It has many
subsidiaries like ICICI Securities Ltd., ICICI Lombard, ICICI Prudential Asset Management
Company Ltd., ICICI Prudential Life Insurance Company, etc.

ICICI Prudential Asset Management Company Ltd. is a leading asset management company
(AMC) in the country focused on bridging the gap between savings & investments and creating
long term wealth for investors through a range of simple and relevant investment solutions. Its
CEO is Mr. Nimesh Shah.

The AMC manages significant Assets under Management (AUM) in the mutual fund segment
ranging from Diversified to Sector specific Equity Schemes, Balanced and Fixed Income
Funds. The AMC also caters to Portfolio Management Services for investors, spread across the
country, along with International Advisory Mandates for clients across international markets
in asset classes like Debt, Equity and Real Estate.

ICICI Prudential Mutual Fund (the Fund) offers a wide range of retail and corporate investment
solutions across various asset classes - Equity, Fixed Income and Gold.

The Fund House has continuously aimed to provide investors with financial solutions to aid
them in achieving their lifecycle objectives. It has constantly been on the forefront of
innovation and has introduced various products aligned to meet customer needs, leading to a
well-diversified portfolio of around 47 mutual fund products, across equity and debt.

ICICI Prudential Mutual Fund gained investor trust by managing funds as per its investment
objectives and have been able to deliver superior risk adjusted returns. The consistent long term
performance was achieved on the strength of fundamentals, process driven investment
approach with enough flexibility for the fund managers to manage their funds in their
respective unique style and insight.

3.2 Overview of Axis Asset Management Company

Axis AMC Ltd is the third largest of the private- sector AMCs in India offering a
comprehensive suite of financial products. It was founded in the year 1993 as UTI AMC. The
AMC has its head office in Mumbai and Registered office in Ahmedabad. Its CEO is Shikha
Sharma. It has 3304 branches and nine international offices. It offers the entire spectrum of
financial services large and mid-size corporates, SME, and retail businesses. Some of its
subsidiaries are Axis Mutual Fund Trustee Ltd, Axis Securities Ltd., Axis Direct, Axis Asset
Management Company

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Axis Asset Management Company Limited is a privately owned investment manager. The firm
manages equity, fixed income, and balanced mutual funds and hedge funds for its clients. It
invests in the public equity, fixed income, and alternative markets of India. The firm also
invests in gold for some of its funds. It is based in Mumbai, India. Axis Asset Management
Company Limited operates as a subsidiary of Axis AMC Limited.

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 4 CRM Practices in Companies
4.1 Introduction to CRM at ICICI
CRM is an acronym for Customer Relationship Management. It is a set of strategies,
processes, metrics, organizational culture and technology solutions that enhance an organization's ability to see
the differences in its present & prospective customers, track new opportunities to better serve customers and act,
instantly and profitably, on those differences and opportunities. Recently CRM has taken a center stage in the
business world with businesses concentrating on saving money and increasing profits by redefining internal
processes and procedures. It costs a company dramatically less to retain and grow an existing client, than it does to
court new ones. The aim of CRM is to optimize the use of technology and human resources.CRM services consist
of the following major segments: Consulting services Implementation services CRM Outsourcing services
Training services.
CRM at ICICI AMC involves increased communication between the AMC and its present and
prospective customers. Its philosophy focuses on each and every customer
s satisfaction. CRM facilitated coordination of multiple business functions & multiple channel of communication
with the customers to carry out customer management more efficiently. It also automated the process flow
tracking in the product sales process and helped generate customized reports and promote cross-selling. The typical
components of a CRM strategy at ICICI are as follows:

Understand and differentiate:

Understanding customers is important in order to develop a sound relationship with them. Customer profiling is
done in order to understand demographics purchase pattern and channel preference. CRM also helped Extraction,
Transformation & Loading . ICICI in valuation of its customers to understand customer profitability and Customer
Life Time Value (CLV).

Develop and customize:

In a customer centric business environment, the products and processes have to be according to customer
needs and preferences. ICICI has always focused on developing channels of service delivery
according to customers need and service expectation.

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Interact and Deliver:
To foster a strong customer relationship ICICI ensured that all areas of the AMC have easy access to relevant,
actionable customer information and employees should be trained on how to use customer information to tailor
interactions based on both customer needs and potential customer value.

Acquire and Retain:

CRM helped ICICI to figure out valuable customers and made it easy to formulate retention strategies for them. It
also helped it cope up with the change in customer life cycle and offer services accordingly.
IMPLEMENTING CRM AT ICICI AMC
Implementing the CRM at ICICI AMC
The key to implementing CRM was in understanding organization and customers in a better way. There are five
interrelated areas that were taken care of before implementing CRM:
Business Focus
Organizational Structure
Business Metrics
Marketing Focus and Technology
Business Focus:
There are various components of CRM like customer information, sales ,marketing trends and marketing efficacy
that acted in tandem to improve relationship between ICICI and its consumers. ICICI captured customer data and
analyzed them while dealing with customers at these very touch points. A CRM solution from Siebel was
implemented for the automation of customer handling in all key retail products of the Group. The solution allows
customer service agents to track all customer complaints and requests. It also allows target setting and centralized
tracking of turnaround times for request fulfillment. The solution went live in phases during fiscal 2002. The AMC
has also undertaken a retail data warehouse initiative to achieve customer integration at the back-office. This central
view of the total customer relationship is being used extensively for identifying opportunities to cross-sell new
products and services to the existing customer base.
Technology Focus:
ICICI AMC continues to leverage ICT2 as a strategic tool for its business operations to gain competitive
advantage. Its technology strategy emphasizes enhanced level of customer services through 24x7 availability,
multi-channel AMCing and straight through processing, and cost efficiency through optimal use of electronic
channels, wider and focused market reach and opportunities for cross-selling. The Technology Management
Group (TMG) is
the focal point for the ICICI Group technology strategy and Group-wide technology initiatives. This
group reports directly to the Managing Director & CEO.
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 A key to ICICIs success has been its ability to harness business information to CRM initiatives that
have fueled growth and helped attract more than 30 million customers. The foundation for ICICI AMC wide
ranging CRM programs is a Sybase IQ-based data warehouse. Developers had used a combination of PL/SQL
and BTEQ scripting, a proprietary technology specific to the data warehouse, for data extraction, transformation,
and loading (ETL). With its growing customer base, IT administrators recognized that the AMC needed a more
powerful, sophisticated data integration system to help ensure the warehouse lived up to its potential as an analytic
CRM engine that delivered tangible bottom-line results.

The next step in the CRM implementation process was gap analysis which essentially is assessing different
loopholes in:
i. Marketing, sales and service practices.
ii. Collection, capture, processing and deployment of customer information.
iii. Distribution and operations effectiveness at customer touch points.
BENCHMARKS/RESULTS

4.2 CRM PRACTICES AT AXIS AMC

CREATING VALUE THROUGH EXPERIENCE

As part of the implementation process, the CRMNEXT team will spend time understanding
requirements and to determine the best solution for improving business. With this approach,
specification costs and timelines can be effectively managed.

A key benefit of working with the CRMNEXT implementation team is the proven methodology
that is used to reduce risk and manage CRM projects for on-time delivery within the budget.

At CRMNEXT we follow a co-creative engagement process. Thus, we recognize the network

within an organization and the individuals affected by the new implementation, our team can
be influential for any issues. This approach is both collaborative and creative. Individual users
are at the very heart of this co-creation experience.

ENHANCING USER EXPERIENCE

.
Incorporate top management and end-user requirements in the CRM system pertaining to
fields, alerts and analytics.
Customize escalations and assignment rules after carefully considering best practices, internal
strategies and SLAs.

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 Data capture must be easy and the interface must be user-friendly across geographies. Users
should spend more time building rapport when interacting with customers than searching for
information. Many CRM implementations fail because of unnecessary complexities and over
customizing the system.
Existing data from multiple systems needs to be migrated into the new CRM solution and
depending on the architecture of the database and data quality, this can cause issues, a solution
should be identified early in the implementation.
The CRM solution should facilitate a better understanding of relationships with customers and
display information from across systems through a single view.
Reduce non-core activities and ensure consistent communication across the organization
through the CRM solution.

Advocate businesses to be customer centric

Boost revenues by understanding customer needs for products and services

Enhance customer loyalty through actionable customer insights

Bring product innovations by considering customers' needs

Increase wallet-share by maximizing customer longevity and lifetime value

Price products to maintain a competitive advantage

Understand future aspirations and needs for designing new products

Develop customer intuition for an early advantage

Offer relevant advice and quick solutions

To increase popularity through word-of-mouth on social media

CUSTOMER ACQUISITION MODELS

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Axis offer predictive analytics solutions for customer acquisition which use customer data,
transaction data and campaign data to arrive at optimal acquisition strategies, with this
approach, the prospect list that you have is based on science and you will have greater success
in turning them into profitable customers. Also, you can continue to improve the classifiers and
regression models by continuing to train the models with new data. This way your acquisition
strategy keeps up with changes in data.

CRM READINESS SERVICES

One of the most important contributing factors for CRM success is giving a thoughtful foresight
to the ground work that solidifies the CRM project's readiness capability. Axis engagement
team begins with a readiness assessment exercise called "Information Discovery" which
examines the current CRM challenges in detail and its supporting technology. We help your
organization in highlighting the opportunities for improvement and recommend the next steps.
The Information Discovery phase is divided into five phases - process study, process
visualization, reporting requirements, measurement requirements and integration requirements.

CROSS SELLING

Our cross sell analytics solution enables companies to leverage their existing customers and
drive incremental revenue by offering them products that they are most likely to accept. The
approach is flexible, hence you can quickly respond to changes in the marketplace and changes
in customer behavior. CRMnext's reporting and analytics tools are robust and scalable to grow
as your business grows.

CREATING A CUSTOMER RETENTION MODEL

First, organizations should begin their evaluations of customer data and customer loyalty with
a data audit. Identify different segments of customers and their loyalty attributes with data
profiling initiatives. Second, defining and understanding the data is just one step. Ideally, this
also needs to be shared within the organization. Finally, back-and-forth collaboration with
things like social media, where you can have that two-way communication for understanding
what a customer wants and needs and how to anticipate them over time.

Win back customer with powerful and customized models.

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5 Comparison of CRM practices of ICICI and Axis AMC
The CRM model of both companies is almost same. Both the companies use CRMnext for
better understanding of customer requirements and to determine the best solution for improving
business. Beside CRMnext ICICI AMC continues to leverage ICT2 as a strategic tool for its business
operations to gain competitive advantage. Axis uses predictive analytics solution for customer
acquisition. ICICI also uses analytical tools for customer acquisition but it is more dependent
upon customer profitability and customer life time value. Some approaches which are followed
in ICICI are:

Capturing leads across channels on a single integrated platform including web, mobile,
email, SMS, branch, etc
Displaying cross sell offers based on various triggers across all touch points with fast
track closure process
Managing end to end on boarding process on a single system by integration with back
office and line of business systems.
Auto-calculating the required number of leads, campaigns, interactions and conversions
on daily basis

Some CRM practices of Axis which are different from ICICI are:

Replaced excel sheets and trail mails with a convenient online system to manage
opportunity pipeline & activities
Catalyst Performance ModelerTM enabled smart planning and review of RM activities
from a single screen. This could roll-up on basis of hierarchies & teams
Real time visibility of targets, action plans and achievements for improving
collaboration and performance

Overall CRM practices followed by both the companies are quite good. But we look at the
customer base and retention ratio then we might consider that ICICI have better CRM
practices.

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 6 Suggestions

6.1 Suggestions to improve CRM practices in the AMC Industry

AMC need to understand the needs and demands of their target customers and then formulate
their strategies and practices to serve them efficiently and effectively. Technological solutions
are also compulsory but they must be user friendly. To make CRM a successful story, AMC
have to take some critical steps:

1) AMC should recognize the diversity of experience and needs of different customers.
2) AMC need to develop the propositions both relevant and practical, but not too complex.
3) AMC should get support from local media, newspapers and magazines to build
commitment and trust in the community and to reflect values and aspiration of local
community in services and products.
4) AMC should sponsor different social and cultural activities of their stakeholders to
build the mutual confidence and relationship.
5) Customer education programs should be launched to improve understanding of AMCs
procedures and decision making and increase comfort levels.
6) AMC should hire professional people from the local community they are trying to serve
to improve understanding and performance, also increased comfort levels and trust for
customers. Attractive salaries and befits can motivate employees to perform their duties
well.
7) AMC should focus on measuring current business volumes in branch/geographic
penetration, to help predict future value/growth patterns; in branch marketing research,
to ensure understanding of customers satisfaction levels, service expectations,
customer loyalty etc. and tracking the success of advertising and PR and transfer
learning into future campaigns.
8) Measurement is a key to the understanding, learning and improvement customer
experience. AMC sector management needs actively to articulate the need for an
improved and consistent customer experience and Branch Managers should localize
this approach and coach their staff to deliver it.
9) AMC should use customer friendly technology which their customer can use and
brings value in their life.
10) Complaints of customers should be resolved timely and effectively.
11) Delay in service delivery must be checked.
12) Behaviour of the staff must be good- Unresponsiveness of employees is a big no.
13) Wrong transactions and a disruption in service must be checked.

Overall, the customers perception of service quality is not very high in case of AMC. So it is
suggested that AMC may take steps to improve their service quality, strategies, and customer
interaction management strategies customer retention management strategies.

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Today, many businesses such as AMC, insurance companies, and other service providers
realize the importance of Customer Relationship Management (CRM) and its potential to help
them acquire new customers, retain existing ones and maximize their lifetime value. At this
point, close relationship with customers will require a strong coordination between IT and
marketing departments to provide a long-term retention of selected customers. This paper deals
with the role of Customer Relationship Management in AMC sector and the need for Customer
Relationship Management to increase customer value by using some analytical methods in
CRM applications. The present study provides some guidelines for customer relationship
management satisfied customers are loyal customer, their retention rate is much higher and so
is their overall profitability for the AMC. CRM offers the most holistic route for AMC to
enhance customer relationships. AMC can enhance customer retention, profitability and loyalty
and get an increased share of AMC from their customers. AMC need to embrace CRM as a
principle and adopt a strategy for managing customer relationships that effectively addresses
three key areas, customers, processes and technology. Finally AMC should take actions such
as recognition and delegation of work, freedom to handle customers grievances and
managements approval to take decision according to the situations.

6.2 Suggestions to improve CRM practices in both the Companies

The ultimate aim of the CRM practices is to make the customer retention and customer loyal.
This study shows that if customers are satisfied and personnel are experienced and
knowledgeable then also it would not be able to make its customers loyal. In this study satisfied
customers agree that they will not recommend this AMC to others, they might change the AMC
and this AMC does not meets the requirement of the customers hence do not create the loyalty
among customers. To make the customers loyal AMC should do the following practices

a. Anticipate and understand the needs and requirement of the customers and then offer them
products and services.

b. Provide them personal attention and care while serving them.

c. Effective grievance handling system and empathetic vision towards the customers.

d. Better service quality than competitors.

e. Attention to the customers etc.

f. Positive behaviour of the staff and friendly cooperation in enquiry counter.

g. Timely interaction and communication with the customer etc.

h. Developing innovative products and services for the customers to offer them differentiate
services than competitors.

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 7 Bibliography
https://www.crmnext.com/customers/axis-AMC

https://www.crmnext.com/customers/icici-AMC

https://www.icicipruamc.com/

https://www.axismf.com/

https://www.amfiindia.com/research-information/aum-data

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