CRM ushers in a new era in banking sector

Banks play a pivotal role in keeping the economy running through monetary transactions. Currently, finding individuals not engaged in banking transactions is all but impossible. Bangladesh, being a densely populated country, presents ample opportunities for further growth of the banking sector. With the advent of digitisation in banking, people's interest in banks is increasing. To cope with the growing demand for banking service, banks need to expand their branches, which entail substantial investments in renting space, hiring new employees, and interior design.
One of the primary functions of banks is to handle cash deposits and withdrawals according to customers' needs. A large portion of bank employees is dedicated to this task, which often becomes complex and time-consuming, leading to customer dissatisfaction. The most viable solution to this problem is greater utilisation of Cash Recycler Machine (CRM). Presently, banks are heavily investing in CRM to streamline operations. Given that a significant number of bank customers primarily visit branches for cash transactions, establishing new branches demands considerable financial outlay.
By adopting CRM technology, banks can significantly reduce operational expenses compared to traditional cash counters manned by multiple employees. In the foreseeable future, CRM machines are poised to replace conventional cash counters in banks. Therefore, it's imperative for banks to prioritise CRM technology to bolster customer satisfaction and maintain a competitive edge in the market.

Md. Tajul Islam
Student
Islamic University, Kushtia
[email protected]