Machine Learning Models for Customer Relationship Management to Improve Satisfaction Rate in Banking Sector

CRM with Machine Learning could bring a catalyst change in business culture of today’s time. This study’s objective was to examine Consumer perception and satisfaction level towards CRM practices followed by various financial institutions and pinpoint the opportunities for these businesses to raise their customer satisfaction levels. As customers are after all a core asset to any business due to this business houses are spending a lot of money on marketing just to expand their customer base. Several supervised and unsupervised machine learning techniques are utilized to improve the customer experience and profitability of business. This paper reviews the available literature on the CRM with machine learning techniques for customer identification, customer attraction, customer retention and customer development. Computational statistics, that focuses on generating predictions with the aid of computers, and various machine learning techniques are closely connected to one another (or frequently overlap eachother). Machine learning, tabulation, and other methods can be used in CRM to display the data points and their relationships.