History suggests that recessions following financial crises are bigger than normal recessions with output losses being 2–3 times larger and recovery from recession following financial crises being slower, as we are witnessing now. The core reason for this is the leverage that gets built up in the run-up to the crisis which acts as a drag on the economy and slows down the recovery.
In order to enhance the effectiveness of the various channels such as branch banking, mobile banking and internet banking, banks may consider the use of a comprehensive CRM solution which would enable them to access the entire customer details and provide a 360 degree view across channels and products and enhance service quality. 12.