Author(s): Deboshree Chatterjee, Savanam Chandra Sekhar and Kishore Babu M
Relationship marketing is a philosophy that is adopted by all progressive business organizations in recent times. The banking sector is standing in a dynamic market where competition and customer demand are ever-evolving. So, customer acquisition has become a costly affair, and customer retention has proven to be more fruitful. Studies suggested that inflated customer satisfaction results in customer loyalty and retention of customers in long run. Therefore, it is important to explore the correlation between an innovative relationship marketing approach and customer satisfaction. The present generation of scholars, academicians, and professionals provided sufficient evidence to prove that a relationship-oriented marketing approach aids in empowering the customers which later enhances their satisfaction. Satisfied customers show greater loyalty toward firms. This study tries to ascertain the role of customer empowerment in mediation which links the approach of relationship marketing with the satisfaction level of customers significantly. Data was collected from 800 customers from the various public sector and private sector banks. Factor analysis and reliability tests were done with the help of SPSS 25 software. Finally, with the help of the structural equation model, the correlation of customer relationship marketing with satisfaction was determined in the presence of empowerment as a mediator.