They have realized the fact that CRM is a powerful tool to achieve success in their business. In pan-European customer CRM strategies, banks must be able to formulate local strategies that are unique for the particular country in which their specific branch is located hence allowing them to increase their competitive advantage of local and regional players.
For the purpose of this study, the research used an instrument which aimed to identify certain factors that would cause a particular UK bank customer to stay with their bank or in some cases leave them for a better one.
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According to the study of Cruickshank majority of the consumers find it hard to compare financial products, hence, implying that most of them are not adequately informed. Customer satisfaction is difficult to understand and is often defined in different ways. CRM is important to UK banks because it allows the aforementioned to be more customer-centered in terms of their strategic plans to management.
In the context of retail banking, Walsh, S.
The efforts taken by the banks to acquire more number of customers are not sufficient to expand the customer base. Therefore, there must be a drive among conventional product-oriented banks to become more customer-oriented, in order to align with the fundamentals of relationship marketing, which emphasises on customer satisfaction and loyalty as their key goal.
Any concept which is implemented would yield better results only when the same is maintained over a period of time. In context to banking, Keltner found that German banks as compared to American banks, able to maintain a constant market position during s and early s because of relationship oriented banking strategies.
Banks are now realizing the fact more than any other industry that long-term growth, longer customer lifetime value CLV and profitability are dependent on their ability to attract and retain loyal customers Wisskirchen et al.
The present study has also made an earnest attempt to develop an empirically tested Customer Relationship Model which could be used by the banks to enhance the effectiveness of CRM. During the s and the s, the notion of customer satisfaction which is weighed in terms of providing quality customer service and excellence has been perceived as providing good financial results and repeat purchase.
Some banks have the idea that the capability to reduce customer attrition and creating a full customer retention strategy is logical, albeit most of them believe that the process could be too complicated that such could eventually cause financial drawbacks Clapp, It is a well-accepted fact that associations with the customers prosper when marketers take the extra effort to reach the customers and to satisfy their unsatisfied needs and expectations.
Major reasons of banks in terms of the implementation of their CRM approaches could be traced on the need to acquire new clients while at the same time keeping the old ones.
CRM in the banking sector is of strategic importance [ 5 ]. Effective interaction between the bankers and the customers will help the banks to implement CRM in the best possible manner [ 7 ]. In order to solve this problem, European Banker proposed the implementation of a Relationship-based pricing strategy in which CRM could be used as a way for an implementation of an effective customer retention program.
This clearly indicates that the bank employees are highly confident in expressing their opinion about customer acquisition process.
Rather an effective conflict management approach requires identification of ways to minimize the emergence of conflicts and enhance learning and effectiveness in the organization. Chapter IV Research Results and Analysis of Findings Introduction This section of the research specifically focuses in terms of analyzing the secondary data focusing on two major UK banks: In addition, customer satisfaction could pave the way for an enhanced reputation and an increase of brand equity for a particular organization.
The various ways and means through which CRM is implemented by the banks determine the success or failure of the entire concept.
Whenever Barclays has decided to undergo internal or external strategic changes, they always assure that it is in accordance to the over-all good of its clients.
CRM is a concept which is closely related to Relationship Marketing RM which concerns mainly about organizing client information in order to create appropriate and thoughtful communication and action that could strengthen the bond between a particular company and its clients. For instance, usual transactions of customers could be recorded and be converted to a customer knowledge base that will serve for the purpose of analyzing or creating company rules and policies that would directly affect the customer.The impact of customer relationship management on the financial performance of an organization 1 Chapter 1-Introduction The impact of customer relationship management on the financial performance of an organization 2 Introduction This chapter provides an overview of the dissertation in brief.
Customer Relationship Management and Practices of Banks in the United Kingdom Essay Sample. Executive Summary. Customer Relationship Management (CRM) is one of the key factors for strong client retention and eventually creating a loyal customer base.
essay custom order Thesis On Customer Relationship Management In Banks topics for english research paper order of a research paper.
CUSTOMER RELATIONSHIP MANAGEMENT MODEL FOR BANKS Gayathry S * VIT University, India, Tel: +; Email: [email protected] Service industry has been the forerunners in implementing CRM practices. Customer Relationship Management in Banks.
Customer Relationship Management Model in Banks. The objective of this paper is to propose a framework on the Customer Relationship Management (CRM) practices among banks. The conceptual framework is design based on two marketing theories: (i) Relationship Marketing Theory and (ii) Customer Relationship Management Theory.
In this study, the concept of CRM is based on six. He also submitted that with aggressive marketing, about 5% of customers can generate 85 % profit of a bank. Customer Relationship management (CRM) is a business strategy that every bank should embrace.
Effective banking requires aggressive marketing, deployment of latest technologies and a superb customer service .Download