Customer Relationship Management in Bahrain Investment Banking Arena Essay Example
Due to the global financial crisis, financial institutions in Bahrain and the international banking industry have been greatly affected. The economic recession has affected their operations and productivity, thus prompting them to seek various solutions. As a service-oriented industry, the finance industry mainly relies on its customers for operational continuity and development. Therefore, strategies aimed at improving the relationship between customers and banking institutions could help rebuild and improve current conditions.
Despite setbacks, the banking industry can effectively rebuild their structure and operations by capitalizing on their primary asset - the customer. Harker & Zenios (2000: 15) argue that customer loyalty, which results from customer satisfaction, primarily stimulates profit and growth according to the service-profit chain. The value of services provided is largely influenced by employee satisfaction, which arises from high-quality support services and policies enabling
...employees to deliver results to customers. Customer Relationship Management (CRM) involves various strategies, approaches, policies, and practices concerning customers. CRM will be an important tool for banking institutions in addressing customer needs while raising the quality of services provided resulting in increased chances of success and productivity. This literature review explores CRM's definition, uses and outcomes as well as its contributions to the banking industry.
CRM has both a conceptual and practical definition.
According to Anderson ; Kerr (2001: 2), CRM refers to a thorough method of developing, sustaining, and broadening connections with customers. The term "comprehensive" and "approach" are commonly associated with CRM based on its definition. Being comprehensive implies that CRM covers all aspects and levels of an organization, not just Human Resources Management or marketing and advertising. CRM affects the organization's mission, vision, culture, and
overall goals and objectives (Anderson & Kerr 2001: 2-3). Additionally, as a concept, CRM acts as a way of thinking that assists businesses in devising and executing tactics and techniques to develop favorable and productive customer relationships.
"CRM as a practice refers to the implementation of customer-centered strategies across all areas and levels in an organization. This includes seamless integration of marketing, sales, customer services and field support through the integration of people, process and technology," states Calvert (2004: 151). Anderson and Kerr (2001: 3) also highlight that CRM involves a clear plan and can serve as a benchmark for other strategies within the organization.
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