How banks manage CRM: a B2B perspective

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Globalization and technology improvements have exposed companies to a situation with tough competition. In this new era companies are focusing on managing customer relationships in order to efficiently maximize revenues. Today marketing is not just developing, delivering and selling, it is moving towards developing and maintaining long term relationships with customers. Relationship marketing is becoming important in financial services. Managers really need to look at areas where opportunities lie, because industry consolidation, virtual delivery channels and the ability to move money around with a click of a mouse are making it easier for customers to leave one bank for another. In this situation CRM is an opportunity that banks can avail to rise above minor advantages by developing actual relationships with their customers. The purpose of this study has been to investigate how B2B CRM in banks can be described. Definition and benefits of CRM, CRM processes, CRM technology and CRM structure and people have been studied in three different banks. The results revealed that banks know the term CRM very well. Banks have implemented CRM processes which are considered necessary for a customer centric organization. The ...