1. look the same, alongside with customers getting

1. INTRODUCTION

 

Our
global economy buys, sells and communicates in countless ways; competitors are
everywhere and the barriers of market entry are low, increasing competitive
intensity. In this global environment where many products can start to look the
same, alongside with customers getting accustomed to new technologies at a
breathtaking speed,  what really sets a
company to stand out of the mass and win fame is, the quality of customer
service it provides. However, that is not always that simple as among other
variables different customers have different expectations.           

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Service
providers such as banks and insurance companies are also expected to face major
difficulties in domestic growth with increasing number of players in an already
highly competitive market. Businesses need to realize the importance of
Customer Relationship Management (CRM) and its ability to help them acquire new
customers, retain existing ones and maximize their lifetime value, in order to
be able outdo overall competitors’ performance.

 

1.1 PROBLEM STATEMENT

“Banking is important, Banks are not.” –
Bill Gates. Competition and globalisation in the banking sector are forcing
banks to be more productive and profitable. Innovative Customer Relationship
Management (CRM) strategies and cutting edge software can help, to a great
extent, in achieving the desired results. It is a practice that encompasses all
marketing activities directed toward establishing, developing, and maintaining
successful customer relationships. The focus of relationship marketing is on
developing long-term relationships and improving corporate performance through
customer loyalty and customer retention. The purpose of this study is to
analyse the extent to the banking sector is engaging itself in retaining existing
customers and acquiring new ones through Customer Relationship Management and
Quality Services.

“Retail banking refers to
mass-market banking where individual customers typically use banks for services
such as savings and current accounts, mortgages, loans (e.g. personal, housing
and educational), debit cards, credit cards, depository services, fixed
deposits, investment advisory services (for high net worth individuals) etc. Before
Internet era, consumers largely selected their banks based on how convenient
the location of bank’s branches was to their homes or offices. With the Advent
of new technologies in the business of bank, such as Internet banking and ATMs,
now customers can freely choose any bank for their transactions. Thus the
customer base of banks has increased, and so has the choices of customers for
selecting the banks.” (Dr. Pavnesh Kumar, 2012)

 

1.2 BACKGROUND OF THE STUDY    

The
objective of this framework is to understand the functioning of the banking
sector and analyse the different metrics being used to add value to its
customers, employees as well as to the overall performance of the bank. This
study would determine to which extent the bank is responding to customers’
expectations and whether further improvements could be made to their system to
be more competitive on the industry. In addition to the above, the
accessibility of data throughout the multiple touch points such as customers, Customer
Service Representatives (CSR), Branch Manager and the Quality Department Staffs
should not be recorded independently on spreadsheets but rather regrouped on a
particular database or business intelligence tool. 

The research will be conducted at Bank One Limited whose vision is “To be the ONE bank of choice” – Company’s
Profile 2016.       

The
aim of this study is to analyse how far Bank One Limited is engaged in
delivering quality service, building customer loyalty, valuing the experiences
of their customers, retaining existing clients as well as determining accuracy
in customer data exchange.

The
objectives of this study are to:

•             
To evaluate customer satisfaction towards
the Bank;

•             
Evaluate how workers are committed to work
with CRM techniques and;

•             
How it contributes to the success of the
Bank;

•             
To improve the bank relationship with its
customers;

•             
To assist in customer retention and drive
sales growth

 

1.3 THE SIGNIFICANCE OF THE STUDY

This research will explore the various CRM approaches and thus determine the
fortes and weaknesses of the current CRM models at Bank One Limited. Based on
the research surveys, recommendations will be proposed on how the Bank can
improve its current CRM practices with the view of fostering sustained
relationship with its customers.

 

 

 

1.4 THE STRUCTURE OF THE STUDY

The thesis is divided into seven main components as listed below:  

Chapter
1: Introduction

This
chapter introduces “Customer Relationship Management” and a brief background of
the Banking Industry. It provides an overview on the research objectives,
significance of this study and eventually the problem statement. Finally, it
involves the chapter classification together with a briefing of each chapter in
this study.

Chapter
2: Literature Review I

This
chapter consists of a review of literature on the theme from various authors.
It consist of definitions and evolution of marketing, the advent of CRM, CRM
concepts, components, benefits of CRM and failure of CRM. Then different
techniques will be analysed with regards to what should be done to assess
customers and workers satisfaction.

Chapter
3: Company’s Profile & Banking Industry

This
chapter will introduce the Bank One Limited and would highlight the different
CRM practices adopted by the hotel together with the CRM in the banking
sector. 

Chapter
4: Research Methodology

This
chapter deals with the research methodology and shows the seven steps of a
marketing research. It includes problem definition, research design, data
collection methods and forms, sample and method of analysis of finding and
report writing.

Chapter
5: Analysis of findings

This
chapter will demonstrate the findings and a detailed analysis of each question of
the survey questionnaire. Bar charts, Pie charts and tables are used to
illustrate the findings.

Chapter
6: Recommendation 

This
chapter will be based on the interpretation of the main findings. Appropriate
recommendations will be provided in areas where CRM at Bank One Limited can be
improved, so as to develop and maintain long term relationship which in turn
leads to customer loyalty and retention.

Chapter
7: Conclusion

Finally,
the conclusion will give an insight of the whole research process, how far
those set objectives mentioned above has been exploited and what are the
different improvement would help the organisation in flourishing.