Analysis of Customer Relationship Management on Deposit Account
Analysis of Customer Relationship Management on Deposit Account
Abstract
There is a major transformation occurring in retail financial services in all markets including emerging markets as a result of change, deregulation, and increased customer sophistication. Achieving a sustainable competitive advantage in the marketplace requires excellent customer service and relationship management. CRM and Business Performance in Nigerian Money Deposit Banks is the subject of this research. Our primary data collection instrument was a structured questionnaire distributed to ten functional and registered money deposit banks in the south-south region of Nigeria.
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Introduction
In recent years, practitioners and academics have become increasingly interested in customer relationship management (CRM). Numerous companies are implementing customer-centric strategies, programmers and tools to improve their customer relationship management processes in order to increase efficiency and effectiveness. Customer knowledge must be comprehensive and integrated if they are to develop close working relationships with their customers.
Marketing, sales, and customer service functions in organizations are becoming more integrated due to the advent of new channels and technologies. CMR is an enterprise approach to developing full knowledge of customer behavior for practitioners (Coltman 2006). Currently, marketing scholars are studying the nature and scope of CRM and developing conceptualizations of its value and process.
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Conclusion
Increasing competition and a climate of constant change are a result of economic globalization, making it more important than ever to win and retain customers. Banks have come to realize that CRM is a critical component of their success. Customer relationship management and business performance have been examined in this article, as well as the relationship between them. Our conclusions are based on our previous discussion of the observed findings: there is a significant correlation between customer relationship management and business performance of retail banks in the south-south zone of Nigeria; customer identification has the greatest impact on MP.
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