Table of Contents
Customer Relationship Management or CRM is a process that combines a company’s technology, strategies, and practices. This is done to analyze and manage customer data and interactions throughout the customer journey. The goal of CRM is to assist customer retention and improve customer service relationships, thereby driving sales growth. CRM systems compile various customer data across all platforms and establish a point of contact between the company and the customer. It can also enable the customer-facing executives to get detailed information of the customer, their purchase history, concerns and buying preferences.
As stated by Eid (2013), the main aim of the study is to analyse the efficiency and effectiveness of the customer relationship management process. This is necessary as the customer relationship management process is very crucial for the survival of the banks, especially in the UK. On the other hand, research also aims to examine customer loyalty towards the UK banking industry. This step is necessary as a loyal customer always contributes to the growth of the bank. Therefore, to achieve sustainable development of bank in the UK, it is very crucial to conduct thorough research.
Some of the key objectives of a research study are as follows:
In context to this Anabila and Awunyo (2013), customer relationship management, that is, CRM helps in increasing productivity of the banking industry. Thus, leading to the growth and sustainable development of the organisation. The customer relationship method is the best way of improving service and generating more revenue in the current scenario. As mentioned by Nikumanesh and Albadvi (2014), the relationship is focused on increasing marketing, and it also helps in improving the loyalty level of customers.
Customer Relationship Management is essential for every industry. However, CRM in the banking sector particularly can help organizations comprehend and deliver better customer experiences. Since customers are highly willing to share their information with the banks, there is no reason why CRM in banking industries in the UK should not be implemented. Here are some benefits banks can reap:
1. A Complete View Of Every Customer
When customer relationship management in the banking sector is implemented, the consolidated system integrates the banking software to provide a detailed view of every customer. From requesting loan information to depositing or withdrawing cash, everything can be recorded in the CRM. This provides a deeper insight into their presences and personal habits, enabling banks to align their products to achieve a specific goal.
2. Improves Retention
With customer relationship management in banks in the UK, a lot of customer data will be available at your fingertips. This can be used to deliver personalized customer experiences proactively. In addition, since you are able to record their personal information and preferences, you can enhance your strategies and services to retain them and promote loyalty.
3. Boost Sales
Since customer relationship management in banks enables you to read and understand your customer, you can get deeper insights into them. You can identify successful campaigns, trends, areas of improvement and anticipate your customer’s needs. This will allow you to tailor your marketing strategies in the future. You can use the CRM data to pinpoint areas of upselling and cross-selling.
The banking industries in the present scenario are focusing on the expansion of business and customer range. This part is discussing the importance of CRM in the banking industry in the UK.
Customer relationship management for financial services in the banking sector allows them to build a relationship with the customers. This, in turn, creates customers retention and loyalty. Since both of these are highly parallel to gaining revenue, CRM strategies result in profits for banks. Here are some factors why customer relationship is essential in UK banks.
Therefore, banks are always advised to include customer relationship management in banking industry to gather more new clients and retain the old ones.
This part is based on data collection, data analysis and evaluation process form different sources. The primary source of data collection in this research study is secondary data research.
2. Research Approach
The research method used while this research study is secondary research methods. The research is completed with the help of various UK banking websites and others (Rajola, 2013). On the other hand, the secondary research method is also completed with the help of online research websites and articles.
3. Data collection methods
The data collection method in this research study is the secondary and primary data collection methods. That is, for primary data collection 10 number of customer view were collected. And some major UK banks managers view regarding CRM of collected. The group of their opinion was done with the help of an interview and questionnaire.
The limitation of this research study was regarding time and budget constraint. The time allocated for the research was limited and the collection of data in that time was fierce.
This section of the research study is discussing the limitation faced during this study. The most effective way regarding this is the customer relationship management process.