As mentioned by Aghaei et al. (2013), with the growth of banking industry customer relationship has become one of the major factors. That is, in current time banking industry is focusing on their customer relationship.
1.1 Aims of the research
As stated by Eid (2013), the main aim of the study is analyze the efficiency and effectiveness of customer relationship management process. On the other hand, research also aim in analyzing the customer loyalty towards UK banking industry.
1.2 Objective of the research
The main objective of the research study is as-
- Analysis and evaluation of customer relation management in UK banking segment
- To analyze the working and performance of other banks who have implemented customer relation management.
- To analyze the performance of banks with and without customer relationship management process.
H1 – UK banking industry have implemented customer relationship management
H0 – UK banking industry have not implemented customer relationship management
2. Literature review
In context to this Anabila and Awunyo (2013), customer relationship management, that is, CRM help in increasing productivity of the banking industry. The customer relationship method is the best way of increasing profitability in current scenario. As mentioned by Nikumanesh and Albadvi (2014), relationship aim in increasing the marketing and it also help in increasing the loyalty level of customers.
2.2 Importance of customer relationship management in UK banking industry
As mentioned by Owano et al. (2014), customer relationship management help in many ways in banking industry. As banking industry is mainly based on customer requirement and demand. So, customer relationship management helps in increasing the number of customers. On the other hand, it also helps in improving the performance level of banks in UK. In addition to this Sedigh and Alikhani (2013) stated, it also help in pulling the potential customers. Apart from this, it also helps in introducing new products and services of bank among the customers. As mentioned by Rajola (2013), the main reason behind implementation of customer relation management is increasing the level of loyalty of customer and others. CRM also help in analyzing the customer satisfaction level and it also help in collecting information regarding them. In context to this Eid (2013) stated, a good customer relationship strategy are; which help organization in improving the relation with customer. On the other hand, it also helps in attracting new customers regarding different set of banking services.
In context to this Aghaei et al. (2013) stated, with the change in technology in banking industry customer relation is the best way to interact with customers. On the other hand, it also help bank to know about the target audience demand and requirement in details. As mentioned by Eid (2013), CRM process is implemented by banking industries to expand their business and customer range. On the other hand, Aghaei et al. (2013) commented, many customer relation management process fails due to; insufficient collection of knowledge with the implementation process. Apart from this, the customer relation management is dependent on the database management of the banking industry in UK. As mentioned by Rajola (2013), there are some banks who only focus on loan distribution. So for them customer relationship is the main factor. That is, if they have proper customer relationship management then they will have high number of customers. On the other hand, customer relationship strategies also help in increasing the competitive advantage among the banks in UK.
The banking industries in present scenario are focusing on their expansion of business and customer range. This part is having discussion about importance of CRM in banking industry in UK.
3) Research Methodology
This part is based on data collection, data analysis and evaluation process form different sources. The main source of data collection in this research study is secondary data research.
3.2 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.
3.3 Data collection methods
The data collection method in this research study is 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 collection of their view was done with the help of interview and questionnaire.
The limitation in this research study was regarding time and budget constraint. The time allocated for the research was limited and collection of data in that time was tough.
This section of research study is having discussion about the limitation faced during this study. The most effective way regarding this is customer relationship management process.
Aghaei, A., Mostafapour, M. and Rezaei, H. (2013). Investigating the relationship between service quality and customer loyalty: A case study of banking industry. 10.5267/j.msl, 3(7), pp.2147-2154.
Anabila, P. and Awunyo-Vitor, D. (2013). Customer Relationship Management: A Key to Organisational Survival and Customer Loyalty in Ghanaâ€™s Banking Industry. IJMS, 5(1).
Eid, R. (2013). Managing customer trust, satisfaction, and loyalty through information communication technologies.
Nikumanesh, E. and Albadvi, A. (2014). Customer's life-time value using the RFM model in the banking industry: a case study. IJECRM, 8(1/2/3), p.15.
Owano, L., Alala, D. and Musiega, D. (2014). Relationship between Customer Service Innovation and Customer Satisfaction in the Banking Industry: A Case Study of Kenya Commercial Bank. IOSR Journal of Business and Management, 16(6), pp.22-31.
Rajola, F. (2013). Customer relationship management in the financial industry. Berlin: Springer.
Sedigh, A. and Alikhani, A. (2013). Investigating important factors influencing customer relationship management: A case study from banking industry. 10.5267/j.msl, pp.2909-2914.