Electronic Customer Relationship Management (eCRM) from the Perspective of Two Banks with Online Marketing in Pakistan : case of HSBC PK and Standard Chartered Bank PK

Abstract: This study observes an approach which is known as explorative because it aims to evaluate and examine online media as a tool for e-CRM. In addition, this involves the approach known as iterative also depends on the data, which is qualitative in congestion with observational information. This study builds on the existing literature and theories within customer relationship marketing (CRM). The subfield to CRM, called e-CRM, is further studied the phenomenon of online marketing and online CRM (customer relationship management) in a banking business context. The study builds upon empirical studies of two banks using online banking on a daily basis. The empirical material was collected through face-to-face interviews in order to gain knowledge and understanding of how corporations use e-CRM. Moreover, observations were conducted in order to gain a deeper understanding of how differently e-CRM was used by the two banks, and to see how customers reacted to their initiatives. e-CRM is a new way to interact, it involves rapid interactions that are spread faster and can be visible to anyone using the Internet. It comes along with many challenges as well as great opportunities. It is vital that managers can direct the employees to use online sources and e-CRM in a correct way in accordance with the brand values to avoid contradicting messages. It needs to be used by employees with social competence, as it involves interaction with customers. Organizations need to be involved in e-CRM and online media to be able to influence what people write about the corporation. It is a valuable channel in order to gain customer knowledge and customers' opinions about the business and their offerings. Its also a way to acknowledge complaints and thus be able to handle them. An adequate complaint handling can in turn enhance customer relationships. As e-CRM is a relatively new and constantly evolving phenomenon, it requires curiosity and courage. Further, it can be used to create emotional bonds with customers by providing a personalization.