How banks manage CRM: a B2B perspective

Abstract: Globalization and technology improvements have exposed companies to a
situation with tough competition. In this new era companies are focusing on
managing customer relationships in order to efficiently maximize revenues.
Today marketing is not just developing, delivering and selling, it is
moving towards developing and maintaining long term relationships with
customers. Relationship marketing is becoming important in financial
services. Managers really need to look at areas where opportunities lie,
because industry consolidation, virtual delivery channels and the ability
to move money around with a click of a mouse are making it easier for
customers to leave one bank for another. In this situation CRM is an
opportunity that banks can avail to rise above minor advantages by
developing actual relationships with their customers. The purpose of this
study has been to investigate how B2B CRM in banks can be described.
Definition and benefits of CRM, CRM processes, CRM technology and CRM
structure and people have been studied in three different banks. The
results revealed that banks know the term CRM very well. Banks have
implemented CRM processes which are considered necessary for a customer
centric organization. The studied banks have integrated technology with the
business process in a very good way and are following the CRM
organizational structure.