Benefits of e-CRM for banks and their customers: case studies of two Swedish banks

University essay from Luleå tekniska universitet/Industriell ekonomi och samhällsvetenskap/Industrial marketing and e-commerce

Author: Srinivas Anumala; Bollampally Kishore Kumar Reddy; [2007]

Keywords: -;

Abstract: The customer relationship management (CRM) is essential and vital function of customer oriented marketing. Its functions include gathering and accumulating customer-related information in order to provide effective services. e-CRM is a combination of IT sector but also the key strategy to electronic commerce. e-CRM is a combination of software, hardware, application and management commitment. Aim of e-CRM system is to improve customer service, develop a relationship and retain valuable customers. e-CRM is a concern for many organizations especially banking sector. The purpose of this study is to gain a better understanding of the benefits e-CRM to customers and organization in banking industry. To justify the purpose two research questions have been addressed and on the basis literature review, a frame of reference was developed which helped us to answer the research questions and collect data. A qualitative research approach was used for this study. Empirical data was collected through in-depth interviews were conducted with two Swedish banks and a group of their customers. In the last chapter findings and conclusions were drawn on the basis on research questions. Our findings indicate that Swedish banks are well aware of the benefits and applications of the e-CRM and use the system to maintain good relationships with their customers. Our findings also indicate that with the implementation of e-CRM and the latest technologies. We have found that both the banks seem to have same description about the benefits of e-CRM. We found that both banks have maintained good relationships with customers due to the usage of e-CRM. Our finding indicates that with the implementation of e-CRM and the latest technologies banks have ensured full security for the transactions of their customer's. e-CRM facilitates the organizations to provide one to one services and also maintain the transaction security of the customers.