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  • 1. Saad Hasan Niazi, Riaz Ahmed Khamboo & Kamran Haider Naqvi BAHRIA UNIVERSITY | KARACHI CAMPUS Customer Relationship Management SIR MUMTAZ KHAN
  • 2. 1 LITERATURE REVIEW CUSTOMER RELATIONSHIP MANAGEMENT In literature, many definitions were given to describe CRM. The main difference among these definitions is technological and relationship aspects of CRM. Some authors from marketing background emphasize technological side of CRM while the others consider IT perspective of CRM. From marketing aspect, CRM is defined as “...A combination of business process and technology that seeks to understand a company’s customers from the perspective of who they are, what they do, and what they are like” [Couldwell 1998]. Technological definition of CRM was given as “... The market place of the future is undergoing a technology-driven metamorphosis” [Peppers and Rogers 1995].Consequently, IT and marketing departments must work closely to implement CRM efficiently. Meanwhile, implementation of CRM in banking sector was considered by [Mihelis et al. 2001]. They focused on the evaluation of the critical satisfaction dimensions and the determination of customer groups with distinctive preferences and expectations in the private bank sector. The methodological approach is based on the principles of multi-criteria modeling and preference disaggregation modeling used for data analysis and interpretation. [Yli-Renko et al. 2001] have focused on the management of the exchange relationships and the implications of such management for the performance and development of technology-based firms and their customers. Specifically the customer relationships of new technology-based firms have been studied. [Cook and Hababou, 2001] was interested in total sales activities, both volume-related and non- volume related. They also developed a modification of the standard data envelope analysis (DEA) structure using goal programming concepts that yields both a sales and service measures.
  • 3. 2 [Beckett-Camarata et al. 1998] have noted that managing relationships with their customers (especially with employees, channel partners and strategic alliance partners) was critical to the firm’s long-term success. It was also emphasized that customer relationship management based on social exchange and equity significantly assists the firm in developing collaborative, cooperative and profitable long-term relationships. [Yuan and Chang 2001] have presented a mixed-initiative synthesized learning approach for better understanding of customers and the provision of clues for improving customer relationships based on different sources of web customer data. They have also hierarchically segmented data sources into clusters, automatically labeled the features of the clusters, discovered the characteristics of normal, defected and possibly defected clusters of customers, and provided clues for gaining customer retention. [Peppers 2000] has also presented a framework, which is based on incorporating e-business activities, channel management, relationship management and back-office/front-office integration within a customer centric strategy. He has developed four concepts, namely Enterprise, Channel management, Relationships and Management of the total enterprise, in the context of a CRM initiative. [Royals and Knox 2001] have identified the three main issues that can enable the development of Customer Relationship Management in the service sector; the organizational issues of culture and communication, management metrics and cross-functional integration especially between marketing and information technology. DEFINING CRM Customer Relationship Marketing is a practice that encompasses all marketing activities directed toward establishing, developing, and maintaining successful customer relationships. The focus of relationship marketing is on developing long-term relationships and improving corporate performance through customer loyalty and customer retention. Customer Relationship Management (CRM) as the name suggests, the primary focal point is placed on the customer.
  • 4. 3 The key objective is to increase customer value over time by increasing customer loyalty. If a company develops better customer relationships, it also improves business processes as well as its profits. In general, CRM is a more efficient automated method used to connect and improve all areas of business to focus on creating strong customer relationships. All forces are coupled together to save, improve, and acquire greater business to customer relationships. The most common areas of business that are positively affected include marketing, sales, and customer service strategies. CRM helps create time efficiency and savings on both sides of the business spectrum. Through correct implementation and use of CRM solutions, companies gain a better understanding of their strongest and weakest areas and how they can improve upon these. Therefore, customers gain better products and services from their businesses of choice. In order to achieve better insight on CRM, it is essential to consider all of its components. STUDY OF BANKING SECTOR The Pakistan banking can be broadly categorized into nationalized (government owned), private banks and specialized banking institutions. The state bank of Pakistan acts a centralized body monitoring any discrepancies and shortcoming in the system. Ever since nationalization of banks took place in 1969, the public sector banks or the nationalized banks have acquired a prominent place and has since then seen tremendous progress. The need to become highly customer focused has forced the slow-moving public sector banks to adopt a fast track approach. The unleashing of products and services through the net has galvanized players at all levels of the banking and financial institutions market grid to look anew at their existing portfolio offering. Conservative banking practices allowed Indian banks to be insulated partially from the Asian currency crisis. Pakistani banks are now quoting at higher valuation when compared to banks in other Asian countries (viz. Hong Kong, Singapore, Philippines etc.) That has major problems linked to huge Non Performing Assets (NPAs) and payment defaults. Co-operative banks are nimble footed in approach and armed with efficient branch networks focus primarily on the ‘high revenue’ niche retail segments. The Pakistani banking has finally worked up to the competitive dynamics of the ‘new’ Pakistani market and is addressing the relevant issues to take on the multifarious challenges of globalization. Banks that employ IT solutions are perceived to be ‘futuristic’ and proactive players, capable of meeting the multifarious requirements of the large customer base.
  • 5. 4 Private Banks have been fast on the uptake and are reorienting their strategies using the internet as a medium The Internet has emerged as the new and challenging frontier of marketing with the conventional physical world tenets being just as applicable like in any other marketing medium. The Pakistani banking has come from a long way from being a sleepy business institution to a highly proactive and dynamic entity. This transformation has been largely brought about by the large dose of liberalization and economic reforms that allowed banks to explore new business opportunities rather than generating revenues from conventional streams. The banking in Pakistan is highly fragmented with 30 banking units contributing to almost 50% of deposits and 60% of advances. Pakistan nationalized banks continue to be the major lenders in the economy due to their sheer size and penetrative networks which assures them high deposit mobilization the State Bank of Pakistan act as a centralized body monitoring any discrepancies and shortcoming in the system. It is the foremost monitoring body in the Pakistani financial sector. RELATIONSHIP MARKETING IN BANKS CRM IN BANKING Retail banking refers to mass-market banking where individual customers typically use banks for services such as savings and current accounts, mortgages, loans (e.g. personal, housing, auto, and educational), debit cards, credit cards, depository services, fixed deposits, investment advisory services (for high net worth individuals) etc. Before Internet era, consumers largely selected their banks based on how convenient the location of bank’s branches was to their homes or offices. With the Advent of new technologies in the business of bank, such as Internet banking and ATMs, now customers can freely chose any bank for their transactions. Thus the customer base of banks has increased, and so has the choices of customers for selecting the banks. This is just the beginning of the story. Due to globalization new generations of private sector banks and many foreign banks have also entered the market and they have brought with them several useful and innovative products. Due to forced competition, public sector banks are also becoming more technology savvy and customer oriented. Thus, Non-traditional competition, market consolidation, new technology, and the proliferation of the Internet are changing the competitive
  • 6. 5 landscape of the retail banking industry. Today’ retail banking sector is characterized by following:  Multiple products (deposits, credit cards, insurance, investments and securities)  Multiple channels of distribution (call center, branch, Internet and kiosk)  Multiple customer groups (consumer, small business, and corporate) Today, the customers have many expectations from bank such as 1. Service at reduced cost 2. Service “Anytime Anywhere” 3. Personalized Service With increased number of banks, products and services and practically nil switching costs, customers are easily switching banks whenever they find better services and products. Banks are finding it tough to get new customers and more importantly retain existing customers. According to a research by (Reichheld and Sasser) in the Harvard Business Review, 5% increase in customer retention can increase profitability by 35% in banking business, 50% in insurance and brokerage, and 125% in the consumer credit card market. Therefore banks are now stressing on retaining customers and increasing market share. CRM – SUCCESS STORIES IN THE BANKING INDUSTRY Many studies have reported that banks which develop a customer-centric strategy get higher profits (Formant, 2000; Melnick et al., 2000). Starting from the early services of ATMs, the banking industry then began to offer telephone banking, network banking, customer care centers, etc., which have gradually increased the investment in front-office systems, which itself is directly related to the customers (Liu, 2007). Several banks in the United States, Canada and Europe etc. are ahead in responding to the customer related queries and provide better services at branch, call centre, and even using the internet banking. In this section, we present CRM success stories of banks in developed countries i.e., Canada and USA, and developing country i.e., Pakistan. These leading banks are known for their best customer support and services.
  • 7. 6 CRM OBJECTIVES IN BANKING SECTOR The idea of CRM is that it helps businesses use technology and human resources gain insight into the behavior of customers and the value of those customers. If it works as hoped, a business can: provide better customer service, make call centers more efficient, cross sell products more effectively, help sales staff close deals faster, simplify marketing and sales processes, discover new customers, and increase customer revenues. It doesn't happen by simply buying software and installing it. For CRM to be truly effective an organization must first decide what kind of customer information it is looking for and it must decide what it intends to do with that information. For example, many financial institutions keep track of customers' life stages in order to market appropriate banking products like mortgages or IRAs to them at the right time to fit their needs. Next, the organization must look into all of the different ways information about customers comes into a business, where and how this data is stored and how it is currently used. One company, for instance, may interact with customers in a myriad of different ways including mail campaigns, Web sites, brick-and-mortar stores, call centers, mobile sales force staff and marketing and advertising efforts. Solid CRM systems link up each of these points. This collected data flows between operational systems (like sales and inventory systems) and analytical systems that can help sort through these records for patterns. Company analysts can then comb through the data to obtain a holistic view of each customer and pinpoint areas where better services are needed. In CRM projects, following data should be collected to run process engine: 1) Responses to campaigns, 2) Shipping and fulfillment dates, 3) Sales and purchase data, 4) Account information, 5) Web registration data, 6) Service and support records, 7) Demographic data, 8) Web sales data.
  • 8. 7 NEED FOR CRM IN THE BANKING INDUSTRY A Relationship-based Marketing approach has the following benefits:  Over time, retail bank customers tend to increase their holding of the other products from across the range of financial products /services available.  Long-term customers are more likely to become a referral source.  The longer a relationship continues, the better a bank can understand the customer.  Customers in long-term relationships are more comfortable with the service, the organization, methods and procedures.  Consumers largely select their banks based on how convenient is the location of bank to their homes or offices.  The pressures of competitive and dynamic markets have contributed to the growth of CRM in the Financial Services Sector. And analysis suggests that a 5% increase in customer retention can increase profitability by 35% in banking business, 50% in insurance and brokerage, and 125% in the consumer credit card market. RESEARCH METHODOLOGY HYPOTHESIS: HO Our Hypothesis is my using customer relationship management (CRM) in banking sector we assume that customer will be highly satisfied. RESEARCH APPROACHES In this section, we present the ways in which the research work can be approached. Research can be approached in various ways depending on the type of research to be conducted. Generally, in information systems, there are two different ways of conducting a research i.e., quantitative approach and qualitative approach. The Quantitative research technique is used to gather quantitative data such as information dealing with numbers and anything that is measurable. Statistics, tables and graphs, are often used to present the results of these methods (Wikipedia,
  • 9. 8 2009b). According to Myers (2008), Qualitative research methodology was developed in the social sciences to enable researchers to study social and cultural phenomena. Examples of qualitative methods are action research, case study research and ethnography. Qualitative data sources include interviews and questionnaires, documents and texts, and the researcher’s impressions and reactions. PROPOSED METHODOLOGY FOR CURRENT RESEARCH The selection of a research methodology highly depends on the type of research which is to be carried out. Since, the nature of the current research is more qualitative as it does not require quantitative data such calculations, exact results, numbers and anything that is measurable. On the other hand, the current research is highly focused on social and cultural aspects. For that reason, a case study approach and its techniques seems relevant for the nature of current research. Therefore, the current research is based on the qualitative research technique using the case study approach. CASE STUDY RESEARCH According to Myers (2008), the term "case study" has multiple meanings. It can be used to describe a unit of analysis (e.g. a case study of a particular organization) or to describe a research method. The discussion here concerns the use of the case study as a research method. Case study research is the most common qualitative method used in information systems (Orlikowski and Baroudi, 1991; Alavi and Carlson, 1992). Although there are numerous definitions for instance Yin (2003) in his work defines the scope of a case study as follows: A case study is an empirical inquiry that:  Investigates a contemporary phenomenon within its real-life context, especially when the boundaries between phenomenon and context are not clearly evident (Yin 2003).
  • 10. 9 DATA COLLECTION TECHNIQUES FOR QUALITATIVE CASE STUDY RESEARCH Yin (2003), argue that for conducting a case study research, the preparation for data collection can be complex and difficult. If they are not handled well, the entire case study investigation can be jeopardized, and all of the earlier work. The author further discuss that there are six sources of evidence available which are the most commonly used in doing case studies: documentation, archival records, interviews, direct observations, participant-observation, and physical artifacts. The data collection technique used for the purpose of current research is presented in the following section. INTERVIEWS FOR THE QUALITATIVE CASE STUDY RESEARCH From the list of available qualitative data collection techniques, interviewing is the initial and most important component for conducting a case study research as it describes the exact requirements and provides the starting point for designing the case study approach. According to Yin (2003), while conducting an interview, the interviewer has two jobs: (i)to follow your own line of inquiry, as reflected by your case study protocol, and (ii) to ask you actual (conversational) questions in an unbiased manner that also serves the needs of your line of inquiry. Initially, from different banks across Pakistan, two different questionnaires were designed to conduct interviews from bank customers and employees in terms of the use of CRM. At least, ten persons volunteered for each questionnaire. The major questions used for these interviews are: INTERVIEW QUESTIONS FROM CUSTOMERS During the interviews from different bank customers in Pakistan, the main focus was to identify the problems customers are facing using the facilities from their bank. The interview questions asked from the customers are used from the following broad category.  Products and services used by customers,  Call centers,
  • 11. 10  Response time of query,  Speed of processing transactions,  Security issues with internet banking, online shopping etc.,  Convenience,  Trust.  Interview questions from bank employees In most of the Pakistani banks, CRM is operated by their I.T department which records and handles customer information. These banks have installed the latest CRM packages and have the most up-to date computers. The interview questions asked from different I.T personnel and bank managers are based on the following broad category.  The use of CRM (Its packages used by banks),  Products and services offered by banks to its customers,  Services in terms of business customers vs. individual customers,  Dealing with customer queries,  Interacting with customers,  Data warehousing,  Knowledge management, SAMPLE FAISAL BANK PRIVATE LIMITED INSTRUMENTS All Types of Questionnaires  Focus Groups  Existing Records  Interviews  Performance Evaluations  Employee Satisfaction  Customer Satisfaction
  • 12. 11 SCALE OF MEASUREMENT Ordinal scale of measurement is used for current research VALIDITY AND RELIABILITY The items selected for the customer loyalty survey were taken from scales having established validity and reliability. All the same, content validity was checked using two academics and three marketing practitioners and it was found to be a good measure of customer loyalty. Further, the questionnaire was pre-tested on 10 bank customers having characteristics very similar to the targeted audience. The pretesting results revealed that the scale is easy to understand and unambiguous. The bank managers advised that the questionnaire be translated into the local business language, that is, English as many of the high and medium RV customers, even though quite wealthy, may not be fully proficient with written English. Therefore, the questionnaire was translated into Urdu using the method of back translation (Zikmund, 2003). Further, the questionnaires were pre-tested with 10 bank customers having characteristics similar to that of the final target audience. The pre-testing indicated that the translation was perfect and that there was no miscommunication or misinterpretation. Regarding external validity, since the sampling was non-probability in nature, done separately for each of the selected 10 branches, cannot be fully generalized to the respective bank (Malhotra, 2006). RESPONDENTS FOR THE STUDY The respondents for the customer loyalty survey comprised the high and medium RV (Responding Variables) retail customers of the selected Bank. Each of the two categories of retail customers has been earlier defined in terms of business contribution. The questionnaires were given to the bank managers for getting it filled up by their High and Medium RV retail customers. For banks having more than one branch, all branches having significant proportion of high and medium RV customers in the retail banking segment were approached for the survey. The problem of missing data was solved by discarding such questionnaires.
  • 13. 12 INCREASING RESPONSE – QUALITY AND QUANTITY Random sampling using mail questionnaires could not be attempted because of strict privacy codes prevailing in the banking industry which prevent sharing of customer contact details with outside parties. Also, many banks had reservations regarding allowing any external researcher to conduct survey within the bank premises. Further, since the survey was targeted at the premium retail customers whose visits to the bank premises are infrequent, it was felt that the only way to complete the survey would be through the support and co-operation of the bank managers. The managers of the selected banks were given a set of customer loyalty survey questionnaires with a request to get it self-administered by their High and Medium RV retail customers as and when these customers visit the branch. The bank managers were clearly instructed to encourage the respondents to present both positive and negative feelings about the bank using the questionnaire. The bank managers were also told that a copy of the findings will be provided to them and it will be up to them to decide whether to share it with the top management. This was done so that they do not get disturbed if the respondents give lower ratings for customer loyalty. Further, they were told that the findings would be helpful to them to get an idea about the current state of customer loyalty. All the bank managers were well educated and having good work experience (in the range of 8 to 15 years) and they well appreciated the need to get unbiased responses. In addition, regular monitoring was done to check the proper conduct of the study. It is hoped that in light of these precautions, the limitations were minimized. Since a strong rapport had already been built with the managers of the selected banks, it can be further expected that the managers gave their full co-operation, thus ensuring that the distortions were minimum. Regarding the questionnaire, the layout was made simple, attractive and reader-friendly. The number of questions, based on the suggestions of several bank managers, was deliberately kept on the lower side so that the entire questionnaire can be filled up in less than 10 minutes in order to increase customer response.
  • 14. 13 Questionnaire Q1. From how many years you are using services offered by your bank? a. 0-2 Years b. 2-4 Years c. More than 4 Years Q2. Are you satisfied with the quality of product and services offered by your bank? a. Completely Dissatisfied b. Dissatisfied c. Neither Satisfied or Dissatisfied d. Satisfied e. Completely Satisfied Q3. Are you satisfied form the queries in a proper manner with in time? (Via call center) a. Completely Dissatisfied b. Dissatisfied c. Neither Satisfied or Dissatisfied d. Satisfied e. Completely Satisfied Q4. What is your satisfaction level with the range of services? (ATM, Debit cards, etc.) a. Completely Dissatisfied b. Dissatisfied c. Neither Satisfied or Dissatisfied d. Satisfied
  • 15. 14 e. Completely Satisfied Q5. What is your satisfaction level form the information they provide to you about new product and services offered by bank? a. Completely Dissatisfied b. Dissatisfied c. Neither Satisfied or Dissatisfied d. Satisfied e. Completely Satisfied Q6. Do you have any account in other banks? a. Yes b. No Q7. Your current bank is your first bank? a. Yes b. No Q8. What is the satisfaction level about the offering of any services which is currently being offered by other banks? a. Completely Dissatisfied b. Dissatisfied c. Neither Satisfied or Dissatisfied d. Satisfied e. Completely Satisfied
  • 16. 15 Q9. Are you satisfied with the maintaining good customer relations through its services? a. Yes b. No Level of Satisfaction Queries Information Service Compared to other Banks. Relationship Management Total Completely Dissatisfied 0 1 0 2 3 Dissatisfied 1 1 2 1 5 Neither satisfied nor Satisfied 1 0 2 0 3 Satisfied 3 3 0 1 7 Completely Satisfied 0 0 1 1 2 Total 5 5 5 5 20 LIMITATIONS As discussed earlier, the findings of the loyalty survey cannot be fully generalized. Second, since the questionnaires were mostly filled by the customers in the presence of the bank managers/officials, it is quite possible that the respondents may avoid giving negative answers. It is also possible that the bank managers might have given the questionnaires only to those customers who have high loyalty towards the bank and that way; again, biasing the results. However, the data collection exercise was very closely monitored to minimize possible distortions.
  • 17. 16 CONCLUSIONS AND FUTURE WORK In this paper, we have presented the background knowledge of CRM and uncover some of the major problems and weaknesses while using the CRM applications in the banking sector of Pakistan.  To ‘flush out’ the weaknesses and deficiencies of CRM system in the banking sector of Pakistan.  To design and suggest an ideal CRM strategy which covers the weaknesses and fulfils the requirements of CRM in the banking sector in Pakistan. Several issues are also needed to be addressed before suggesting the ideal CRM strategy in the banking sector of Pakistan. These are: o What are the cultural and political issues in terms of CRM implementation in the banking sector of Pakistan? o What is the process for defining and implementing of a CRM system in a developing country context? o How would CRM affect an overall banking business strategy in Pakistan? FUTURE OF CRM IN BANKING Bank merely an organization it accepts deposits and lends money to the needy persons, but banking is the process associated with the activities of banks. It includes issuance of cheques and cards, monthly statements, timely announcement of new services, helping the customers to avail online and mobile banking etc. Huge growth of customer relationship management is predicted in the banking sector over the next few years. Banks are aiming to increase customer profitability with any customer retention. This paper deals with the role of CRM in banking sector and the need for it is to increase customer value by using some analytical methods in CRM applications. It is a sound business strategy to identify the bank's most profitable customers and prospects, and devotes time and attention to expanding account relationships with those customers through individualized marketing, pricing, discretionary decision making. In banking sector, relationship management could be defined as having and acting upon deeper knowledge about the customer, ensure that the customer such as how to fund the customer, get to
  • 18. 17 know the customer, keep in touch with the customer, ensure that the customer gets what he wishes from service provider and understand when they are not satisfied and might leave the service provider and act accordingly. CRM in banking industry entirely different from other sectors, because banking industry purely related to financial services, which needs to create the trust among the people. Establishing customer care support during on and off official hours, making timely information about interest payments, maturity of time deposit, issuing credit and debit cum ATM card, creating awareness regarding online and e-banking, adopting mobile request etc are required to keep regular relationship with customers. The present day CRM includes developing customer base. The bank has to pay adequate attention to increase customer base by all means, it is possible if the performance is at satisfactory level, the existing clients can recommend others to have banking connection with the bank he is operating. Hence asking reference from the existing customers can develop their client base. If the base increased, the profitability is also increase. Hence the bank has to implement lot of innovative CRM to capture and retain the customers.
  • 19. 18 REFERENCES [1] Alavi, M., and Carlson, P., (1992) "A Review of MIS Research and Disciplinary Development", Journal of Management Information Systems 8(4):45-62 [4] Bhaduri, S., (2005) “CRM in banks – Serve thy customer”, Business Line Internet Edition, Financial Daily from The Hindu group of publications, [Online], Available from: [Accessed 06 February 2008] [1] Crosby, L.A., (2002) “Exploding Some Myths about Customer Relationship Management”, Managing Service Quality, Emerald Group Publishing Limited, 12(5): 271-277 [1] Day, G.S., (2000) Managing Market Relationships, Journal of the Academy of Marketing Science, 28(1):24 30 [2] Dyche’, J., (2002) “The CRM Handbook, A Business Guide to Customer Relationship Management”, Addison-Wesley, Information Technology Series [2] Formant ‘C (2000) “Customer Acquisition and CRM: A Financial Services Perspective”. In S.A.Brown (Ed), Customer Relationship Management: A Strategic Imperative in the World of E- Business, Toronto, John Wiley and Sons, 87-106 [2] Foss, B., (2002) “CRM in Financial Services: A Practical Guide to Making Customer Relationship Management Work” Milford, CT, USA, Kogan Page Ltd. [4] Genesys Digital Library (2005) “Union Bank Success Story-Financial Services”, [Online], Available from: F2B5EAF&view=item [Accessed 02 October 2008] [2] Imhoff, C., Loftis, L., Geiger, G.J., and Inmon, W.H., (2001) “Building the Customer- Centric Enterprise Data Warehousing Techniques for Supporting Customer Relationship Management”, Wiley Computer Publishing, New York. [4] Khirallah, K., (2001) “CRM Case Study: The Analytics that Power CRM at Royal Bank of Canada”, Tower Group, Needham, MA, USA, [Online], Available from: [Accessed 21 February 2008] [1] Kundi, G.M., and Shah, B., (2009) “IT in Pakistan: Threats and Opportunities for eBusiness”, The Electronic Journal on Information Systems in Developing Countries 36(8):1-31 [1] Ling, R., and Yen, D.C., (2001) Customer Relationship Management: An Analysis Framework and Implementation Strategies, Journal of Computer Information Systems, 41(3):82- 97
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