This document provides a literature review on customer relationship management (CRM) in the banking sector. It defines CRM and discusses its importance and objectives in banking. It also summarizes various studies on CRM implementation and success stories in banking. The proposed research methodology is a qualitative case study approach involving interviews with bank customers and employees to understand their experiences with and perspectives on CRM. The interviews will explore topics like products/services, customer service, and technology use. The goal is to assess if CRM improves customer satisfaction in banking.

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
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