An Empirical Investigation into the Effects of Customer Relationship Management on Bank Performance in Nigeria

Adewale, Alawiye-Adams and Afolabi, Babatunde (2014) An Empirical Investigation into the Effects of Customer Relationship Management on Bank Performance in Nigeria. SSRN Electronic Journal. pp. 1-66.

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The information age has created a new segment of knowledgeable customers. It has become very imperative for Banks to pay close attention to the roles of more active groups of customers. This study therefore aims to provide the results of an in-depth investigation of the link between Customer Relationship Management (CRM) and Bank Performances in the financial services industry. Customer Relationship Management literature acknowledges the proactive nature of the firm's strategy by building on relationships with customers. Relationships help create unique, difficult to imitate knowledge for firms, which seek to understand how advances in relationship marketing enhance our understanding of knowledge required for competitive success, and how advances in relationship knowledge and marketing actually assist the process of advancing Bank Performance. For the purpose of this research, the historical and survey research methods were adopted. Data were collected from both primary sources, using some three Nigerian Commercial Banks (Access Banks, Skye Bank and Wema Banks) and secondary sources. Hypothesis formulate were tested using the chi-square analysis. The study found out that Customer Relationship Management has a positive impact on Banks performances. Customer relationship management is the process of managing detailed information about individual customer and carefully managing all customers touch points to maximize customer loyalty. A customer’s touch is any occasion in which a customer encounters the brand and product from actual experience to personal or mass communications to causal observation. Customer relationship management is used by banks and other organization as a business strategy to increase performance through customer satisfaction. The study therefore recommends amongst others that Banks Staffs should be adequately and continuously trained and equipped on practices in Customer Relationship Management and should be given frequent seminars reminding them on the importance of CRM and to also update their knowledge. And this would ensure inter-personal relationships between the staff and their customers to ensure free flow of information and complaints from the customers.

Item Type: Article
Subjects: H Social Sciences > HG Finance
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Depositing User: Mrs Oluwafunmilola Bankole
Date Deposited: 01 Apr 2020 13:23
Last Modified: 01 Apr 2020 13:23

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