Financial Infos. Issue (19)
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- Rudolf Fields
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1 Financial Infos Issue (19) Customer Relationship Management (CRM) Definition: In reply to increasing competitiveness in the global market, businesses are looking for means to manage their relations with customers more effectively over time. Consequently, customer relationship management (CRM) has become a central part of most businesses and many organizations are implementing CRM systems. Customer relationship Management (CRM) appears to be a simple and straight forward concept, but there are many different definitions and implementations of CRM. However, different authors agree that customer relationship management is an important strategy in managing customers, as it focuses on understanding customers as individuals instead of as part of a group. CRM is defined as a process of acquiring new customers, retaining the existent customers, and at the same time understanding, anticipating and managing the needs of an organization s current and potential customers.
2 CRM understanding ranges from IT driven programs designed to optimize customer contact to comprehensive approaches for the establishment and design of long-term relationships. Thus, CRM is the core business strategy that integrates internal processes and functions, and external networks, to create and deliver value to targeted customers at a profit. Consequently, IT and marketing departments must work closely to implement CRM efficiently. The fundamental idea of Customer Relationship Management is to improve customer satisfaction degree by analyzing the customers detailed information, therefore, to improve the corporate competition ability. It is grounded on high quality customer related data and enabled by information technology. But the success of CRM Strategy depends upon its ability to understand the needs of the customer and to integrate them with the organization s strategy, people, technology and business process. The role of CRM is quite different and distinguishable to traditional type of marketing; CRM participates not only in marketing but also in implementing the business as a strategy to acquire, grow and retain profitable customers with a goal of creating a sustainable competitive advantage. The main objective of CRM is to retain current customers through increasing their loyalty and to select new customers that provide higher profitability and to achieve net growth in the total customer base.
3 Why CRM is becoming important for the banking sector? The banking sector provides customer-oriented services where customers represent the KEY focus. They constitute one of the most important assets that a banking institution should preserve and continuously expand in a highly competitive market. CRM is a key element that allows a bank to develop its customer base and sales capacity and it is very vital in leading banks aiming towards high level and volume of profits. From the customer's points of view, the competition brings them various choices and increases their bargaining power. Today, customers are looking for various benefits from a bank; better service, lower transaction fees, higher interest rates, new products access channels and etc. Banks are aware of this fact and exploit new trends to continue their existence in the market especially by focusing on CRM as a significant way to protect market share and boost growth. As part of banking marketing strategy, the policy of CRM integrates the marketing process with the dynamic of banking services and customer care service in order to create efficiency. The effective relationship between customers and banks depends on the understanding of the different needs of customers at different stages. Target-group marketing segmentation techniques assist in establishing and maintaining long-term relationships of trust between banks and their customers.
4 The bank would need a complete view of its customers across the various systems that contain their data in order to understand customer preferences. The data and applications can help the bank to manage its customer relationship to continue to grow and evolve. At this point, close relationship with customers will require a strong coordination between IT and marketing departments to provide a long-term retention of selected customers. CRM is a differentiation strategy that banks can use to acquire, grow and retain profitable customers, with the goal of creating a sustainable competitive advantage. That is why today many banks use customer segmentation to serve its customers rather than giving the same service to all customers. Today customers look for individualized service from their banks and banks highly use focus differentiation strategies to satisfy customers. Further, by using CRM capabilities, banks can find out customers' needs and expectations faster than rivals and accordingly can launch innovative products and services that attract new customers and promote brand as a pioneer in the market. CRM Success Factors: 1- Change Management CRM is an evaluation. Change is inevitable". When new IT systems, software, etc. are deployed, the way people doing their jobs would also change, so cultural change adaptation is crucial. Instead of rushing, CRM team can prefer a gradual change to share their CRM strategies among the bank s staff.
5 Workshops and brainstorming meetings with sales, marketing, and customer service staff can be conducted. Banks train their employees and try to change their mindset from operation centric to customer centric. 2- Information Technology (IT) Nowadays many banks began to deploy new technologies according to their needs. With advanced technologies, they get the advantage of doing tasks faster and more accurately. There are various software for CRM implementation. 3- Human Resources Employees are the interface of the bank, and they highly affect its image. Thus, integrating employees into strategies and training them is very important to adapt them to CRM practices. 4- Management and leadership The change of mindsets must start from the management level and continue to all the levels of the organization with the support of management. Leaders/Mangers in a bank should have an important role in sharing CRM team s vision with the staff. For CRM to be truly effective, an organization must first decide what kind of customer information to look 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 to them at the right time to fit their needs. Then, the organization must look into all of the different types of information concerning customers, where and how this
6 data is stored and how it is currently used. One company, for instance, may interact with customers in different ways including mail campaigns, web sites, call centers, mobile sales force staff and marketing and advertising efforts. Solid CRM systems link up each of these points. Company analysts can then use the data to obtain a holistic view of each customer and pinpoint areas where better services are needed. In fact, CRM is a complex process that depends on the characteristics of the form of the organization and its culture. The models that banks have used to implement CRM are multiple and diversified by active interactions supported by networks. Consequently, CRM is supported by new technology as well as internet and other communication instruments. In fact, the basis of CRM implementation in the banking sector is segmentation, information network, algorithm, IT system and sales and customer support. CRM challenges: implementation Because of various reasons and apprehensions like financial burdens, risk of failure, marketing inertia etc., many banks are still following the traditional ways of marketing and only few banks are adapting CRM. Banks faced many challenges that decrease the speed of CRM implementation and operation in banks, some of the challenges can be summarized as follow: Lack of management sponsorship Low quality of customer data Lack of skilled people to implement CRM policy
7 The challenge of determining the right time for customer needs The challenge of using customer data more intelligently The challenge of incorporating customer data and customer preferences to the customer database The rigidity of management and the conservative hierarchical organization structures Several Recommendations for successful CRM implementation: Banks can exploit organizational learning philosophy while implementing its CRM strategies. Employees and customers are the end user of CRM strategies and implementations. So that banks can capitalize on customers feedbacks, expectations, satisfaction and dissatisfaction points to improve its strategies and implementations. Moreover, new services should be constantly introduced to ensure the banks growth and competitiveness in the market and to keep up the enthusiasm of the employees and customers etc. Some of the recommendations for successful CRM implementation can be summarized in the following points: 1-Adopting a customer centric and relationship-oriented culture instead of operation centric and sales oriented culture 2-Revising Banks mission statement and stressing on customer focus and innovative culture 3-Directing customers to online channels and mobile banking services, which reduce cost, increase transactions speed and facilitate customer information tracking
8 4-Applying Employee Relationship Management first before Customer Relationship Management 5-Utilizing collected data from customers in a proper way 6- Giving more attention to customers in rural and marginalized areas 7- Empowering Employees in order to carry on their responsibilities faster and efficiently through training, meetings, teamwork and coaching practices 8- Capitalizing on banks ATMs better by expanding their branch network, locating ATMs into strategic points where they can reach more people. With new ATMs, customers can update their information, which is a strategic way to improve customer data. 9- Introducing brochures near ATMs, explaining their use and also a demo may be put into the bank s web site, that shows which transactions can be done by ATMs and may show all the ATM transactions step by step. So that the customer feels more confident when they first use it. 10- Using competitive pricing and promotion strategies for selected customers such as credit card holders Conclusion: CRM has emerged as a popular business strategy in today s competitive environment. It is a discipline that enables organizations to identify and target their most profitable customers. To sum up, any bank can exploit CRM in order to gain competitive advantage over its rivals, increase their customer base and gain bigger market share. As banks continue to seek a unified understanding of customer relationships across diverse channels, the importance and penetration of CRM is expected to grow overtime.
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