Relationship marketing and CRM: A financial services case study

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32 Citations (Scopus)

Abstract

This paper considers the shift towards relationship marketing principles and the implementation of CRM in the retail financial services sector. Many players offering personal banking and related products have now ‘bought in’ to the concepts behind relationship marketing, and are investing heavily (particularly in new information technology) to enhance customer relationships and improve retention rates. This trend is considered from the perspective of an organisation that is one of those leading the change. An in-depth case study reveals the progress made in recent years towards the company's goals, focusing especially on the introduction of new systems and moves to enhance customer data. However, the analysis also suggests that major challenges remain if the benefits of CRM are to be fully realised. Issues involving the structure of the organisation and its approach to a range of staff issues such as recruitment and training are of particular concerns for the implementation of CRM principles.

Original languageEnglish
Pages (from-to)111-125
Number of pages15
JournalJournal of Strategic Marketing
Volume12
Issue number2
DOIs
Publication statusPublished - Jun 2004
Externally publishedYes

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Keywords

  • Case study
  • Customer relationship management
  • Financial services
  • Relationship marketing
  • Services marketing

ASJC Scopus subject areas

  • Strategy and Management
  • Marketing

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