Customer Relationship Management: A review of Indian banking sector

The Business Review, Vol. 17(1 & 2), Jan-June, 2013

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Customer Relationship Management: A review of Indian

banking sector

Suhail A. Bhat1

Mushtaq A. Darzi

Abstract

This paper makes critical evaluation of research articles regarding the Customer

Relationship Management (CRM) in banking sector. It takes into consideration findings of

various researchers who have carried out study in this area to draw valid inferences

pertaining to CRM efficacy and implementation in Indian banking sector. The various

predeceasing variables (people, process and technology), which constitute the core of CRM

are considered for successful CRM strategy and their relative degree of impact on CRM.

The perusal of the data analysis on CRM in the review article revealed that the locus of

CRM is shifting from firm’s value creation to customer value creation. The findings of the

review process confirm that CRM system can be categorized as operational, analytical and

collaborative. The operational CRM supports the computerization, enhancement and

improvement in services. The analytical CRM maintains back analysis and operations in an

organization. The strategic CRM focuses on the customer knowledge and customer

interaction. Banking in Indian scenario has played a significant role in the upliftment of

socio-economic status wherein the concept of CRM has become a focal point.

Introduction

Today, through the effective use of information and communications technology, organizations

can offer their customers variety, lower prices and personalized service at the same time. These

companies are practicing elements of an approach to marketing that uses continuously refined

information about current and potential customers to anticipate and respond to their needs. Your

garage reminds you that your car is due for service. Your bank informs you that you have excess

funds in a non-interest bearing account. Telecom service provider reminds you that your bill is

due for payment (Peppard, 2000). This is the practice of Customer Relationship Management

(CRM). CRM is a complex, multifaceted discipline that involves rethinking and re-examining

everything from technology and processes to the skills and abilities of employees (Chang, 2002).

CRM is defined as a process that “entails the systematic and proactive management of

relationships as they move from beginning (initiation) to end (termination), with execution

across the various customer-facing contact channels” (Reinartz et al., 2004). The main aim of

CRM in any organization is to build relations with customers (Rigby et al., 2003) and then

acquire new customers, treating each customer differently, retain existing ones and maximize

their lifetime value (Tuzhilin, 2012).

CRM is aimed for combination of components viz.; people, processes and technology that seeks

to understand a company's customers as reflected in Figure 1. It is an integrated approach to

managing relationships by focusing on customer retention and relationship development (Chen

and Popovich, 2003). CRM has evolved from advances in information technology and

organizational changes in customer-centric processes (Xu et al., 2002; Payne and Frow, 2005;

Verhoef et al., 2010). These processes are complex and assist in creating superior value for the

company and the customer by selectively acquiring and partnering new customers (Guenzi and

Troilo, 2007; Saarijarvi et al., 2013). The customer-centric processes involves collection of

customer data, finding habit profiles of customers, evaluation and analysis of customer data,

1 Suhail A Bhat is Research Scholar and Mushtaq A Darzi is Professor in The Business School University of Kashmir


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correlation of data findings with organization policy, using customer knowledge in specific

marketing activities and then combining them for the development of custom and social bonds

(Reddy and Randheer, 1992; Naidu et al., 1999; Swift, 2001; Parvatiyar and Sheth, 2001).

Companies that successfully implement CRM have will reap the rewards in customer loyalty and

long run profitability (Chen and Popovich, 2003).

CRM Components CRM Subsystems

Figure 1: Conceptual framework of CRM

Source: (Chen and Popovich, 2003; Zehetner et al., 2011)

Due to the advancements in technology there is a paradigmatic shift from traditional relationship

marketing to customer relationship marketing. This has been made possible by more reliable and

authentic and specific information about the customer behaviour in the recent years. Various

techniques such as data warehousing, data mining and campaign management software have

made CRM a new area where firms can gain a competitive advantage (Rygielski et al., 2002).

Moreover, improved computer technologies, combined with more powerful software provided by

banks that specialize in CRM applications, have given new ways for development of successful

strategies. This data processing capacity has fueled the CRM movement, which is needed to

create an environment that allows a business to take a 360-degree view of its customers

(Kothandaraman and Wilson, 2000; Ulaga and Chacour, 2001; Fox and Stead, 2001; Xu et al.,

2002). CRM environments, by nature are complex and require organizational change and a new

way of thinking about customers and about a business in general (Galbreath and Rogers, 1999).

The marketing strategy should have more emphasis on the customer not on the revenue

generation. Thus CRM is considered as the focused business strategy which helps to build

collaborative, cooperative and profitable long-term relationship with customer (Cameraman et

al., 1998; Chalmeta, 2006). CRM assists in understanding the needs and desires of the

customers, placing these needs at the heart of the business, integrating them with the

organization’s strategy, people, technology and business processes then provides a guiding

principle for wider variety of decisions (Morgan and Hunt, 2000; Fox and Stead, 2001). So

companies need to understand what customer wants from them and whether the personalized

solution that is being proposed reaps financial benefits (Millard, 2003). The study is aimed to

Technology

People

Process

Operational

CRM

Collaborative

CRM

Analytical

CRM CRM


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take stock of various studies taken up on CRM in banking industry with special reference to

Indian banks to create a conclusive picture regarding efficacy of CRM in Indian banking sector.

Results and Discussions

CRM is concerned with attracting, maintaining and enhancing the relationships with customers

which in turn generates better results as customer is the back bone of every business activity in

an organization. Stronger relationships with customers have a positive impact on customer

satisfaction. CRM is vital for financial institutions to build stronger and more profitable

relationships (Saeed et al., 2013). Many a times, it is the CRM that becomes the deciding factor

while selection of services. The customers who are loyal to the company’s products and services

are more profitable to the company. Customer loyalty is directly related to the CRM efforts made

by the service sector companies (Jain et al., 2003). Loyal customers for any company can always

give a better competitive advantage than any other factor.

CRM Subsystems

CRM is divided into three main subsystems: Operational, Analytical and Collaborative as shown

in Fig. 1 (Tohidi and Jabbari, 2012).

Operational CRM

The operational CRM concentrates on the three business processes namely, computerization,

enhancement and improvement in services (Peppers and Rogers, 2004). Operational CRM aims

at combining sales, support and marketing databases into a single repository that tracks and

manages interactions with customers, thereby focusing on improving the efficiency of customer

interactions. There are major automation applications, which support the CRM systems that aid

in the computerization of marketing, selling and services process. These automation applications

are Marketing automation, Sales force automation and Service automation (Buttle, 2004; Tohidi

and Jabbari, 2012). Analytical CRM

The analytical CRM maintains the back-end analysis and operations in an organization.

Analytical CRM comprises the analysis of customer data for strategic or tactical purposes to

enhance both customer and firm value (Peppers and Rogers, 2004). The sole aim of analytical

CRM towards the organization is developing, supporting and enhancing the decision-making in

the organization. It establishes the powerful patterns and forecasts in the client’s information and

data collected from different operational CRM systems (Tileage, 2013). Collaborative CRM

The role of this CRM subsystem is to focus and improve the knowledge of the customer and

utilize it in enhancing and customizing the customer’s interactions in sustaining a strong

relationship with them (Chalmeta, 2006). Developing CRM strategies uses various steps which

are amplifying commitment, building a valuable project team and adopting proper channel for

delivery.

CRM perception issues

Data warehouses are a powerful tool which managers can use in improving effectiveness (by

selecting more attractive customers) and efficiency (by targeting them with appropriate offers

and improving response rates) (Ryals and Pyne, 2001). Human characteristics are involved in the

relationship between the employees and the customers (Malthouse et al., 2013). The attitude of

both employees and customers is responsible for the success or failure of the CRM strategy.

There is a direct relationship between perception and satisfaction. If the customer is satisfied

with the service quality a positive attitude develops towards the service. CRM may only

strengthen the relationship between perceptions and up-buying and cross buying which is in


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support of introducing CRM in service sector (Bhome and Jha, 2013). So perception also plays

an important role in the development of relations. Organizations are trying their best to have

closest relations with their customers by focusing more on satisfying their needs and wants better

than their competitors (El Sawy and Bowles, 1997). In order to enhance these relationships,

companies should pay keen attention in selecting the optimal interval of CRM implementation

efforts that meets customer expectations. Also organizations should attempt to identify those

customers having more and less favorable attitudes toward the firm’s CRM implementation

activities and then treat them differently vis-a-vis CRM efforts (Kim et al., 2012).

CRM assists organizations to identify, attract, and increase retention of profitable customers by

managing relationships with them (Hobby, 1999) and furthermore identifying strategically

significant customers (Buttle, 2001). To create successful CRM implementation and long lasting

relationships, it is important to look at the fundamental mechanisms pertaining a strong

relationship (Nguyen and Mutum, 2012). Four factors which find much relevance are (Smith et

al., 1999; Britton and Rose, 2004),

(i) Trust and commitment

(ii) Satisfaction

(iii) Symmetry and dependence and

(iv) Fairness

If organizations want to attain a sustainable competitive advantage through CRM, they should

efficiently apply all the CRM resources to create CRM process capabilities which are unique and

cannot be copied by other organizations. Thus CRM must be conceived as a strategy, due to its

human, technological and process implications, (Zablah et al., 2003) these three key factors

(human, process and technology) play an important role at the time of implementation of the

CRM and provide organizations with a global focus and propitiating success (Mendoza et al.,

2007).

CRM satisfaction relationship

CRM maturation process leads to customer satisfaction and customer retention. Reichheld (1996)

has documented that a 5 percent increase in customer retention resulted in an increase in average

customer lifetime value of between 35 and 95 percent, leading to significant improvements in

company’s profitability. The customer satisfaction and relationship marketing literature suggests

three predictors of retention: overall customer satisfaction, affective commitment and calculative

commitment. Customer satisfaction is an overall evaluation of performance to date, affective

commitment captures the trust and reciprocity in a relationship and calculative commitment

captures the existence of switching costs or lack of viable alternatives (Gustafsson et al., 2005).

Customers who are satisfied with service quality are less likely to shift to other banks, therefore,

increases retention and loyalty (Al-Hawari et al., 2005; Angelis et al., 2005). CRM suffers when

it is poorly understood, improperly applied and incorrectly measured and managed (Coltman et

al., 2011). CRM must increase the personal relationship with the customer to exactly ascertain

their expectation over services as well as the product. The frontline employees are responsible

for the ultimate satisfaction and retention of the customers (Matilla and Enz, 2002).

The major CRM practices are collaboration, customization and customer prospecting as well as

key account management practices. Customization is the most popular and used practice, the

reason is that today’s customer is dynamic and each financial product has to be tailored to his/her

requirements at any given time. Thus customer intimacy has to be the focal point of any growing

financial organization. In the same way there has to be an interactive customer management to

enhance customer retention (Mbizi and Muzividzi, 2013). So managers should try to acquire


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customers that have the greatest potential as long as the costs of acquiring such customers do not

outweigh the benefits (Gupta et al., 2003; Ryals, 2005).

CRM as key for success

The relationship between banking and CRM practices is such that nowadays it is almost

impossible to think of the former without the latter (Hajizadeh et al., 2011). Now banks are

approaching CRM as a tool for building customer base and increasing the sales. This approach

held by the banks is damaging their image and the customers are losing confidence on their

bankers. Banks need to differentiate themselves by offering value-added service and take special

efforts to change their image, if they want to realize the possibilities of building strong

relationship with their customers. The CRM program must be embraced and promoted by top

management and supported with a comprehensive annual CRM plan to ensure organization wide

success (Stanley, 2012; Sahoo, 2013). A more consumer-oriented strategy in services would,

therefore, be needed to improve understanding of the merits of CRM strategy and incorporate it

into the business strategy in the industry (Alsmadi and Alnawas, 2011).

CRM has a strong impact on the new product performance (NPD), so companies can benefit

greatly from integrating CRM processes with their NPD efforts (Ernst et al., 2010). There is a

long held belief that CRM is a multi dimensional construct. The critical factors that explain CRM

in Indian banking sector have been identified as organizational structure, customer support,

service quality, trust, technology, personalization and market orientation (Agariya and Singh,

2012). These factors should be duly considered by the Indian banks in order to achieve a high

degree of customer satisfaction and business performance which are the primary and compulsive

goals for any business organization in the current competitive scenario.

There are many public and private sector banks doing business in India. In such a competitive

environment, the banks should adopt suitable marketing skills rather than depending on the

trading skills. Hence, new services should be constantly introduced to ensure the growth of the

banks and to be competitive in the market and to keep up the enthusiasm of the employees and

customers etc (Das, 2012).

The domain of CRM helps into many areas of banking which including strategic decision

making, marketing and selling financial products, helping banking industry to enable its

marketing to identify and target their best customers, managing marketing campaigns and

generating quality leads. This combined with a growing appetite for customization and

personalization, is driving the need to constantly transform applications and offerings to meet

new competition and changing customer preferences, expectations and needs (Joshi and Ahmad,

2013). Thus CRM should be integrated with innovative programs and development of innovative

capability must be a supply-chain-wide effort (Lin, 2010).

The key for profit in the banks are the customers who make the organization profitable and the

CRM is a growing trend in banks. Financial service providers are, however, recognizing many

challenges they face in implementing an enterprise wide CRM business strategy. The

requirements for a successful cross-selling system are to provide an external input to the current

initiative already underway at the bank (Jarrare and Neely, 2000). As the benefits of CRM are

brought forward, this focus on the ‘segment of one’ has become a feature of the service offered

by some banks and financial service institutions. Thus the banks should treat the individual

customer differently on the basis of their different requirements (Dibb, 2001). Zineldin (2005)

argues that banks do not sell products; they sell their reputation with every customer relationship.

CRM systems have today become an indispensible tool for effective customer relationships

(Vella et al., 2012).

CRM implementation issues


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CRM implementation has significant and positive relationship with business performance is

which comprised of both marketing and financial performance (Akroush et al., 2011). CRM in

the financial services sector is of greater importance as customer touch points are more apparent

in service industry (Ryals and Payne, 2001). Banking is a non-product differentiation industry

where trust and commitment can be build only by providing services and intelligently

maintaining profitable and sustainable relationship with customers (Gummerson, 1996; Gulati

and Sivakumaran, 1999).

Successful implementation of CRM systems depends on four pillars: focusing on key customers,

organizing around CRM, managing customer knowledge and incorporating CRM-based

technology (Yim et al., 2004). Despite the apparently straightforward nature of each of these

four pillars, all four are connected and must work in unison to achieve superior customer

relationships (Day 2003; Johnson 2004). The application of IT to marketing through CRM

software, e-commerce and others is growing rapidly (McDonald et al., 2002). The

implementation of latest technology is useful for any firm to maintain loyalty as well as to offer

satisfaction to the customers (Schrader, 2003).

The financial institutions are in the competitive pressures to adopt Customer Relationship

Marketing strategies including service quality, on-time communication facility, customer

focused service, increase the customer trust, security facilities, feel customer prestige and

positive customer word of mouth etc. (Saravanakumar and Kumar, 2013). Much emphasis is

given on a need to build goodwill in the market to attract more customers. Various tactics are

used by the banks to make customers loyalty (Nevin, 1995). CRM system can provide a

powerful competitive advantage for organizations to enable them to survive in today’s market. It

helps management to track customer interactions with the organization and allows the

organization’s employees to pull up all past information about the customers. Competitive

advantages that organization could gain from CRM systems include the following: increase in

customer loyalty, superior service, superior information gathering and knowledge sharing and

organizational learning (Nguyen et al., 2007).

Conclusion As it is revealed from the various studies, that CRM is one of the key factors for the profitability

of the firm. CRM is gradually shifting attention toward customer and identifying ways of

harnessing the potential of CRM for the benefit of the customer. The locus of CRM is now

shifting from the firm’s value creation to the customer value creation. Organizations need to

assess the business situation and understand the real requirements for automation and should

focus on delivering highest value to the customer through better communication, fast delivery

and personalized products and services. Often companies have to change their business processes

for the effective delivery of service to the customer. Besides firms operating within banking,

telecommunications, retailing, hospitality, travel, and health care industries, to name but a few,

possess large amounts of valuable customer data that can give an ease for revitalizing CRM. The

majority of the works have focused mostly on the process and technology part of CRM, whilst

the role of human factor or psyche has been rarely touched. CRM depends on a system which

supports continuous interactions, fast feedback, adaptation and pro activity however, technology

alone cannot do this. Therefore, companies need to understand how they are going to fill these

gaps created due to the lack of human intervention. This requires an employee empowerment and

customer centric management which in turn requires top management support and commitment.

Top management support is an essential element in bringing innovation and ensuring delivery of

promised benefits. Also companies need to bring change in its organizational structure and


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culture and should have a strong leadership at centre for the incorporation of these necessary

changes for effective CRM implementation.

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Documents

Customer Relationship Management: A review of Indian banking sector