Customer relationship management: is it still relevant to commercial banks in Taiwan?

Yao, Hui-I and Khong, Kok Wei (2012) Customer relationship management: is it still relevant to commercial banks in Taiwan? International Journal of Business and Management, 7 (1). pp. 151-160. ISSN 1833-3850

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Abstract

Nowadays, customers are regarded as a commodity. Customer Relationship Management (CRM) in a bank entails important phases such as integrating the communication tools to meet the needs of customers, treating

each customer as individuals, and making the customer relationship an imposing and perpetual experience. The aim of this research is to determine the effectiveness of CRM implementation on customer satisfaction and

perceived business performance. Literature suggests that successful CRM efforts involve proper deployment of the three phases in CRM implementation, i.e. acquisition, enhancement and recovery phases. Furthermore, there

is a strong causal relationship between CRM implementation and customer satisfaction as well as perceived business performance. A survey was carried out using a survey instrument on commercial banks in Taiwan.

Findings revealed that CRM implementation is positively associated with customer satisfaction and perceived business performance as suggested by the literature. Contact rate and recovery management were found to be

associated with customer retention while acquisition management, regular contact and evaluation of customers lead to improved loyalty and employee sentiments. In a managerial point of view, this study provides an outline

of the impact of CRM efforts on the dimensions of customer satisfaction and perceived business performance.

Item Type: Article
Keywords: CRM, Commercial bank, Customer satisfaction, Perceived business performance
Schools/Departments: University of Nottingham, Malaysia Campus > Faculty of Arts and Social Sciences > Nottingham University Business School
Identification Number: https://doi.org/10.5539/ijbm.v7n1p151
Depositing User: Wahid, Ms. Haleema
Date Deposited: 28 Apr 2014 12:14
Last Modified: 14 Sep 2016 10:03
URI: http://eprints.nottingham.ac.uk/id/eprint/3055

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