logo image

Customer Relationship Management in Bahrain Investment Banking Arena

The global financial crisis has had a huge impact on the international banking industry including financial institutions in Bahrain. Economic recession has influenced the quality of operations and productivity of banking institutions, which prompted the need to look for various means to resolve the situation.

Since the finance industry, like any other service-oriented industry, primarily relies on its customers or end users for the continuity and development of operations, strategies or approaches to improve the industry’s current conditions may be directed towards rebuilding or improving these institutions’ relationship with customers. In doing so, the banking industry will be able to capitalize on its primary asset, which is the customer, and rebuild the structure and operations of the industry to be more efficient and productive despite setbacks.

“The arguments of the service-profit chain proceed as follows: (i) profit and growth are stimulated primarily by customer loyalty; (ii) loyalty is a direct result of customer satisfaction; (iii) satisfaction is largely influenced by the value of services provided to customers; (iv) value is created by satisfied, loyal, and productive employees; (v) employee satisfaction results primarily from high-quality support services and policies that enable employees to deliver results to customers” (Harker & Zenios 2000: 15).

Need essay sample on "Customer Relationship Management in Bahrain Investment Banking Arena"? We will write a custom essay sample specifically for you for only $13.90/page

Customer Relationship Management (CRM) is both a concept and practice in management that develops and oversees various strategies, approaches, policies, and practices that concern the customers. Thus, CRM will be an important tool in assisting banking institutions focus their efforts and resources in addressing the needs of their customers in order to raise the quality of services they provide and increase chances of success and productivity.

With this in mind, this literature review will focus on exploring CRM, including its definition, uses, results and outcomes, and overall contributions to the industry of banking, investment, or finance. Customer Relationship Management (CRM) Customer Relationship Management (CRM) may be defined in two ways: as a concept and as a practice. CRM “is a comprehensive approach for creating, maintaining, and expanding customer relationships” (Anderson & Kerr 2001: 2). From this definition, CRM is generally described as “comprehensive” and “an approach.

” CRM, as a concept, is considered a comprehensive approach because it encompasses all areas and levels within the organization. CRM does not only focus on Human Resources Management for instance, or marketing and advertising, but it also influences the mission, vision, culture, and overall goals and objectives of the organization. (Anderson & Kerr 2001: 2-3) Furthermore, CRM as a concept is also an approach or “way of thinking” by which the organization plans and implements strategies and techniques to foster desirable and productive customer relationships.

“CRM involves a clear plan…. CRM strategy can actually serve as a benchmark for every other strategy” in the organization (Anderson & Kerr 2001: 3). On the other hand, CRM as a practice “provides seamless integration of every area of business that touches the customer – namely marketing, sales, customer services and field support – through the integration of people, process and technology” (Calvert 2004: 151). Thus, CRM as a practice pertains to the actual implementation of customer-centered strategies and integration of these strategies to all areas and levels within the organization.

Read full document

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register
Signup & Access Essays

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy