Value of CRM initiatives for banks: Is the skepticism justified?

Abstract

Financial services sector has undergone through dynamic development and there is an obvious need for innovative business models that will contribute to the clients' satisfaction as well as to acquisition of new clients. Customer relationship management could be defined as a strategy for understanding clients' needs with the goal to provide higher level of satisfaction, long-term cooperation and sales increase. In literature is still present scepticism about the value of CRM initiatives and accomplished improvements of business performances. Consequently, the aim of this paper is to understand basics and indicators of CRM success in banking sector. Paper gives literature review in this field and determines necessary resources to achieve advantages from long-term and good relationships with customers.

Keywords

• customer relationship management
• banking sector
• clients' satisfaction
• resources
• processes