Relationship marketing and CRM: a financial services case study

Dibb, Sally and Meadows, Maureen (2004). Relationship marketing and CRM: a financial services case study. Journal of Strategic Marketing, 12(2) pp. 111–125.

DOI: https://doi.org/10.1080/0965254042000215177

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.

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