The importance of Customer Relationship Management

The sizeableness of Customer Relationship ManagementThe master(prenominal) of Customer Relationship Management is to receive schooling or info ab let out the clients. By development the selective information the customer service is made simple for those dealing with the customers as they hit the readily available tuition needed to solve the regainings. If customer is satisfied then the organization can have profitable business and as well as the support stave have the often resources available . A more info use is needed for the customer consanguinity management and these entropy work include the customer name, address, date of proceeding, pending and finished transactions, issues and complaints, status of order, shipping and fulfillment dates , account information and m all more etc..,The support staff must have the information from the customers as to provide answer to their need to solve the issues without having to wait in the queue for long time and also to avoid them from going to other de classments of the bank. With these customer service representatives volition also be able to see customers previous concerns. According to Lynette Ryals Andrian Paine (2001) with all(a) the information astir(predicate) the customers previous concern the customers with the same issue again will not have to say again the same story all over again. This back ups the support staff in taking slight time to solve the problem and fosters in increasing higher productivity of the support staff.Management success depends on the customer relationship management as it give the customer satisfaction and efficiency of service information by the help desk people at banks. This system also helps the organizations future course of act, whether it involves separating out unmatchable of the products in the shelve and the products that atomic number 18 sold. The information provided by the customer relationship management also helps the marketing and advertising people in identifying what ideas work and which do not work.Integration of Customer Relationship Management systems is an important task in achieving sure-fire business profits but its not that easy task to integrate CRM system in banks. Most of the banks fail to integrate the CRM system as they need to share information for it to be effective. These systems also help in business expansion as they can handle huge amount of entropy which helps in coping with the increased number of customers and their data. By successful installation and implementation of CRM system can be sure that banks business will be successful and their customers are lot more satisfied than before.(Adrian Payne Pennie Frow 2003)why Customer Relationship Management is important to the organizations? Some of the reasons are stated belowThe primary(prenominal) strength of the Customer Relationship management system is that it organizes and collects the information about the customers and with this information the marketing staff can crush for the future opportunities for example by this system the banks analyze the needs of the based to the customers and whats the customer needs but they arent buying. By available information the marketing staff develops a sales strategy. This includes package of new products and services offering to the customers with nearly incentives.The other reasons for the importance of Customer Relationship Management System is that each every customer is important to the business but some other customer are more worth than others . By divergentiation of sales efforts organizations can produce more profits per sale hour and also they can increase more sales. With the help of CRM tools they can identify the position of department sales are most profitable and which customers are expected to buy them.Customer satisfaction is vital in the CRM systems as customer satisfaction involves two ideas one is to meet the customer needs and other is to keep the keep the pr omises or words to the customers. For example if a customer requests for an ap auspicatement and request was confirmed with appointment date , then if u deny his appointment on given time then this shows ur wish or value given towards the customer . In this way , CRM is used to make sure that the organization is meeting the customer needs as fully as possible. Professional handling of after sale contacts such as service calls , resolving customer issues or helping the customer to choose the redress product.Last but not the least is CRM system helps the organization sales and customer support representatives to work in smarter way because it provides the improved information about the customers at their finger tips which helps in maximizing the revenue of the organization.2.7 Purpose Of Online BankingWith the banking experiences all the banks has entered the online bank market with them traditional banks have also been moving to Internet banking(Geralch, 2000) , on that point is a wide acceptance that future retail banking will be influenced by electronic transactions( Jhonson et al.,1995 Graham,1997 Treanor, 1997). With the estimation t here(predicate)(predicate) would be 60% of retail banking transactions will be online in the next ten years time( Barwise, 1997), These estimation can also be increased now a days as some internet banks have no branch offices which they can reduce costs of operating and fixed costs by having replaced staffs and physical facilities with Information engineering (IT). These facilities or services gave the internet banks to offer lower or no fee services and also offering higher interest rates on saving accounts than to the traditional banks (Geralch, 2000).2.9 Different e-CRM models in Online Banking There are polar eCRM models implemented by divers(prenominal) banks in order to have relationships benefits with the customers and to gain loyalty, customer lifetime value for the banks.One of the models for e-CRM is one-to-one relationship collecting the data about the individual customer and trying to offer them the products closer to individual need. clear Marketing In this the company involves in giving the individual customer as much control of the offer as possible to customer.Classic CRM here the customer data is grouped as to be managed in a limited number of segments with giving dissimilar offers to each segment.Personalized communications and targeting here the offer is similar to each individual customer but there is a light difference in their movements towards specific individual customer.2.9.10 Benefits of e-CRM to Banks and Customerse-CRMe- CRM benefits to customersCustomers Interaction and triumphConvenience to the customersTransaction processing speed through e- responseQuality servicee-CRM benefits to BanksBetter relationship with the customersUsing e-mail as communication cablePersonalized or one to one servicesUsing internet and websites to market their productsTransaction security is benefited3. look into Methodology3.1 Introduction In this chapter the principal(prenominal) purpose is to look at the seek methodology implemented by the questioner in this dissertation in order to collect data which will lead to successful literature review and to climb up the theory by drawing conclusions from articles, theories and along with these some questionnaires that will lead to aim and accusives of the project. This chapter also gives some specific reasons why a investigate methodology has been used and it also shows how it helped to structure the content of this dissertation from a theoretical and also practical point of view.Primary and secondary data research may not be taken into consideration sometimes as it may not answer all the research questions the police detective wants to find out. This is because the information available may be out of date or it cannot relate the certain company or organization. further to answer the research question the resea rcher approaches primary research methods to find relevant information of the theory.3.1.1 Research Plan and ObjectivesThe primary aim of the researcher is to interpret and find the significance of electronic customer relationship management in online banking.Based on the causal agent study and the questionnaire response the research questions can be examined and results can be obtained.3.1.2 Designing the questionnairesAccording to Saunders (2007) in order to do a flexible test the data unruffled from questionnaire and the reaction taken towards the data collected has a great extent, the researcher follows the Saunders statements as to design arrant(a) data analysis a proper questionnaire must be designed. For a perfect data to compose one need a proper question and also data extracted from the questionnaire response will give proper data analysis. These data should be composed constantly.3.1.3 Ethical issues of gathering dataAs per Saunders (2007) variety of ethical issues are related with collected information, these ethical issues are dependent on the gathered data of both(prenominal) the soft or quantitative data.It is equally important that there should be a connection betwixt the research problem, data collection and the analysis of the data.3.1.4 Privacy and AnonymityAs per Saunders et al., (2007) privacy and anonymity are important to both organization or in person as it bouts vital role in purchase access and meeting orders of an organization. According to Easter by -Smith in 2002 privacy and anonymity help in subtraction as research advancements for both the primary data collection and interviews.3.1.5 Ethical issuesAccording to Saunders et al., most of the business studies and its research will always associate and swear from the case of an organization which always guides to a series of ethical issues in a periodic manner.The researcher gets a contribution from the employees and customers of an organization while playacting research in an organization or specific sector. With this the researcher can easily and analyzes the data as accurate information or primary data obtained.Researcher/InterviewerThe researcher must be clear about the information required and based on that researcher designs a question.RespondentThe question is decoded by the reactent in a way the researcher is intended.Researcher/InterviewerResearcher decodes the answer to analyze the data.RespondentRespondent answers or encodes the questionSourcehttp//books.google.com/books?id=DKvOhRaTeXcCprintsec=frontcoverdq=foddy+1994source=blots=MNnxaHHFLWsig=KVEQmF2wgTvf9NJbRoiCw68EXNghl=enei=dq9xTNGSBtCPjAfXwLyoDgsa=Xoi=book_resultct=resultresnum=5ved=0CCcQ6AEwBAv=onepageq=foddy%201994f=falseMainly types of questionnaires involve the grouping of release and blocked questions. Questions with comprehensible phrasing and also with provisos are probable to be recognizable, and understand by fashion of, by which the reactants can progress the strength of the questionnaire. From time to time release questions can be referred as open ruined questions (Dill man, 2000), and also reactants give the respond in their personal way (Fink, 1995a).3.1.6 data UsedIn this research, the researcher has used both the primary and secondary data analysis. The researcher has used both qualitative and quantitative data analysis where both of them are having the potential as well as weak points (Smith, 1975).in this research the researcher has concentrated on both the primary data and the secondary data, In an organization point of view the researcher has taken a case study for the analysis of eCRM in online banking and questionnaire response was takes as primary data research.3.2 Mechanisms Used3.2.1 QuestionnairesThe researcher has circulated x number of questionnaires to the bank customers among the school-age childs of University of Salford, in which I got x number of responses. And these responses are canvass for the accurate data required by the r esearcher. These questionnaires are best explained in the next section.3.2.2 Data Presentation and Analysis TechniquesThe researcher approaches Microsoft Excel for data launching and presenting the questionnaires to the customers and also to differentiate the questions. Researcher has designed the semi structured graphs with respect to percentage ratios of customers response to the questionnaires. This avoids the confusion with the data analysis and helps researcher to frame and analyze the response data easily.3.3 What is research question and objectives?3.3.1 Research questionWhats the significance of eCRM in online banking?3.3.2 Research ObjectivesHow eCRM implemented in online bankingWhat benefits customers and banks achieve by eCRM technology in online bankingTo evaluate the eCRM technology implementation in online banking.3.4 Research DesignAs per Saunders (2007), research plan can be of how well the research questions can be responded and also significantly defining the rese arch question, where it cannot be overstressed much. Research plan also includes the main objectives which are designed from the research questions by identifying where the data is collected from different sources and also considering the constraints as well as ethical issues amid design and strategy.3.4.1 Research PhilosophyAccording to Saunders (2007), the research philosophy is outlined because it has taken significant assumptions and also it regards the way from where the researcher wishes to vision the world. As per this, the main authority of process is likely to be in the main concentrated on the relationship between understanding the customers and the process on which it has to be improved.There are 3 ways of thinking in the philosophy of research.AxiologyEpistemologyOntology(Saunders et al., 2007)Each and every approach differs in a way such that they have their own research procedure and the business situations of management research which are not moreover change but also exceptional. (Saunders et al.,, 2007).3.4.2 The Research Paradigm , design and methodologies3.4.3 The research ParadigmBased on the examination and expressing form of research methodologies, the researcher obtains a qualitative and quantitative methodology of research paradigm. Effective and concentrated data is obtained by the qualitative research and over a specific period of time mathematical data is obtained by quantitative analysis in natural settings. Surveys, surveillance, and interviews etc are the data gathering techniques involved in the collection of data. (Maykut et.al, 1998).3.4.4 EpistemologyInterpretivism can be part of epistemology perspective as it advocates the necessity of the researchers to understand the differences between humans and their role as social actors (Saunders et al, 2007). In this epistemology the researcher must be in an empathic stance, where the researcher needs to go into the world of their research subjects and from their point of view m ust be understood. This approach can be considered because it differentiates the subject matter between social sciences and the natural sciences. A different logic research procedure is implemented by Interpretivism as it reflects the distinctiveness of humans as against the natural order.http//www.essayforum.com/essay-writing-feedback-3/qualitative-research-methods-coursework-review-1952/3.4.5 favorablenessThe research philosophy also produces the main factors of Positivism and this can also approve the philosophical situation of the natural scientists. Where positivism can be raise as working within the reality of social society and Physical and natural scientists produce researchers by the generalizations of end products (Remenyi et al. 1998). Positivism emerged due to the speculative philosophy inability to solve the philosophical problems which have been a raised as a scientific development.3.4.6 RealismIn Realism scientific analysis is narrated when this is considered as one of the epistemological situations. Showing exactness of the objects that are having continuous self governing of the brain of human can be the exact meaning of Realism. deliverance up the actuality fact in which objects are of self determining of the human is the main history behind realism. The expansion of advance scientific information by realism can be part of epistemology which is related to positivism. (Mark Sanders et al., 2007).3.4.7 InterpretiveThe dissimilarities between the human beings and social performers is recognized by the supporters with the help of interpretive .Interpretive is also considered as a part of epistemology Interpretive is also called as symbolic interactions. Interpretive can be considered as sociological paradigm which differentiates by conducting research between humans and the objects like computers and automobiles. Understanding in an exact way and take action out in agreement is done in dramatic inventions where actors play a major part of role .(Mark Sanders et al., 2007).3.4.8 OntologyThe philosophical study of nature of being or existence or reality is said to be as Ontology. greater extension of the epistemological deliberations is considered when they move up the research questions of the supposition that are going to be included and regards of the work and the way the world work. Dedication is sibyllic to exist in different methodologies. Illustration of the supporters in the middle of business and researchers placed in management are two main features of Ontology. The first and main feature of ontology is about the objectivism.(Mark Saunders et al., 2007)3.5 Research methodologies3.5.1 Qualitative and QuantitativeAccording to Zikmund (2000) any research should be qualitative or quantitative. Selectivity of approach based on the research objective is considered as quantitative research where as qualitative approach is based on the subjective nature of the research and this is also related to the case studies which a re nearly related to the research objective.By conducting proper analysis which includes interviews, questionnaires, feedbacks, e-mails helps in answering the questions like why and how , which is considered as quantitative approach (Miles Huberman, 1994). Research papers and case study analysis are considered as qualitative methods of approach, where the main aim is to receive the information and there by understanding the research problem.From the above discussion it is clear evident that researcher gets the accurate data and also finds flexible to understand the research in particular. Thus quantitative research gives the researcher better idea of studying the objectives of the research rather than just generalizing them.3.5.2 Research StrategyBased upon research strategy there are different types such as experiments, good deals, observations, questionnaires and case studies. (Yin, 1994).3.5.2.1 ExperimentsExperiments conducted in any business have good perspective in establish ing effective relationships. These experiments help to pick up a variable and allow controlling the other two likewise. Controlling circumstances leads to pick up one or more variable which can be operated to test a hypothesis, but controlling of circumstances is achieved by conducting experiments. (Zikmund, 2000).According to Yin (1994) this research study doesnt suit the experimental research strategy as it doesnt have control over the behavioral events.3.5.2.2 Case StudiesIn these case studies the researcher obtains the data from one or few similar situations in their research knowledge domain of work. The case study explores the whole organization and this is main advantage of the case studies research strategy.An empirical examination of a definite event within the stage setting of the real world can be considered as case study research strategy (Saunders et al., 2003). This approach also produces solutions to how, why, and what questions (Yin, 1994). In this research the res earcher also choose the case study analysis within the organization point of view.3.5.2.3 ObservationsObservation strategy is much used in research by using the written or recorded data (Zikmund, 2000). One of the major advantages of the observation technique is that it records the behavior without relying on the respondents reports. The data collected is discrete and passive where respondents are not involved, it can often be considered as non -reactive.3.5.2.4 InterviewsFace to face interview or questionnaire sent or formal batchs with structured questions are different types of interviews. (Yin, 1984). The researcher has chosen this method of research strategy such that researcher can analyse all the bank customers responses. The researcher has mainly chosen the surveil methods by collecting data from the bank customers with help of questionnaires on the data sheets. Here the survey methods are implemented as this is convenient and inexpensive for the researcher to obtain the a ccurate data required for finding the results with respect to the literature review discussed. The survey methods can be of different types based on the objective of the organizations, the different sampling methods used in this research by the researcher are offline and online survey methods with questionnaire add to them.Offline survey Convenience sampling method is one of the easy and inexpensive methods used in this research as it inexpensive, time saving and also it can obtain accurate data without spending much money. These also have the drawbacks but the implementation of convenience compensates other disadvantages. Probability sampling methods are expensive and time consuming when compared to convenience sampling methods and hence the researcher has chosen convenience sampling method .However, before having the offline survey all the respondents must have following criteria to answer the questionnaire.Must be student of University of Salford.Must be familiar with internet s o that they can be able to use internet banking service.The main aim of this offline survey is to obtain results from x number of students from different universities. Researcher also attempts to have survey from both the males and females for obtaining the valid data. For this approach, the researcher approached students of different universities to obtain the results by getting responses to the questionnaires in the data sheets. The time taken for having interview with respondents is less than two minutes to get the response data.The disadvantage of this kind of research method is the researcher can only obtain results to few students from different universities where this data cannot represent all the students of different universities in UK. Thus to overcome this kind of approach the researcher assay online survey which did not limit the geographical representation of the respondent, which cannot be the negative issue of the research. By comparing these results from both online and offline surveys the researcher has drawn the conclusions. The questionnaire for the offline survey is presented in the appendix.Online survey In this research the self satisfaction sampling method was used to obtain the results from the students. This method helps the researcher to get the response from different students from different universities in UK. Before this research the respondent must satisfy this criteriaMust be university student (full time)Must know the internet banking to answer the questionnaires.The main aim of the researcher is to obtain results from the students of different universities through the online questionnaire response. The researcher had designed in the questionnaire in http//www.surveygizmo.com/ and sent this online questionnaire to the University of Salford and various university students with the covering message to the respondents regarding the questionnaire response.The questionnaire was advertised on http//www.surveygizmo.com/ to obtain resu lts from different students of different universities where researcher has friends in different universities. The researcher mainly concentrated on University of Salford, University of Manchester, University of Bolton, Liverpool Hope University and also students from different universities in UK through online questionnaire.The research questionnaire is presented in appendix. The questionnaire was sent to different students and out of them X number of responses were received in which only Y number of responses are valid as the customers cannot understand the questionnaire and this data was analysed using the reports from the response of the customers of the banks. Thus the online questionnaire was distributed to different students through university discussion forums or through the university administration network which took less than 10 minutes for the students to answer the questionnaire. The main Problem faced during this research is designing the questionnaire in the online sur vey website. The other problems are like students responding to only few questions and not to all the questions.3.6 Ethical issues of Data Collection There are few ethical issues occurred in this online survey. The online questionnaire doesnt have any personal data rather than the age and gender of the respondents. This is because the researcher attempted to compare results among different age groups among males and females. Here the main ethical issue is that the respondent answers the questionnaire only if that doesnt have any personal data questions such as name, address, mobile number etc. Thus the respondent answers the questions honestly with the belief.Due to fact that personal banking is a sensitive issue for many people, the researcher has mainly concentrated on subject related questions rather than personal data collection such as income, how often do they bank or any other personal questions which could affect the respondents response. According Saunders et. al., the rese arch should not embrace the population or any other material disadvantage. Here all the inevitable precautions are taken to get response from the university students and results are analysed for the conclusion. Here the researcher did not offer any incentives to the respondents in order to get the response from different university students.