The adoption of customer relationship management tools used to penetrate the Maltese market : the case of Banif bank

Abstract

Purpose: The purpose of this study is to understand Customer Relationship Management tools used by Banif bank in order to reach, maintain and improve relationships with their customers. The study will then proceed to identify the different perceptions and attitudes towards banks from the customer’s point of view. Motives influencing customer decisions related to the choice of bank will also be analyzed. Design/Methodology Approach: A case study will be conducted whereby CRM tactics used by Banif Bank are observed in order to look into the ways they approach customers and how they keep up with daily data. Surveys: will also be conducted with both Banif and non-Banif customers, to get an insight on customer perceptions and attitudes. Moreover an interview with the Sales/Marketing Mangaer will be carried out for a better understanding of Banif so as to obtain a direct comprehension of the bank’s strategy and what they believe is useful for building loyal relationships. Findings: The phases that customers and suppliers go through while building up relationships, are explored in the literature review. From data derived from surveys with customer one would be able to evaluate the basis, on which they choose their bank, how Banif bank customers were approached and whether any marketing efforts adopted by the bank, have influenced their decisions. The study will distinguish the importance of CRM tools for future relationships between banks and customers. Research Limitations/Implications: Given that the study topic is about banks, people were mistrustful in sharing information even though they were assured that all would remain confidential. It is also important to note the fact that relationships with banks are not given the same importance by everyone for example, elderly opted out of the survey since some do not manage their own private accounts. Practical Implications: With the increase in technological advancements banks need to be up-to-date with such changes. Since customers are highly affected by such changes then organizations need to optimize their services and improve the relationships with customers and keep up with their interests and preferences. Originality/Value: Banks must incorporate CRM techniques in their planning because if they adopt such tools they would not only increase the loyalty of their existing relationships but focus more on building new ones. Additionally they would reduce the costs of ineffective marketing.