Effects of the Application of the CRM Concept to Profitability of the Banks

Abstract CRM (Consumer Relationship Management) is a recent concept. Development and introduction of this concept in the banking operations started in the ‘90s. Due to complex market conditions and the current environment in which banks operate, it is necessary to have a new method for doing business, which will provide quick and efficient recognition of clients. This business concept entirely replaces the traditional operating methods of the bank, where the focus is on clients, their needs, and wishes. The CRM concept enables the bank to respond to the individualized demands of the clients with quality banking products and services. With this, the banks manage to deal with the tough competition and make a profit. The goal of this paper is to examine the importance, development, and implementation of the CRM in the banks. The paper tries to prove the hypothesis: Introduction of the CRM philosophy in the banking operations leads to increased profitability of the bank.

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Concept Development for Future Domains: A New Method of Knowledge Elicitation

10.21236/ada437257 ◽

2005 ◽

Cited By ~ 3

Author(s):

Scott B. Shadrick ◽

James W. Lussier ◽

Robin Hinkle

Keyword(s):

Concept Development ◽

Knowledge Elicitation ◽

New Method

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The Role of Social Media Strategies in Competitive Banking Operations Worldwide

Global Strategies in Banking and Finance - Advances in Finance, Accounting, and Economics ◽

10.4018/978-1-4666-4635-3.ch020 ◽

2014 ◽

pp. 304-340

Author(s):

Nurdan Oncel Taskiran ◽

Recep Yilmaz ◽

Nursel Bolat

Keyword(s):

Social Media ◽

Banking Sector ◽

Concept Development ◽

Economic Capital ◽

The Social ◽

The Relationship ◽

Banking Operations

Social media has rapidly taken its place among the important phenomenons of today. It has an important role in institutionalization and companies’ financial effectivness in many fields. This chapter discusses concept, development of social media, investigations about social media in different continents, its relation with institutionalization, and its role in the banking sector in the process of globalisation. In this study, social media strategies of a global bank on different continents are empirically analysed. Obtained data sheds light on the relationship between the social and economic capital in today’s world in an interdisciplinary platform.

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The Role of Social Media Strategies in Competitive Banking Operations Worldwide

Social Media and Networking ◽

10.4018/978-1-4666-8614-4.ch011 ◽

2015 ◽

pp. 180-217

Author(s):

Nurdan Oncel Taskiran ◽

Recep Yilmaz ◽

Nursel Bolat

Keyword(s):

Social Media ◽

Banking Sector ◽

Concept Development ◽

Economic Capital ◽

The Social ◽

The Relationship ◽

Banking Operations

Social media has rapidly taken its place among the important phenomenons of today. It has an important role in institutionalization and companies' financial effectivness in many fields. This chapter discusses concept, development of social media, investigations about social media in different continents, its relation with institutionalization, and its role in the banking sector in the process of globalisation. In this study, social media strategies of a global bank on different continents are empirically analysed. Obtained data sheds light on the relationship between the social and economic capital in today's world in an interdisciplinary platform.

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Stabilization Factor for Enterprises during the Crisis Period

E3S Web of Conferences ◽

10.1051/e3sconf/20184104006 ◽

2018 ◽

Vol 41 ◽

pp. 04006 ◽

Cited By ~ 1

Author(s):

Svetlana Grigashkina ◽

Olga Garafonova ◽

Victoriya Marhasova

Keyword(s):

Market Economy ◽

Open System ◽

Information Support ◽

Marketing Communication ◽

Communication Policy ◽

Market Conditions ◽

Crisis Period ◽

Doing Business ◽

Business Information ◽

Stabilization Factor

Market conditions of the business determine the information and contractual relations with the basic attributes of doing business. Information support of business forms the system of communications of the enterprise as an open system, on the basis of which the environment of functioning of the enterprise is formed, where its employees interact with suppliers, consumers, intermediaries, partners. The system for establishing such interactions is determined by the communicative policy of the enterprise, the formation and management of which is a complex, laborintensive and relevant process in the market economy. The purpose of the work is to study the peculiarities of the marketing communication policy of enterprises under the influence of crisis phenomena.

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Modern Business Strategy Customer Relationship Management in the Area of Civil Engineering

Applied Mechanics and Materials ◽

10.4028/www.scientific.net/amm.678.644 ◽

2014 ◽

Vol 678 ◽

pp. 644-647 ◽

Cited By ~ 20

Author(s):

Mijat Jocovic ◽

Boban Melovic ◽

Nikolay Vatin ◽

Vera Murgul

Keyword(s):

Customer Relationship Management ◽

Business Strategy ◽

Civil Engineering ◽

Relationship Management ◽

Customer Relationship ◽

Competitive Advantages ◽

Business Results ◽

Doing Business ◽

Long Run ◽

Modern Business

Customer Relationship Management (CRM) is a modern business strategy which creates and maintain long term and profitable relations with the buyers. CRM serves for planning and maintaining processes of sales and strengthening competitiveness by registering all interactions of the company with its buyers and suppliers. This system collects and consolidates information from various sources within the company, and where it is possible, they collect information from the company's surroundings in order to offer unique image about each single client, in the real time. Aim of the paper is to show that CRM strategy can be successfully implemented in doing business in the area of civil engineering, so that good business results can be generated on that basis and strengthen competitive ability. Achieving close relations with customers represents main tools for obtaining competitive advantages, thus this paper will show the significance of setting up these relations with customers as well as ways how CRM can contribute to improving better operations on the long run.

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The Role of Social Media Strategies in Competitive Banking Operations Worldwide

Social Media Marketing ◽

10.4018/978-1-5225-5637-4.ch059 ◽

2018 ◽

pp. 1258-1297

Author(s):

Nurdan Oncel Taskiran ◽

Recep Yilmaz ◽

Nursel Bolat

Keyword(s):

Social Media ◽

Banking Sector ◽

Concept Development ◽

Economic Capital ◽

The Social ◽

The Relationship ◽

Banking Operations

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Blockchain for Transformation in Digital Marketing

10.4018/978-1-7998-7545-1.ch012 ◽

2022 ◽

pp. 274-298

Author(s):

Parminder Varma ◽

Shivinder Nijjer ◽

Bhalinder Kaur ◽

SANDHIR SHARMA

Keyword(s):

Relationship Management ◽

Digital Transformation ◽

Customer Relationship ◽

Security And Privacy ◽

Digital Marketing ◽

Consumer Experience ◽

Promising Technology ◽

Doing Business ◽

Traditional Approaches ◽

Number Of Firms

Today, an increasing number of firms are embracing blockchain as part of their efforts to achieve operational efficiency and improve performance, thereby acting as a catalyst to bring about digital transformation. Gartner listed blockchain as the most promising technology in digital marketing in the year 2019. Blockchain is driving digital transformation by forcing organizations to rethink how they operate, in terms of identifying ineffectiveness of traditional approaches to doing business, to address their business needs, promote innovation, and through establishment of standard frameworks. Blockchain shows massive disruption potential in the area of customer relationship management and enhancing consumer experience, besides improving trust, security, and privacy. Therefore, this chapter focuses on providing an enlightenment on how blockchain can specifically address the areas of transformation in digital marketing, prominent frameworks in use, and listing the benefits and challenges of implementing this technology.

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Online Retailing and Customer Engagement

Insights, Innovation, and Analytics for Optimal Customer Engagement - Advances in Marketing, Customer Relationship Management, and E-Services ◽

10.4018/978-1-7998-3919-4.ch010 ◽

2021 ◽

pp. 184-195

Author(s):

Ramanjaneyulu Mogili ◽

Thamaraiselvan Natarajan

Keyword(s):

Relationship Management ◽

Customer Relationship ◽

Customer Engagement ◽

Online Retailing ◽

Online Retail ◽

Doing Business ◽

Factors Influencing ◽

Online Retailers ◽

Challenging Tasks ◽

Social Media Platforms

The growth of online retail has changed the course of customer relationship management (CRM) at large. There are a variety of challenges faced by the marketers besides the opportunities of doing business online although the application of advance technologies has helped resolve issues pertaining to CRM to the maximum extent. However, customer engagement (CE), one very important of aspects of CRM, is very critical in online retailing and dynamically complex. Online retailers are using advance technologies and social media platforms to engage customers and optimize the benefits of customer engagement. To gain new customers and retain loyal ones have been challenging tasks, and hence, continuous customer engagement with creative ideas and content is the only solution. The present chapter focuses on the important of customer engagement by online retailers, factors influencing CE, and how marketers need to optimize customer engagement through innovative and analytical methods.

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