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Customer Relationship Management: Concept And Importance For Banking Sector

Author

Listed:
  • Laketa, Marko

    („APERION“ University, School of Business Administration, Banja Luka, Bosnia and Herzegovina)

  • Sanader, Dusica

    (MBA, SAS Institute, Belgrade, Serbia)

  • Laketa, Luka

    (College for Professional Studies in Marketing Communications, Belgrade, Serbia)

  • Misic, Zvonimir

    (INA, Osijek, Croatia)

Abstract

Customer Relationship Management concept is tendency of banking sector to establish and maintain long-term relationships with customers in order to provide value for customers and banks. This concept allows bank to identify, segment, communicate and build long-term relationships with customers on individual basis. In today's business environment, banks have aim to identify customers and to adjust offer to meet customer`s needs, in order to maximize profits. Using modern technologies, Customer Relationship Management is becoming a method to maintain existing structure and development of high quality customer base. It involves development of marketing strategy through a better understanding of the entire customer base, understanding needs and attitudes of customers, as well as more efficient consideration of profitability and added value that each customer have for the bank. The aim of research, presented in this paper, is to assess to benefits of introducing Customer Relationship Management concept in banking sector, by defining strategies, adjustment of organizational structure, culture and internal processes with help of modern technology. The paper presents methods of measuring success of Customer Relationship Management concept and problems which banks have when implementing a new business philosophy.

Suggested Citation

  • Laketa, Marko & Sanader, Dusica & Laketa, Luka & Misic, Zvonimir, 2015. "Customer Relationship Management: Concept And Importance For Banking Sector," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 6(2), pages 241-254.
    • Handle: RePEc:ris:utmsje:0152
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    Citations

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    Cited by:

    1. Ghazi A. Al-Weshah, 2017. "Marketing intelligence and customer relationships: empirical evidence from Jordanian banks," Journal of Marketing Analytics, Palgrave Macmillan, vol. 5(3), pages 141-152, December.
    2. Majd Mohammad Omoush, 2020. "Investigation the Relationship Between Supply Chain Management Activities and Operational Performance: Testing the Mediating Role of Strategic Agility-A Practical Study on the Pharmaceutical Companies," International Business Research, Canadian Center of Science and Education, vol. 13(2), pages 1-74, February.

    More about this item

    Keywords

    CRM concept; CRM strategy; processes; information technology; communication channels;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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