Business, Management and Accounting
4 years ago

Banking Industry Boosts Customer Loyalty Through Relationship Management Strategies

SSRN Electronic Journal
Customer Relationship Management: A Key to Organisational Survival and Customer Loyalty in Ghana's Banking Industry
Peter Anabila, Dadson Awunyo‐Vitor

Paper Summary

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Ghana's banks are facing tough competition, so they are using Customer Relationship Management (CRM) to keep customers happy and loyal. A study looked at how CRM affects customer loyalty in one bank. They surveyed 20 staff and 50 customers and found that the bank uses CRM, especially in giving feedback to customers. However, staff think they are doing better at CRM than customers do. The study showed that there is a strong link between CRM and customer loyalty. The researchers suggest that the bank should keep up with CRM practices and make sure customers know about them to improve loyalty. They also recommend introducing loyalty programs to make customers even more loyal.