Evaluating Customer Relationship Management (CRM) as a Business Knowledge and Intelligence Management Tool
Keywords:Banking industry, Customer Relationship Management (CRM), Knowledge and intelligence management, Business knowledge
Tense competitions have always been the case in the banking industry. Its very customer-oriented nature explains the need to recognize the importance of customers with respect to growth and success, and so the battle to recruit new and retain existing customers are inevitable. Related competitiveness in such area has been highly linked to effective Customer Relationship Management (CRM) systems implementation that can provide the necessary business knowledge and intelligence. This paper seeks to evaluate the preparedness and the extent Omani retail banks are incorporating CRM as a business knowledge and intelligence management tool to assist in their customer recruitment and retention activities. This study uses a quantifiable methodology with MS Excel data analytic tool to analyse primary data to determine the extent to which CRM systems are being incorporated as a business knowledge and intelligence management tool in the banking industry. Data were collected across departments from 5 of the 7 Omani retail banks with average ratings used for each question. The findings show that CRM as business intelligence management tool is already well incorporated in banks of Oman and the banks are also well equipped to further embrace such tools to strengthen their customer recruitment and retention capabilities. The findings also show that the banks have the necessary Information Technology capabilities, Customer Service capabilities and marketing capabilities which have assisted them to deliver higher quality customer services, run more effective marketing and promoting campaigns, and enhance their management decision making. The findings should assist decision-makers in realizing the importance of CRM with appropriate kind of functionalities as a business intelligence tool to optimize customer recruitment and retention activities.
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Copyright (c) 2021 Muhammad Saqib, Robin Zarine
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.