The impact of customer relationship management in the Ghanaian Banking Industry ( comparative analysis of First Allied Savings and Loans Limited and Garden City Savings and Loans Limited)
Loading...
Date
2009-08-17
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
Customer Relationship Management (CRM) is widely accepted by marketing scholars and practitioners as an integral part of successful marketing today. Marketers are focusing on creating lifelong customers. Consequently, achieving competitive advantage through quality relationship requires an understanding from the customers' perspectives. The essence of the study is to find out the impact of CRM on customer satisfaction, a comparative study of FASL and GCSL in Kumasi. Various literature on the subject were reviewed and fused in the analysis aimed at strengthening or rejecting some of the views put forward by authorities in academia.
Among the methodological principles adopted included quota and purposive sample, observations and unstructured interviews and questionnaires. The analysis shows that respondents are unlikely to switch, and even those who are likely to switch will depend solely on management preparedness to meet their needs and expectation^. Whilst seventy-seven (77) of the customers indicated that for now they have no intention to switch to a competitor as in FASL, that of GCSL responses were getting closer to half of the respondents, which is a negative sign in terms of performance, especially in the areas of customer deposit, market share, customer growth, and hence the improvement in the profit margins of the company (GCSL).
It was suggested that customers should normally be informed before any changes or innovations are introduced in order to create the needed trust and loyalty of customers. The reason is that most of the respondents indicated that both companies did not often inform them wherever when there are changes in their product(s) /service(s) were being made this study identified as a very vast limitation to both companies. Also there is the need for both companies to adopt IT facilities such as SMS and ATM that will make communication with customers easier.
Description
A thesis submitted to the College of Arts and Social Sciences, 2009