Introducing a Conceptual Model for Electronic Customer Relationship Management Readiness in the Banking Sector
Abstract
Customer Relationship Management (CRM) is one of the main priorities for almost all organisations, particularly in banking. Information Technology (IT) has changed ways of interacting with customers, resulting in the concept of Electronic Customer Relationship Management (eCRM), which has caused a shift from offline CRM to eCRM. ECRM aims to attract and retain customers, improve customer service by creating a solid relationship with them, and provide valued financial products as required. Thus, it is vital to identify readiness factors in any organisation to ensure that they are capable of deploying eCRM and reduce the likelihood of failure. Due to the current gap in having a comprehensive eCRM readiness model in banks, this research attempts to fill this gap by developing an updated conceptual model for eCRM readiness for banks. These factors will provide banks with guidelines for evaluating their eCRM readiness status.
References
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Park, S., Choi, Y.T., Bok, H.S., (2013). Does better e-readiness induce more use of e- government? Evidence from Korean central e-government. International Review of Administrative Sciences, 79(4), 767-789.
Payne, A., & Frow, P. (2005). A Strategic Framework for Customer Relationship Management. The Journal of Marketing. 69(4), 167-176.
Rahman, M.S., Bag, S., Gupta, S., & Sivarajah, U. (2023). Technology readiness of B2B firms nd AI-based customer relationship management capability for enhancing social sustainability performance. Journal of Business Research, Elsevier, 156(C).
Ronaghi, M.H. & Mosakhani, M. (2022). The effects of blockchain technology adoption on business ethics and social sustainability: evidence from the Middle East. Environment, Development, and Sustainability. 24, 6834–6859. https://link.springer.com/article/10.1007/s10668-021-01729-x.
Rostami, M., Izadbin, A., Zakipour, M., & Rostami, S. (2016). Assessing Electronic Customer Relationship Management (E-CRM) readiness and its impact on Banking Quality of service (Case study: Saderat Bank Branches - West of Tehran). International journal of humanities and social sciences, 3, 1207-1225.
Sedigh, A., Alikhani, A. (2013). Investigating important factors influencing customer relationship management: A case study from banking industry. Management science letter journal. 3(12), 2902-2914.
Sivaraks, P., Krairit, D., & Tang, J.C.S. (2011). Effects of e-CRM on customer relationship quality and outcomes: The case of Thailand. Journal of High Technology Management Research, 22(2011), 141-157.
Sundar, P.K., Murthy, H.N., & Yadapadithaya, P.S. (2012). CRM success factors in Software Services Firm: A case study analysis. Information and Knowledge Management Journal, 2(8), 33-39.
Vesal, M., Siahtiri, V., & O’Cass, A. (2021). Strengthening B2B brands by signalling environmental sustainability and managing customer relationships. Industrial Marketing Management. 92, 321–331.
International Journal, ahead-of-print. https://www.emerald.com/insight/content/doi/10.1108/BIJ-07-2021-0415/full/html.
CHATTERJEE, S., RANA, NP, TAMILMANI, K. & SHARMA, A., (2021).The effect of AI-based CRM on organisation performance and competitive advantage: An empirical analysis in the B2B context. Industrial Marketing Management, 97, 205-219.
Chatterjee, S., Ghosh, S.K., Chaudhuri, R. & Nguyen, B. (2019). Are CRM systems ready for AI integration? A conceptual framework of organisational readiness for effective AI-CRM integration. The Bottom Line, 32(2), 144-157. Available at: https://www.emerald.com/insight/content/doi/10.1108/BL-02-2019-0069/full/html.
Chen, I.J., and Popovich, K. (2003). Understanding customer relationship management (CRM): People, process and technology. Business Process Management Journal, 9(5), 672 – 688.
Compton (2022). Top 8 Reasons CRM Adoption Fails and How to Implement Successfully. Available at: https://www.trujay.com/blog/top-8-reasons-crm-adoption-fails-and-how-to-implement-successfully. [Accessed 19th January 2023].
Cruz-Jesus, F., Pinheiro, A., & Oliveira, T (2019). Understanding CRM adoption stages: empirical analysis building on the TOE framework. Computers in Industry, 109, 1-13.
Darvish, H., Kafashzadeh, A. R., & Ahmadnia, H. (2012). Studying the customer relationship
management: A case study at Persian technology firm. Economic Insights – Trends and
Challenges, 64, 1-18.
Dixit, S., (2022). Artifical Intelligence and CRM: A Case of Telecom Industry. Adoption and Implementation of AI in Customer Relationship Management. IGI Global, 92-114.
Dubey, N.K, Sharma, P. & Sangle, P. (2020). Implementation and adoption of CRM and co-creation leveraging collaborative technologies: An Indian banking context. Journal of Indian Business Research, Vol. 12 No. 1, 113-132. Available at: https://doi.org/10.1108/JIBR-09-2019-0284.
Economist Intelligence Unit (2007). Improving customer relationships: An integrated approach. chrome-extension://ieepebpjnkhaiioojkepfniodjmjjihl/data/pdf.js/web/viewer.html?file=https%3A%2F%2Fgraphics.eiu.com%2Fupload%2Fsap_crm.pdf. [Accessed: 27th February 2023].
Eid, R. (2007) Towards a successful CRM implementation in banks: an integrated model. The service industries journal, 27(7/8), 1021-1039.
El Essawi, N.E. and El Aziz, R.A (2012). Determining the main dimensions of e-customer relationship management readiness in the Egyptian banking industry. International Journal of Electronic Customer Relationship Management, 6(3/4), 217-234.
Forrester (2016). CRM Success Requires Focus On People, Not Only Technology. https://www.forrester.com/blogs/16-02-18-crm_success_requires_focus_on_people_not_only_technology/. [Accessed: 16th January 2023].
Gartner (2016). CRM Applications Will Fail Without Consideration of Customer Empathy. Available at: https://www.gartner.com/en/documents/3418817. (Accessed 7 March 2020).
K. Ruikar, C.J. Anumba & P.M. Carrillo (2006). VERDICT- An e-readiness assessment application for construction companies. Automation in Construction. 15, 98-110.
Kamanghad, A., & Khorasgani, G.H. (2019). Assessing the Company’s E-Readiness for implementing Mobile-CRM System: Case A Nationwide Distribution Company. Journal of Information Systems and Telecommunication. 25(7). chrome-extension://ieepebpjnkhaiioojkepfniodjmjjihl/data/pdf.js/web/viewer.html?file=http%3A%2F%2Fjist.ir%2FArticle%2FDownload%2F15266.
King, S.F., and Burgess, T. (2007). Understanding success and failure in customer relationship management. Industrial Marketing Management. 37(2008), 421-431. Available https://www.semanticscholar.org/paper/Understanding-success-and-failure-in-customer-King-Burgess/2b017bbe7da6933d7e8dbc09b0b596014d79a142?p2df.
Ledro, C., Nosella, A., & Vinelli, A. (2022). Artificial intelligence in customer relationship management: Literature review and future research directions. Journal of Business & Industrial Marketing, 37(13), 48–63.
Merkle (2013). 63% of CRM Initiatives Fail. Available at Artificial intelligence in customer relationship management: literature review and future research directions | Emerald Insight. [Accessed: 25th]
Nguyen, B., and Mutum, D.S. (2012). A Review of customer relationship management: successes, advances, pitfalls and futures', Business Process Management, 18(3), 400-419. https://www.emerald.com/insight/content/doi/10.1108/14637151211232614/full/html.
Ocker, R.J., and Mudambi, S. (2003). Assessing the Readiness of Firms for CRM: A Literature Review and Research Model, Proceedings of the 36th Hawaii International Conference on System Sciences (HICSS'03). Available at: https://www.semanticscholar.org/paper/Assessing-the-readiness-of-firms-for-CRM%3A-a-review-Ocker-Mudambi/3c9b934a15ac185572ee22774daa3fe1a0234d7e. [Accessed 12th May 2021).
Padmavathy, C., Balaji, MS, & Sivakumar, VJ (2012). Measuring effectiveness of customer relationship management in Indian retail banks. International Journal of Bank Marketing, 30(4), 246-266.
Park, S., Choi, Y.T., Bok, H.S., (2013). Does better e-readiness induce more use of e- government? Evidence from Korean central e-government. International Review of Administrative Sciences, 79(4), 767-789.
Payne, A., & Frow, P. (2005). A Strategic Framework for Customer Relationship Management. The Journal of Marketing. 69(4), 167-176.
Rahman, M.S., Bag, S., Gupta, S., & Sivarajah, U. (2023). Technology readiness of B2B firms nd AI-based customer relationship management capability for enhancing social sustainability performance. Journal of Business Research, Elsevier, 156(C).
Ronaghi, M.H. & Mosakhani, M. (2022). The effects of blockchain technology adoption on business ethics and social sustainability: evidence from the Middle East. Environment, Development, and Sustainability. 24, 6834–6859. https://link.springer.com/article/10.1007/s10668-021-01729-x.
Rostami, M., Izadbin, A., Zakipour, M., & Rostami, S. (2016). Assessing Electronic Customer Relationship Management (E-CRM) readiness and its impact on Banking Quality of service (Case study: Saderat Bank Branches - West of Tehran). International journal of humanities and social sciences, 3, 1207-1225.
Sedigh, A., Alikhani, A. (2013). Investigating important factors influencing customer relationship management: A case study from banking industry. Management science letter journal. 3(12), 2902-2914.
Sivaraks, P., Krairit, D., & Tang, J.C.S. (2011). Effects of e-CRM on customer relationship quality and outcomes: The case of Thailand. Journal of High Technology Management Research, 22(2011), 141-157.
Sundar, P.K., Murthy, H.N., & Yadapadithaya, P.S. (2012). CRM success factors in Software Services Firm: A case study analysis. Information and Knowledge Management Journal, 2(8), 33-39.
Vesal, M., Siahtiri, V., & O’Cass, A. (2021). Strengthening B2B brands by signalling environmental sustainability and managing customer relationships. Industrial Marketing Management. 92, 321–331.
Published
2023-06-01
How to Cite
ARIA, Farzad Tahmasebi; DAFOULAS, George.
Introducing a Conceptual Model for Electronic Customer Relationship Management Readiness in the Banking Sector.
International Journal of Business and Technology Management, [S.l.], v. 5, n. 2, p. 127-136, june 2023.
ISSN 2682-7646.
Available at: <https://myjms.mohe.gov.my/index.php/ijbtm/article/view/22194>. Date accessed: 22 sep. 2023.
Section
Articles
