The effect of customer relationship management innovations on service excellence in banking: a case study of Sterling Bank
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the Study
Customer relationship management (CRM) innovations have emerged as vital components in driving service excellence in the banking industry. Sterling Bank has been at the forefront of integrating advanced CRM technologies, including artificial intelligence, big data analytics, and personalized communication platforms, to enhance customer service and satisfaction (Afolabi, 2023). These innovations aim to streamline customer interactions, provide tailored product offerings, and proactively address customer needs, thereby fostering a culture of service excellence. In a competitive financial landscape, effective CRM practices are essential for building lasting customer relationships and driving loyalty (Ibrahim, 2024).
Sterling Bank’s CRM innovations involve the deployment of automated feedback systems, real-time customer data analysis, and omnichannel support, which collectively contribute to a more responsive and personalized banking experience. The adoption of these technologies has enabled the bank to anticipate customer needs, resolve issues promptly, and offer targeted solutions that enhance the overall customer journey (Chinwe, 2024). Furthermore, these innovations are designed to integrate seamlessly with traditional service channels, ensuring consistency in customer experience across all touchpoints (Oluwaseun, 2024). Despite these efforts, the direct impact of CRM innovations on service excellence has not been comprehensively evaluated in the Nigerian banking context.
This study seeks to assess the effect of customer relationship management innovations on service excellence at Sterling Bank. By analyzing customer satisfaction surveys, service delivery metrics, and qualitative feedback from both customers and employees, the research will identify the key drivers of service excellence and evaluate the effectiveness of current CRM practices. The findings will provide actionable insights for optimizing CRM strategies, ultimately contributing to improved service quality, customer loyalty, and competitive advantage in the banking sector (Afolabi, 2023; Ibrahim, 2024).
Statement of the Problem
Although Sterling Bank has invested heavily in CRM innovations, inconsistencies in service excellence continue to challenge the bank’s performance. One major issue is the gap between the advanced capabilities of the new CRM systems and their actual implementation on the front line. Customers have reported mixed experiences, where technological efficiencies are sometimes offset by delays in human response or inadequate personalization (Chinwe, 2024). This disconnect indicates that while CRM innovations have the potential to transform customer service, operational challenges in integrating these technologies with existing processes remain significant (Oluwaseun, 2024).
Additionally, the rapid pace of technological change means that Sterling Bank must continually update its CRM systems to keep pace with evolving customer expectations. Inadequate training of staff and resistance to change further exacerbate the problem, leading to suboptimal utilization of the new tools (Afolabi, 2023). The lack of a standardized framework to measure the impact of CRM innovations on service excellence complicates efforts to identify performance gaps and areas for improvement. This study aims to address these issues by evaluating how current CRM innovations affect service delivery, identifying the operational bottlenecks that hinder full realization of their potential, and recommending strategies to bridge the gap between technological capability and customer satisfaction (Ibrahim, 2024).
Objectives of the Study:
1. To assess the impact of CRM innovations on service excellence at Sterling Bank.
2. To identify operational challenges in the effective implementation of CRM systems.
3. To recommend strategies for enhancing customer service through improved CRM practices.
Research Questions:
1. How do CRM innovations influence service excellence at Sterling Bank?
2. What operational challenges affect the effective utilization of CRM technologies?
3. What strategies can be adopted to bridge the gap between CRM capabilities and service delivery?
Research Hypotheses:
1. CRM innovations significantly enhance service excellence at Sterling Bank.
2. Operational challenges negatively affect the effectiveness of CRM systems.
3. Improved integration of CRM practices leads to higher customer satisfaction.
Scope and Limitations of the Study:
This study focuses on Sterling Bank’s CRM innovations, drawing on customer satisfaction surveys and employee feedback. Limitations include potential self-reporting biases and rapid technological changes that may affect the generalizability of the findings.
Definitions of Terms:
• Customer Relationship Management (CRM): Technologies and strategies used to manage customer interactions.
• Service Excellence: The quality and efficiency of customer service delivery.
• Personalization: Tailoring services to meet individual customer needs.
• Operational Integration: The effective alignment of technological innovations with daily service processes.
Related Project Materials
COMPARATIVE ANALYSIS OF THE UTERINE MENSTRUAL CYCLE AND THE HEMATOLOGICAL INDICES OF STUDENTS
ABSTRACT
The menstrual cycle is affected by so many various factors e.g. stress and changes in diet and iron. Several other...
ADMINISTRATION OF THE DEATH PENALTY IN THE CRIMINAL JUSTICE SYSTEM IN GOMBE STATE: AN APPRAISAL
ABSTRACT
The main aims and objectives of this study titled; “ ADMINISTRATION OF THE DEATH PENALTY IN THE CRIMINAL JUSTICE SYSTEM IN...
AN INVESTIGATION OF THE INSTITUTIONAL CONTRIBUTIONS OF PUBLIC LIBRARIES TO ACADEMIC SUCCESS AMONG SECONDARY SCHOOL STUDENTS IN MAKURDI LOCAL GOVERNMENT AREA, BENUE STATE
Background of the Study
Public libraries are increasingly recognized as vital institutions that contribute significantly...
EMPLOYEES’ PERCEPTION ON MOTIVATION MECHANISM IN NIGERIA PUBLIC SERVICE
ABSTRACT
The focus of this study is to examine employees’ perception on motivation mechanism in N...
The impact of school-to-work programs on students' career choices in secondary schools in Kaura LGA, Kaduna State
Background of the Study
School-to-work programs have emerged as vital transitional initiatives that bridge the gap between...
THE EFFECT OF FINANCIAL CRIME ON THE GROWTH OF SMALL/MEDIUM SCALE BUSINESSES IN NIGERIA
ABSTRACT
This study was carried out to examine the effect of financial crime on the growth of smal...
FAMILY AND SOCIETY: A CASE STUDY OF THINGS FALL APART AND PURPLE HIBISCUS IN COMPARATIVE PERSPECTIVE
-
-
Background of the study
-
Many societies ha...
An appraisal of Muhammadu Buhari’s transportation sector reforms in Kaduna North, Kaduna State
Background of the Study
The transportation sector is a critical component of any nation’s development, directly influ...
GOVERNMENTAL ACCOUNTING FOR INTERNATIONAL AID AND DEVELOPMENT PROJECTS
ABSTRACT: GOVERNMENTAL ACCOUNTING FOR INTERNATIONAL AID AND DEVELOPMENT PROJECTS
This study investigates governmental accounting for inte...
The influence of vocational education on business startup success in Jaba Local Government Area, Kaduna State.
Background of the Study
Vocational education is increasingly viewed as a catalyst for entrepreneurial success, particularl...
