An investigation of CRM system integration on enhancing customer retention in banking: a case study of Sterling Bank
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Background of the Study
Customer Relationship Management (CRM) systems are crucial for building strong customer relationships and enhancing retention in the highly competitive banking sector. Sterling Bank has recently integrated advanced CRM systems to streamline customer interactions and deliver personalized banking experiences. This integration involves consolidating data from multiple channels—such as in-branch interactions, online banking, and mobile platforms—to provide a 360-degree view of customer behavior (Oluwatoyin, 2023). By leveraging this comprehensive dataset, the bank can tailor its marketing strategies, promptly address customer concerns, and predict customer needs through data-driven insights. The integration of CRM systems has resulted in enhanced customer satisfaction and loyalty, which are key drivers of long-term retention. Furthermore, the digital transformation of customer service processes has allowed Sterling Bank to operate more efficiently and respond swiftly to market changes, ultimately reinforcing its competitive position (Adebayo, 2024).
Statement of the Problem
Despite the successful integration of advanced CRM systems at Sterling Bank, achieving optimal customer retention remains challenging. One significant issue is the lack of uniform data integration across all channels, which can lead to fragmented customer profiles and inconsistent service delivery (Chukwu, 2023). Additionally, legacy systems sometimes inhibit the seamless functioning of the new CRM platform, resulting in delays in customer query resolution and reduced personalization. Another challenge is the resistance to change from traditional customer service practices, which may undermine the full potential of the CRM system. These issues contribute to suboptimal customer retention rates and hinder the bank’s ability to fully capitalize on its digital investments.
Objectives of the Study
- To evaluate the impact of CRM system integration on customer retention at Sterling Bank.
- To identify challenges related to data integration and system interoperability.
- To recommend strategies for improving CRM utilization to boost customer loyalty.
Research Questions
- How does CRM system integration influence customer retention at Sterling Bank?
- What challenges affect the seamless integration of CRM systems with legacy platforms?
- Which strategies can enhance CRM system effectiveness and customer loyalty?
Research Hypotheses
- H₁: CRM system integration significantly enhances customer retention.
- H₂: Data fragmentation due to integration challenges negatively impacts retention rates.
- H₃: Effective training and system upgrades improve CRM performance and customer satisfaction.
Scope and Limitations of the Study
This study examines Sterling Bank’s CRM integration efforts over the past three years, using customer retention data, system performance reports, and interviews with CRM specialists. Limitations include potential biases in self-reported data and evolving technological standards.
Definitions of Terms
- CRM System Integration: The process of combining customer data from multiple sources into a unified platform for enhanced service delivery.
- Customer Retention: The ability of a bank to retain its customers over time.
- Data Fragmentation: The dispersion of customer data across multiple systems, leading to incomplete customer profiles.
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