The effect of customer relationship management innovations on service excellence in banking: a case study of Sterling Bank
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Background of the Study
Customer relationship management (CRM) innovations have become a strategic imperative for banks seeking to deliver service excellence in a competitive marketplace. Sterling Bank has adopted advanced CRM technologies to improve customer interactions, enhance service delivery, and foster long-term loyalty (Adeleke, 2023). By integrating artificial intelligence, data analytics, and multi-channel communication platforms, the bank is able to personalize customer experiences and address issues proactively. These innovations facilitate real-time insights into customer needs and preferences, thereby enabling more effective and tailored service delivery (Ike, 2024).
The adoption of CRM innovations includes automated customer feedback systems, predictive analytics for customer behavior, and seamless integration of digital and traditional service channels. Such measures have been shown to reduce response times, improve problem resolution, and ultimately enhance overall service excellence (Chinwe, 2023). Sterling Bank’s proactive approach aims to transform customer interactions into a competitive advantage, ensuring that the bank not only meets but exceeds customer expectations. Academic research supports that banks implementing innovative CRM strategies tend to achieve higher customer satisfaction, increased retention rates, and stronger brand equity (Emeka, 2024).
However, challenges exist in aligning technological innovations with human factors. The complexity of CRM systems, potential data privacy concerns, and the need for continuous staff training may hinder the full realization of service excellence. Moreover, inconsistencies in the application of CRM tools across different branches can lead to varied customer experiences. This study intends to critically evaluate the effect of CRM innovations on service excellence at Sterling Bank by examining both quantitative performance metrics and qualitative feedback from customers and employees. The objective is to determine whether these innovations translate into measurable improvements in service quality and to identify areas for further enhancement.
Statement of the Problem
Despite significant investments in CRM innovations, Sterling Bank encounters persistent challenges in delivering consistent service excellence. One of the key issues is the disparity in how CRM technologies are utilized across various branches, leading to uneven customer experiences (Ibrahim, 2023). While some branches have successfully integrated advanced CRM tools, others lag behind due to insufficient training or technological constraints. This inconsistency undermines the overall goal of achieving uniform service excellence across the bank.
Furthermore, the rapid pace of technological change means that the bank must continually update its CRM systems, which can be resource-intensive and may lead to transitional periods of reduced service quality. Data privacy and security concerns also pose challenges, as customers remain cautious about sharing personal information even as banks strive to personalize services. These factors contribute to a gap between the intended benefits of CRM innovations and the actual customer experience, affecting overall satisfaction and loyalty. The study seeks to explore these issues in detail by analyzing service performance data, customer feedback, and employee perspectives, with the aim of identifying strategies to bridge the gap between CRM innovation and consistent service excellence.
Objectives of the Study
• To assess the impact of CRM innovations on service excellence at Sterling Bank.
• To identify factors contributing to inconsistencies in CRM application across branches.
• To recommend strategies for standardizing CRM practices to enhance customer service.
Research Questions
• How do CRM innovations affect service excellence at Sterling Bank?
• What challenges are associated with the implementation of CRM tools across different branches?
• How can Sterling Bank standardize its CRM practices to improve service quality?
Research Hypotheses
• H1: CRM innovations positively influence service excellence in banking.
• H2: Inconsistent application of CRM tools across branches negatively affects service quality.
• H3: Standardized CRM practices lead to higher customer satisfaction and loyalty.
Scope and Limitations of the Study
This study examines CRM innovations at Sterling Bank over the past two years, utilizing customer surveys, performance metrics, and employee interviews. Limitations include potential response bias and rapid technological changes.
Definitions of Terms
• Customer Relationship Management (CRM): Systems and strategies for managing a bank’s interactions with its customers.
• Service Excellence: The quality of service delivered to customers, measured by satisfaction and loyalty.
• Digital Integration: The seamless incorporation of digital tools into traditional service processes.
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