An assessment of customer relationship management enhancements on increasing loyalty in banking: a case study of Sterling Bank
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Background of the Study
In the increasingly competitive banking sector, fostering customer loyalty is critical for sustained profitability. Sterling Bank has recently enhanced its Customer Relationship Management (CRM) systems by integrating advanced analytics, personalized communication channels, and automated customer engagement tools. These enhancements are designed to create a seamless, data-driven approach to managing customer relationships, thereby improving customer retention and loyalty (Babatunde, 2023). By capturing real-time customer data from multiple touchpoints, Sterling Bank is able to generate detailed insights into customer behavior and preferences. This enables the bank to tailor its service offerings, predict customer needs, and deliver personalized experiences that foster long-term loyalty. The CRM enhancements also include multi-channel integration that ensures consistent communication across digital, phone, and in-branch interactions, thereby building a robust customer engagement framework (Ekundayo, 2024). However, the successful implementation of these enhancements requires overcoming challenges such as data silos, system interoperability issues, and staff adaptation to new technologies. This study examines how the CRM enhancements at Sterling Bank influence customer loyalty and explores strategies to further optimize these systems to drive sustainable customer relationships.
Statement of the Problem
Despite significant investments in CRM enhancements, Sterling Bank continues to face challenges in achieving uniformly high levels of customer loyalty. While the enhanced CRM system has improved data collection and personalized marketing efforts, inconsistencies in system integration and uneven adoption across branches have led to a fragmented customer experience (Olusola, 2023). Some customers report receiving conflicting messages or experiencing delays in service resolution, which undermines the bank’s efforts to build trust and long-term loyalty. Additionally, issues such as inadequate training and resistance to technological change have limited the effectiveness of the new CRM system. These operational and technical challenges prevent the bank from fully capitalizing on its CRM investments, resulting in lower-than-expected improvements in customer retention. This study seeks to identify the key factors that hinder the effectiveness of CRM enhancements at Sterling Bank and to propose targeted strategies to improve customer loyalty and overall satisfaction (Ibrahim, 2024).
Objectives of the Study
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To assess the impact of CRM enhancements on customer loyalty at Sterling Bank.
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To identify operational and technical challenges in CRM implementation.
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To recommend strategies for optimizing CRM systems to further increase customer retention.
Research Questions
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How do CRM enhancements affect customer loyalty at Sterling Bank?
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What challenges hinder the full effectiveness of the enhanced CRM system?
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What strategies can optimize CRM performance to improve customer retention?
Research Hypotheses
H₀: CRM enhancements do not significantly increase customer loyalty at Sterling Bank.
H₁: CRM enhancements significantly increase customer loyalty at Sterling Bank.
H₀: Operational challenges do not affect the effectiveness of CRM systems.
H₁: Operational challenges significantly hinder the effectiveness of CRM systems.
H₀: Additional optimization strategies will not further enhance customer retention.
H₁: Additional optimization strategies will significantly improve customer retention.
Scope and Limitations of the Study
This study focuses on the CRM enhancements at Sterling Bank and their impact on customer loyalty. Data will be obtained from customer surveys, internal CRM performance metrics, and interviews with marketing personnel. Limitations include potential biases in self-reported data and differences in system adoption across branches.
Definitions of Terms
• CRM Enhancements: Upgrades and improvements made to Customer Relationship Management systems.
• Customer Loyalty: The degree of commitment customers have to continue doing business with a bank.
• Multi-Channel Integration: The unification of various communication channels to deliver consistent customer experiences.
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