TITLE:
Innovation in Banking Industry: Achieving Customer Satisfaction
AUTHORS:
Clement Achimba, Jared Opiyo Ongonga, Samson Mecha Nyarondia, Amembah A. Lamu Amos, Michael Okwara
KEYWORDS:
Technology, Banking, Customer Relationship Management
JOURNAL NAME:
Open Journal of Business and Management,
Vol.2 No.4,
August
15,
2014
ABSTRACT: This paper examines the effects of technology in the banking industry. Based on an expansive review of literature, the paper describes various factors in this area. Technology has a direct effect on the functioning of the banks. With technological advancement, the customers benefit and the bank gains by getting more clients. Most businesses desire to offer the best services, products and customer relations to their customers because these activities increase the retention rate of customers. These activities also have a direct effect on customer satisfaction. But it’s the complexity of this process that brings a challenge to marketers. The paper looks at technological aspect of the process. This is because for any marketer or business practioner to succeed at managing a good customer relationship program, there is need for the adoption of supportive technology. This type of technology assists in the managing of the process through the maintainance of a customer data base, implementation and monitoring. Using a case study approach [1] shows that one of the business units she studied was able to achieve a 270% increase in business unit profits (above target) by implementing several straightforward Customer Relationship Management (CRM) measures. The paper analyses the nature of the banking industry and the role of technology in the Customer Relationship Management process and its implementation.