The impact of CRM on the performance of Irish and English retail banks and building societies
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Barry, Paul J.
MA of Business Studies
Dublin Business School
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The entry of non-banks into the banking services arena has meant that traditional retail banks and building societies are finding it increasingly more difficult to compete with these new entrants. Non-banks, especially retailers and utilities have a wealth of customer information, intelligent data-warehousing tools and analytics and do not carry the burden of branch network costs and overheads. The breakdown of domestic barriers has meant that larger players can compete anytime, anywhere in the global financial services marketplace. In this overcrowded financial services marketplace, one of the keys to success is to become leaner and more efficient. In order to achieve this, retail banks and building societies are practising elements of an approach to marketing that uses continuously refined information about current and potential customers to anticipate and respond to their needs. This is the practice of Customer Relationship Management (CRM) and its potential to help them achieve and sustain a competitive edge. These organisations are already changing their business processes and building technology solutions that enable them to acquire new customers, retain existing ones and maximise their lifetime value. The area of CRM is a relatively new phenomenon and the spend on CRM solutions by retail banks and building societies has grown dramatically over the last number of years. However, very little research has been done on the true benefits of CRM, and more importantly, the impact that it has on the performance of these financial institutions. I intend to address this fact within my thesis and to definitively explore the Impact of CRM on the performance of Irish and English Retail Banks and Building