EFFECT OF CUSTOMER RELATIONSHIP MANAGEMENT ON THE PERFORMANCE OF BANKING SERVICES IN GHANA

Journal of Contemporary Integrative Ideas Volume 2(1), p. 13-25 www.novelpublications.com ISSN: 2343-6565 EFFECT OF CUSTOMER RELATIONSHIP MANAGEMENT ON THE PERFORMANCE OF BANKING SERVICES IN GHANA Irene Akuamoah Boateng Valley View University ABSTRACT Customer relationship management is an issue that every company, large or small, must tackle. Customers are the life-line of every business and the growth of every business depends on the relationship the company has with its customers. This study examined the effect of customer relationship management (CRM) on some selected banks performance in Accra, Ghana. Factors used were based on the dimensions of CRM and how each of them affects the performance and retention of customers to the selected banks. Through a random sampling technique, a sample of nine banks (private, public and international banks) was considered for data collection and as a quantitative study, close and opened questions in the form of questionnaires were used as the main instrument for gathering data. Statistical package for social sciences (version 21) was used in running the outcomes of the study. Inferences were later drawn from Pearson s correlation coefficient outputs based on which discussions of findings were made. A positive relationship was established among most of the dimensions with some having effect on the performance of the selected banks. Among the four dimensions considered, (Customer orientation, Knowledge management, Technology Based CRM and CRM organization), customer orientation was identified as the dimension with the highest association with banks performance and customer loyalty. Keywords: CRM Dimensions, Management, Relationship Marketing, Performance 1.0 INTRODUCTION The concept of Customer relationship management (CRM) dates back to the 60-ties where attraction and retention of customer loyalty was a key factor of business success. CRM as a philosophy gained ground in the 80-ties (Urdziková, Jakábová & Saniuk, 2012). Though a bit old a concept, scholars and managers took interest in this in the last few decades (Kavitha, 2012). Traditionally, the practice of marketing was dominated by the marketing mix management paradigm (Grönroos,1997) where companies adopted a strategy which enabled them sell more of their goods and services through strategic pricing, promotion, place and quality products. Kent (1986) considers it as the holy quadruple of the marketing faith written in tablets of stone.this paradigm however, is gradually fading out with the globalization of business and the evolving recognition of the importance of customer retention and market economies and of customer relationship economics (Payne and Ballantyne 1991; Webster 1992; Grönroos 1994; Grönroos 1995; Gummesson 1998; Grönroos, 1997). Customer relationship management (CRM) is a widely implemented model for managing a company s interactions with customers, clients, and sales prospects. It involves using technology to organize, automate, and synchronize business processes mainly sales activities, but also those for marketing, customer service and technical support. The business arena has seen competitive pressure in this 21st century and probably generations to come. According to Yoo, Lee and Bai (2011) and Berndt, Herbst, &Roux, Corresponding Author: Irene Akuamoah Boateng Tel: +233249779803 Email: ohenewah80@yahoo.co.uk

(2005), this competition is bound to eat into the future as consumers taste and preferences keep changing at an alarming rate. Companies have become more innovative in their products and services to differentiate them from other brands or their competitors (Mishra et al. 2013). As competition become tough, companies try to think of something else than functional attributes. According to Dowling (2002), Customer Relationship Management (CRM) is premised on the belief that developing a relationship with customers is the best way to get them to become loyal and that loyal customers are more profitable than non-loyal customers. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients to return, and reduce the costs of marketing and client service. Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments. The motive behind CRM is to gain new customers, retain the current ones and establish a positive relationship with the existing ones (Kavitha, 2012). In the words of Paper (2002), customer relationship management is an issue that every company, large or small, must tackle in some way. Handled well, a CRM strategy can deliver significant benefits for companies and customers alike. Early works on this topic indicate that customers are the life-line of every business and the growth of every business depends on the relationship the company has with its customers (Healy, 2009). It is quite interesting to know that this subject is receiving much attention in literature currently. However, there is much contextual and level of analysis gap (Krasnikov et al., 2009; Kumar, 2008; Piskar and Faganel, 2009 as cited in Mohammad et al. 2013). Thus extant literature has been centered on hotel and tourism industries. In their report, Mohammad et al. (2013), opined that much of the findings so far have equally neglected the effect of CRM strategy implementation on organizational performance. Besides, much studies of this kind have not been carried out in the African context, specifically, West Africa with respect to the banking sector. The originality of this work stems from the fact that, these contextual and method gaps would be tackled, at least even if not completely filled. 2.0 RESEARCH HYPOTHESIS Ho: There is a significant relationship between all the dimensions of CRM and bank s performance H1: There is no relationship between knowledge management and customer loyalty H11: There is a significant relationship between customer loyalty and bank s performance 3.0 LITERATURE REVIEW 3.1 RELATIONSHIP MARKETING Grönroos (1983) brought quality back into the marketing context by introducing the perceived service quality concept after its introduction and development in the works of early scholars like Abbott, Brems and Mickwitz. He introduced the concept of the Page 14

interactive marketing function which explains the marketing impact on the customer during consumption process. In this discussion Grönroos (1983) defines relationship marketing as a process of marketing which involves establishing, retention and strengthening relationships with customers and other partners, at a profit, so that the objectives of the parties involved are met. This is achieved by a mutual exchange and fulfilment of promises (Copulinsky &Wolf, 1990). In this relationship, the consumer of a service network interacts with systems, physical resources and employees of the service provider. During the last few years there has been a growing interest in studying the economics of long-lasting customer relationships (Biong & Selnes, 1996; Wotruba, 1996; McDonald, Millman & Rogers 1997; Weitz & Bradford 1999). Relationship marketing is suggested to be one new marketing paradigm which aims at creating a client relationship which begins with customer attraction, satisfaction and retention of existing customers, while transactional marketing tries to make the sale and find new customers (Vence, 2002). Thus there has been a shift from product to people. It equally involves the fulfilment of mutual promises to achieve a long lasting relationship with a positive impact on the organization s bottom-line (Webster, 1992). From this approach, the concept of customer relationship management evolved. 3.2 CUSTOMER RELATIONSHIP MANAGEMENT In order to acquire and retain a competitive edge in this turbulent business era, it has become more necessary for service organizations to develop long-term relationships with their customers. No wonder relationship marketing theory became one of the globally accepted strategies in the 1990s (Gummeson, 1994; Morgan and Hunt, 1994), covering a range of marketing activities (Palmer, 2000), and thus it is described as a new-old concept (Berry, 1995). Customer relationship management has become one of the topical areas in marketing research due to the long term effects it has on companies (Parvatiyar & Sheth, 2002; Berndt, Herbst, & Roux, 2005). The practice has been found to yield greater loyalty and resulting profits for companies. Marketing strategies implemented to retain customers such as CRM saves a company a five times cost of attracting new ones (Kotler, 1997). 3.3 DIMENSIONS OF CUSTOMER RELATIONSHIP MANAGEMENT Literature suggests that there is no universal definition of CRM (Hamid, 2009; Ngai, 2005; Saarija rvi et al. 2013). However, occasionally, people define it based on the context within which it is being considered (Baran et al., 2008; Dimitriadis and Steven, 2008; Piskar and Faganel, 2009). It encompasses people, technology, strategy and process. Sin et al. (2005) and Yim et al. (2005) suggest that the concept of CRM is a multidimensional construct consisting of four broad behavioural components. These behavioural components are key customer focus, CRM organization, knowledge management and technology-based CRM. Literature identified that this supports the notion that a successful CRM is mainly implemented based on the support from people, technology, strategy and processes (Fox and Stead, 2001; Sin et al., 2005; Yim et al., Page 15

2005), and that the dimensions (customer focus, CRM organization, knowledge management and technology-based CRM) must be well integrated to improve an organization s performance (Sin et al., 2005; Yim et al., 2005). Meanwhile, other studies like those of Abdullateef et al. (2010) and Wang et al. (2010) find customer orientation as part of these components. 3.4 Customer orientation Studies suggest that a good CRM implementation strategy should be permeated by a customer-centric structure, organizational culture, policy as well as reward systems (Sheth, Sisodia, & Sharma, 2000; Ryals & Knox, 2001).Customer orientation refers to the employee s predisposition to meet the customers needs. It has a positive impact on employees performance and customers satisfaction. Moreover, customer-oriented behaviours can maintain a good relationship between the service provider and the customers, leading to improvement in the organization s performance (Brown et al., 2002). The essence of customer orientation is to increase long-term satisfaction and to create customer loyalty (Jain & Singh, 2002; Schmid & Weber, 1998). Often, the sales force or sales managers are the ones that deal directly with these valued customers hence for them to understand and support this strategy towards achieving customer loyalty, they need to be motivated and rewarded in other to enable them build a friendly and long lasting relationship with these customers by giving them the best treatment in the buyerseller relationship. Goods and services are customized to make this customer feel cherished. 3.5 Knowledge management Recent studies on CRM, suggest that customer knowledge has been considered as a valuable organizational resource such that any technique which is geared towards transmitting knowledge regarding customers are core resources that serves a sustainable competitive advantage for firms and allows a company to strengthen its link with the customers (Croteau and Li, 2003; Shi and Yip, 2007). Therefore, customers knowledge plays a vital role in CRM. Organizations can use it to build and develop their relationship with customers (Zahay and Griffin, 2004), and it enables organizations to gain a competitive advantage in the market (Sin et al., 2005). In the words of Ryals and Knox (2001), information on customer knowledge needs to be shared and disseminated throughout the organization because the potential of knowledge occurs when it is shared within various functions of the organization in order to meet current customers and their anticipated needs. Knowledge management helps an organization to succeed by building better customer relationships and it has a positive impact on an organization s performance (Akroush et al., 2011; Sin et al., 2005; Yim et al., 2005 as cited in Mohammad, Basri, Rashid & Tahir, 2013). 3.6 Technology-based CRM With advances in information communication technology (ICT), a modern system can be used to improve the power of organizations to reduce internal costs, better interact with the environment, and increase economic profit in the long term (Mohammad, Basri, Page 16

Rashid & Tahir, 2013). CRM involves gathering a lot of data about the customer. The data is, then, used to facilitate customer service and transactions in order to meet customers needs. This results in more satisfied customers, a more profitable business and more resources available to the support staff. Customer Relationship Management systems are a great help to the management in deciding on the future course of the company (Helms, 2001; Dev & Olsen, 2000). That is, to know whether the performance of the organization is above or below standard. According to Kotler (2003), customer relationship management helps companies to provide excellent real-time and customer service by developing a relationship with each valued customer through the effective use of individual account information based on what they know about each customer. It leads to information integration and sharing that influences smooth and efficient firm-customer interactions, appropriate analysis of customer data and customization of response (Mukerjee & Singh, 2009). 3.7 CRM organization For a better CRM implementation and total quality assurance of those strategies, there is a need to employ total participation from all levels of the organization. The organizational structure is supposed to be redesigned to include proper and effective lines of communication (Liu, 2007). Mechinda and Patterson (2011) and Dutu and Halmajan ( 2011) stated that for service employees to display customer-oriented behaviour, organizations must develop a climate for service in the work which includes providing staff with modern tools and technology, customer satisfaction tracking and complaint management systems, inspiring service leadership, and an appropriate reward system. Based on these provisions, an organization can achieve desirable employee customerorientation behaviours. Thus in as much as organizations aim at achieving great customer loyalty which one way or the other could translate into business growth, its equally important not to look down on the welfare of the organization s anchor (its human resource). As firms align their structure and management processes with their market goals, they become more successful in responding to their customers. This dimension of CRM has been noted to have a lot of impact on the organization (Gre&Albers, 2006; Day & Bulte, 2002; Yim, 2004 and Garrido-Moreno & Padilla- Mel endez, 2011). 3.8 CRM IMPLEMENTATION AND ORGANIZATIONAL PERFORMANCE Strategy implementation costs a lot to the operations of organizations in terms of time, finance and human resource etc. Consequently, research suggest that understanding the effect of CRM implementation on the organization s bottom-line is of utmost importance (Adiele &Gabriel, 2013). The performance of an organization has been measured by many academicians from diverse perspectives. Indicators range from both financial and non-financial angles (Adiele et al, 2011). In relation to this, academicians and practitioners have used marketing indicators such as market share, profitability and sales volume (Asiegbu et al, 2011; O sullivan, 2009 & Maclayton, 2006). These outcomes however, from the marketing stand point stems from some strategies such as CRM (Mohammad, Basri, Rashid & Tahir, 2013). CRM strategies enable organizations to identify main needs of customers and segment these customers in terms of theirs needs in order to achieve their satisfaction leading to their loyalty and lifetime purchase. Page 17

3.9 RESEARCH METHODOLOGY This study adopted a quantitative approach and as such, the metric approach to data analysis was adopted. The sample consisting of 9 banks and 172 customers in Accra Metropolis was selected through random sampling techniques. Accra metropolis was chosen because that is where all the headquarters and large branches are located. A structured questionnaire was used for the data gathering and to ensure reliability of the data gathered and high rate of response, research assistants were employed in the data collection to ensure that the questionnaires were administered to the sampled firms and retrieved. Moreover, to investigate the reliability of the questionnaire, the study used Cronbach s coefficient on all the constructs and the scores for all the variables were indicative of the questionnaire s having a high level of reliability. Thus, all of them had coefficients not less than 0.8. In line with the extant literature on scale measurement (Field, 2005; Hair et al., 2010; Pallant, 2007), it is possible to conclude that the reliability of the research instruments in terms of their internal consistency is within a satisfactory level. To ensure the content validity of the instrument, already structured constructs were adopted. Besides, a pilot study was conducted to investigate the need for any further suggestions on the instrument and constructive comments made were inculcated into the final copy before it was administered. Upon retrieval, the statistical package for social sciences (version 21) was used in running the outcomes of the study. Inferences were later drawn from Pearson s correlation coefficient outputs based on which discussions of findings were made. Two different sets of instruments were used in the data gathering; one set for customers and another for the banks. 4.0 RESULTS To establish the relationship between the dimensions, the Pearson s correlation coefficient was run to generate the outputs. The Pearson s product moment correlation is a measure of the strength of linear relationship existing between two variables. Correlation can range from -1 to 1 in which case it will indicate that there is a perfectly inverse or direct correlation between the variables under study. In any case, a zero value (0) indicates no correlation between these variables (Sharma, 1996). From Table 1, it can be inferred that there is a significant relationship between knowledge management (KM) and technology-based CRM (TBCRM) at 0.01 significant level. As explained by the same table, customer orientation (CO) equally has a direct and significant relationship with technology-based CRM. Again, the findings show a strong relationship knowledge management and Technologybased CRM (r=.851) at 0.05 significance level. However, there is but a weak relationship between CRM organization (CRMORG) and customer orientation (CO) (r=0.20 at 0.01 level of significance). The situation is not different between Technology based CRM and performance (r=0.214 at a significance of level of 0.01). In addition, as exhibited by Table 1, there is a strong and very significant relationship between customer orientation (CO) and customer loyalty (r=.813 at.05 level of significance). The study revealed that CRM organization (CRMORG) as also having some level of association with customer Page 18

loyalty even though it is weak. This equally reflected on the performance of the banks as the study found customer orientation to be significantly associated with the performance of the banks inversely. A Pearson s coefficient of -0.671 was recorded for this at a 0.01 significance level. Finally, the study found that customer loyalty has a significant relationship with the selected banks performance. Table 1: Correlation Matrix of CRM dimensions and their relationship with performance and Loyalty TBCRM Pearson Correlation Sig. (2- tailed) TBCRM KM CO CRMORG PERF LOYALTY 1 KM Pearson Correlation Sig. (2- tailed).851* 1.052 CO Pearson Correlation Sig. (2- tailed).850**.136 1.004.051 CRMORG Pearson Correlation Sig. (2- tailed).065.877**.200** 1.352.002.004 PERF Pearson Correlation Sig. (2- tailed).214** -.032 -.671** -.104 1.002.645.003.138 LOYALTY Pearson Correlation Sig. (2- tailed) -.022 -.097.813*.202**.527 1.751.165.0512.004.002* ** significant at 0.01 level (two tail); * significant at 0.05 level Page 19

* Where TBCRM = technology-based CRM; CO = customer orientation (CO); CRMORG = CRM organization; KM = knowledge management; PERF = performance; LOYALTY = customer loyalty 5.0 DISCUSSION OF FINDINGS The findings of this research supported most of the earlier works on this subject matter. The first hypothesis was to establish whether there is a significant relationship between all the dimensions of CRM and bank s performance. The presentation according to Table 1 indicates that some of the CRM dimensions are associated with bank s performance but not all. Customer orientation and technology-based CRM was seen to have reflected a positive relationship with the selected banks performance. This is a confirmation of what literature (Helms, 2001; Dev & Olsen, 2000; Croteau and Li, 2003) has on technology (TBCRM). Technology has been identified as a core resource that allows a company to strengthen its link with customers, and achieve sustainable competitive advantage (Helms, 2001; Dev & Olsen, 2000; Croteau and Li, 2003; Shi and Yip, 2007). In line with this, Mukerjee & Singh, (2009) also said that technology-based CRM leads to information integration and sharing that influences smooth and efficient firm-customer interactions, appropriate analysis of customer data and customization of response. Other studies have concluded that due to the constant change in the behaviours or expectations in customer demands, the hotel industry for example, is especially adopting ICT in their customer management. Other studies have equally concluded that this particular dimension is a major predictor of organizational performance (Alem et al, 2013; Akroush eta al, 2011; Ata & Toker, 2012 and Kasim & Minai, 2009). Furthermore, the study found customer orientation as equally having a direct association with bank s performance and this is a confirmation of the statement made by Brown et al. (2002). In their study, it was found that a good customer orientation has a positive impact on employees performance which later translates in customers satisfaction and the general organizational performance. Coupled with this, Jain and Singh (2002) and Schmid and Weber (1998) opined that customer orientation ends up increasing the longterm satisfaction and creation of customer loyalty. It is therefore not surprising that from the practice of marketing mix, marketing practitioners have developed a much higher interest in building favorable customer relationships. According to a marking guru, Grönroos, the practice can be seen as one of the major cornerstones of a company and a competitive tool as such for achieving greater organizational outcomes. This stems from the fact that as organizations concentrate on developing smooth customer relationships, they tend to have broader customer interface and the firm has opportunities to provide its customers with added value of various nature in terms of knowledge, technology, information, social relationship, (Kennedy et al., 2002; Piercy, 2002; Asikhia, 2010; Dowling, 1993; Liu et al., 2003; Sin et al., 2005; Tajeddini,2010; Zhou et al., 2009). It is worth noting that, the outcome of this study does not support the first hypothesis. Even though some of the dimensions showed a relationship with bank performance, not all did and as found in Mohammad et al. (2013) study of hotel industry and Elkordy Page 20

(2014) research, the first hypothesis which says there is a significant relationship between all the dimensions of CRM and bank s performance is rejected. The second question the study sought to address was to ascertain if there is no relationship between knowledge management and customer loyalty. As per the findings, this hypothesis is supported because it was found that knowledge management has no significant relationship with customer loyalty in the sampled banks. This findings is similar to early studies (Akroush, Dahiyat, Gharaibeh, &Abu-Lail, 2011; Coltman, 2007a; Yim, Anderson, & Swaminathan, 2004 as cited in Elkordy, 2014). Finally, the study found a relationship between customer loyalty and bank s performance hence, the third hypothesis is supported. In a study on the impact of CRM capability dimensions on organizational performance, Elkordy (2014) stated that many studies have shown positive impact of customer loyalty on the profit margins of firms. CRM can also increase customer retention rates through the development of customized loyalty programs which can raise customer switching cost and create entry barriers for competitors. 6.0 CONCLUSION The discussions and findings in this study indicate that, it is not bias to conclude that CRM is benefiting companies in many ways as identified by other studies. Individually, this study has projected the quota each dimension of CRM contributes to the general performance of the banks sampled in this study. From the analysis and presentations above, it is obvious that customer orientation seems to contribute positively to customer loyalty(r = 0.81) and negatively to bank s performance r = -0.67). Based on these findings, the study therefore suggests that for managers to enjoy continuous improvement in their performance, it will be prudent that they shift their focus towards strategies which will enable them to both attract and retain their customers, with particular emphasis on customer education (orientation). In addition, it will be of benefit to banks which spend money on improving their information technology systems in their daily operations so that they come out with products that will exceed customers expectation thereby achieving their loyalty to the banks. 7.0 LIMITATIONS AND FUTURE RESEARCH DIRECTIONS Even though this study has contributed a lot to literature in terms of understanding of the effect of CRM implementation on banks performance, there are some gaps which could aid future studies. One of such limitations is that as suggested by Hair et al, (2010), the Pearson coefficient of correlation as a data analysis technique aids in establishing associations between variables but it does not help in finding causation. Future studies could use other multivariate techniques which aids in identifying the causation. Moreover, out of the 28 registered banks operating in Ghana, nine (9) were easily accessed for this study. Besides, only customers who were available at the selected banks premises at the time of data collection were considered. It is therefore advisable that in future studies, researchers consider a sample size larger than in this study. Future studies Page 21

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