155 CUSTOMER RELATIONSHIP MANAGEMENT IN MARKETING FINANCIAL SERVICES (A CASE STUDY OF FISRT BANK PLC)

GUNU UMAR Department of Business Administration University of Ilorin, Ilorin Nigeria and AUN, ISAAC IORTIMBIR Department of Business Administration Joseph Ayo Babalola University Ikeji-Arakeji, Osun State, Nigeria

ABSTRACT By placing too much focus on marketing activities directed at new customers, companies often experience the leaking basket effect, where customers are being lost because of insufficient marketing activity. It is believed that many firms over-emphasize identification of prospects and their conversion to customers. Hence under-emphasis on generating repeat purchase. Therefore it is the fostering of long term product loyalty through customer relationship management that leads to increase in sales. The objective of the study is the examination of customer relationship management in marketing financial services. The design of the research is a case study. Convenience sampling was used to select customer and staff samples. Primary data were used. The primary data were generated through questionnaires. Data were analysed by the use of regression analysis. Based on the hypotheses tested, it was observed that customer relationship management is significantly related to corporate performance. It is recommended that customer relationship management should be embraced to improve efficiency in marketing financial services. INTRODUCTION For many reasons, customers relationship management in marketing financial services gives a whole host of suggestions as to how companies can improve their Customer Relationship Management and achieve their anticipated returns on investment. It shows how to avoid the main problems and challenges of some of the conventional wisdom about what is happening in the financial services market. Customer Relationship Management is a customer focused business strategy that dynamically integrates sales, marketing and customer care services in order to create and add value for the company and its customers. This change towards a customer focused strategy is leading to a strong demand for a Customer Relationship Management solution by companies. Customer Relationship Management is a method that companies use to interact with customers. This is an emphasis on handling incoming customer phone calls and emails, although the information collected may also be used for promotion and surveys such as those of polling customer satisfaction. Tools for Customer Relationship Management should be implemented only after a well devised strategy and operational plan is put in place. From the

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156 outside, customers interacting with a company perceive the business as a single entity, despite often interacting with a number of employees in different roles and departments. Customer Relationship Management is the combination of policies, processes and strategies implemented by an organization to unify its customers interaction and provide a means to track customer information. It involves the use of technology in attracting new and profitable customers while forming tighter bonds with the existing ones. Customer Relationship Management includes many aspects which relates directly to one another. We have the front office operation and the back office operation. The front office operation refers to direct interaction with customers ; examples are face to face meetings with customers, phone calls, emails, online services etc. while the back office operation refers to operation that ultimately affect the activities of the front office, examples are billing, maintenance, planning, marketing, advertising, finance, manufacturing etc. Another aspect of Customer Relationship Management is business relationship which is an interaction with other companies and partners such as suppliers/vendors and retail outlets/distributors, industry networks (lobbying groups, trade association). This external network support front and back office activities. Proponents of Customer Relationship Management claim that it not only allows Customer relationship to be managed more efficiently but also encourages a more customer-centric approach of conducting business activities. There are several different approaches to Customer relationship management, with different packages focusing on different aspects. In general, customer services and campaign management form the core of the system. Customer service provides support to front office business processes e.g. sales marketing and service staff. Interactions with customers are generally stored in customer contact histories and staff can retrieve customer information as necessary. The contact history provides staff members with immediate access to important information on the customers (products owned, prior support calls etc), eliminating the need to individually obtain this information directly from the customer. Reaching to the customer at the right time and at the right place is preferable. Customer service covers aspects of a companys dealing with customers handled by the consumer affairs and customer relationship contact centers within a company. Representatives handle in-bound contact from anonymous consumers and customers. Early warnings can be issued regarding product issues (e.g. item recalls) and current consumer sentiment can be trapped. Campaign management on the other hand, combines the element of operational and analytical Customer Relationship management. Campaign management functions include: target groups formed from the client based according to selected criteria, sending campaign-related material (e.g. on special offers) to selected receipts using various channels (e.g. email, telephone, text messages , posts) tracking, storing and analyzing campaign statistics, including tracking responses and analyzing trends. It covers aspects of a companys dealings with customers that are handled by various departments within a company such as sales, technical support and marketing. Staff members from different department can share information collected when interacting with customer. For example, feed back received by customer, support agent can provide other staff members with information of the services and features requested by customers. Its ultimate goal is to use information collected by all department to improve the quality of services provided by the company. Customer Relationship Management facilitates communication between customers, suppliers and partners. Today, many financial services organization are rushing to become more customer focused. Customer Relationship Management is concerned with how organizations manage and improve their relationships with customers for long-term profitability. Many Customer Relationship Management failures are related to some problems encountered in the research. Tools for Customer Relationship Management should be implemented only

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157 after a well devised strategy and operational plan are put in place. Other problems occur when failing to think of sales as the output of process that it need to be studied and taken into account when planning automation. Banking is one of the oldest professions that make use of Customer Relationship Management in marketing their services. It will appear as an understatement to state that an average bank user in Nigeria has no good opinion about the establishment. This is as a result of Customer Relationships with the bank workers. Complains range from those of inefficiency, favouritism, long delay in cashing cheques or unfriendly attitudes to bank workers. Some other problems encountered when making research on Customer Relationship Management are also related to data quality and availability. Data cleaning is a major issue. The aim of this study is to examine critically Customer Relationship Management in marketing financial services. The objectives of this study are as follows: i) To identify the reasons for poor Customer Relationship Management in the banking sector. ii) To examine the various roles of bank and Customer Relationship and responsibilities. LITERATURE REVIEW According to Christopher et al. (1991), by placing too much focus on marketing activities directed at new customers, companies often experience the leaking bucket effect, where customers are being lost because of insufficient marketing activity generally, and customer service specifically directed to them. They believe that too many firms over-emphasise the identification of prospects and focus on trying to convert them into customers. Hence, underemphasis is placed on generating repeat business. The underlying rationale, therefore, is that the fostering of long term product (or company) loyalty rather than immediate sales ultimately leads to an increase (or maintenance) of sales (Craig-Lees and Caldwell, 1994). Furthermore, data shows that truly loyal customers are fifteen times more likely to increase spending with a particular store. Caution is required to ensure that the firm strives to keep the right customers from defecting. This has been labelled customer relationship economics by Grnroos (1993) and customer relationship profitability by Storbacka (1993). Essentially they argue that effort should not be directed at customers that are not and cannot be expected to become profitable (Storbacka, 1993; Barnes and Cumby, 1993). According to Storbacka (1993) and Barnes and Cumby (1993) a thorough customer relationship profitability analysis is equally important as effort directed towards creating a loyal customer base and retaining customers. Christopher et al. (1991), propose that the objective of relationship marketing is to turn new customers into regularly purchasing clients, and then to progressively move them through to being strong supporters of the company and its product, and finally to being active and vocal advocates for the company. According to Christopher et al. (1991) the traditional marketing mix elements of product, price, promotion and place are the principal elements used to turn prospects into customers, while the focus of relationship marketing is to move customers into clients, supporters and ultimately advocates for a companys products and services. Relationship marketing recognises that the focus of marketing is to change from making a single transaction and moving on to the next customer, to building a relationship with existing customers (Christopher et al. 1991). Bateson (1995) in his definition of relationship marketing states that relationship marketing is the union of customer service, quality and marketing. It emphasises the importance of customer retention, product benefits, establishing long-term relationships with customers, customer service, increased commitment to the customer, increased levels of customer contact, and a concern for quality that transcends

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158 departmental boundaries and is the responsibility of everyone throughout the organisation. Gummesson (1999) criticised traditional marketing concepts, saying that they were based exclusively on getting the customer to transact with the organisation. In contrast, relationship marketing is about achieving customer loyalty. Defection as described by Lovelock et al. (1999) occurs when customers transfer their brand loyalty to another supplier. Relationship marketing reflects a philosophy expressed often in terms such as retention marketing and zero defection where the focus is on keeping every customer the company can profitably serve (Reichheld and Sasser, 1990). Gamble et al. (2005), propose that companies should possess a strong imperative to ensure high degrees of customer loyalty and retention. Research in the credit card industry indicates that a 5% increase in customer retention can lead to a profit improvement of 125% (Gamble et al. 2005). Statistics such as these are significant drivers in the move from transaction marketing to relationship marketing. (Hanley and Leahy, 2008) Customer Relationship Management (CRM) is a comprehensive strategy and process of acquiring, retaining and partnering with customers to create superior values for the company and customer (Parvatiyar and Sheth, 2001). Hence, the performance of CRM is defined as the success of creating values for customers through organizations in the objective of increasing the retention, repurchase and word of mouth in order to achieve improvements on relationship qualities. Although CRM has become the in-thing of marketing strategies nowadays, it is unfortunate that many people are still confused about the actual domain of CRM which perceives customer and service providers the act as major players (Wahab et al, 2009) It is very important to measure the performance of CRM in any organization. Previous researchers believed that CRM performance should be measured ultimately in terms of customer behaviours since they are the underlying sources of current customer values within a firm. Researchers also believed that CRM has the potential to increase future revenue streams associated with them and to those prospective customers (Wang et. al., 2004). Their argument was supported by Grant (1995) who said that the fundamental of CRM is to ensure steady streams of revenue and maximizations of customer lifetime value or customer equity, which in this case customer behaviours become strategically significant (Grant & Schkesinger, 1995). The consequences of customer relationship management performance (CRM) are the area of studies that generate much interest. To date, the primary focus of research has centered on the impact of customer relationship performance from the perspective of organizations and customers behavior. From the organization part, previous studies found out that customer relationship management can improve customer data and develop customer-centric (Seeman and OHara, 2006; Bose, 2002; Tan et al., 2002; Wells et al., 1999; Berger and Bechwati, 2000; Mithas et al., 2005; Kim et al., 2003). From the customer behavior perspective, CRM performance can increase customer loyalty, retention and satisfaction, (Seeman and OHara, 2006; Berger and Bechwati, 2000; Mithas et al., 2005; Kim et al., 2003; Fitzgibbon and White; 2005; Winer, 2001). Several systematic efforts have devotedly been done to investigate the impact of customer relationship management performance towards marketing performance (Blattberg et al., 2001; Rust et al., 2000); which can be in the form of customer behavior (Wang et al., 2004). Therefore, it is imperative to investigate the consequences of CRM performance from customer behavior perspectives, since they are the ones who have direct experiences when dealing with the services offered. Due to this, previous studies have validated the success of CRM performance measurement from customer behavior perspectives which is based on satisfaction, brand loyalty; repurchase intention and word of mouth (Wang et al., 2004; Wahab et al, 2009)

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159 In order to carry out and adopt CRM system successfully, there must be some corresponding enterprise culture to support it, or there will be some obstacle. Even though the improvement of the staff can help the CRM system to succeed, there will still have some problems during the progress of adoption. The new culture should be compatible with old ones, and it would be inclined to be helpful to the use of customer relationship resource. However, when the introduction of CRM theory brings contradiction between the old and new culture, companys old culture should give place to the new one, only those who have courage to reform the old culture of the company can carry out CRM theory completely and raise whole companys sense of culture to fit the new economic environment to make it have more powerful vitality (Li, 2008). The implementation and adoption of CRM needs corresponding new type enterprise culture. At the same time, as a powerful tool supporting, the new type enterprise culture offers security for the implementation of enterprise culture. The key characteristic of the new type enterprise culture which is fit for the need of the new economic era is that considering the customer as the center, especially paying attention to maintaining the customers who have already existed. (Li, 2008) Customers are the base of the companys existence and development. And the essence of market competition is customer resource competition. Competition raises the difficulty and cost of attracting new customers and impels more and more companies to pay more attention to maintaining old customers. The companies can reach most of their profiting if they put their marketing key on the customers, even though they dont invest on the new customers. Therefore, the aim of CRM strategy is customer retention, but not customer acquisition. The CRMs performance evaluation is a multipurpose and multilevel evaluating process. The critical factors of CRMs performance have fuzziness, so it has to build a scientific index system and use an evaluating method combining the advantage of qualitative and quantitative analysis. An (2010) studied critical factors of the CRMs performance and built an effective index system according to the factors and assessed the evaluating process of CRMs performance with grey correlative analysis method combined with analytic hierarchy process method. METHODOLOGY The design of this research is a case study, in which sixty (60) respondents were selected among the staff of First Bank as a financial service provider and sixty (60) customer respondents transacting business with First Bank in Ilorin, using convenience sampling technique. Primary data were used. The primary data were generated through the use of questionnaire. One hundred and twenty (120) questionnaires were distributed to staff of First Bank and their customers i.e. sixty (60) questionnaires to each group. However, only forty (40) questionnaires were returned in the customer category while fifty questions were returned by the staff. Data were analyzed by the use of Regression Analysis; significance of the model is tested using F-statistic. The model is significant if the calculated F is greater than tabulated F. Two research hypotheses were formulated and tested. H0: Customer Relationship Management is not significantly related to improvement in efficiency of an organization H0: Customer Relationship Management is not significantly related corporate performance. DATA PRESENTATION AND ANALYSIS TABLE 1: STAFF RESPONDENTS CATEGORY Frequency Percent Valid percent

Cumulative percent

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160 Senior staff 14 28.0 28.0 28.0 Intermediate staff 25 50.0 50.0 78.0 Junior staff 11 22.0 22.0 100.0 Total 50 100.0 100.0 Source: Field Survey, 2010 Table 4.0.1 shows the analysis of the categories of the respondents who responded to the questionnaire in First Bank. In table 4.0.1, 28% of respondents were senior staff while 22% were junior staff. TABLE 2 LENGTH OF SERVICE OF RESPONDENTS Frequency Percent Valid percent Cumulative percent Below 5 years 11 22.0 22.0 22.0 6 10 years 29 58.0 58.0 80.0 11 15 years 10 20.0 20.0 100.0 Total 50 100.0 100.0 Source: Field Survey, 2010 Table 4.0.2 shows the length of service of the bankers in First Bank who responded to the questionnaire, 22% of the respondents served First bank below 5 years, 58% of respondents served First bank below 10 years, while 11 15 years length of service had only 20% of respondents to the questionnaire. TABLE 3 CUSTOMER RELATIONSHIP MANAGEMENT PLAYS A POSITIVE ROLE IN THE BANKING SECTOR Frequency Percent Valid percent 24.0 48.0 2.0 6.0 20.0 100.0 Cumulative percent 24.0 72.0 2.0 80.0 100.0

Strongly agree 12 24.0 Agree 24 48.0 Undecided 1 2.0 Disagree 3 6.0 Strongly disagree 10 20.0 Total 50 100.0 Source: Field Survey, 2010 Table 4.0.3 shows the roles of customer relationship management in the banking sector. The analysis shows that 72% of respondents agreed that customer relationship management played a positive role in development of banking sector while13 respondents disagree. TABLE 4 MANAGERIAL INCOMPETENCE HAS A MAJOR IMPACT IN CUSTOMER RELATIONSHIP Frequency Percent Valid percent Cumulative percent Strongly agree 15 30.0 30.0 30.0 Agree 29 58.0 58.0 88.0 Undecided 2 4.0 4.0 92.0 Disagree 2 4.0 4.0 96.0 Strongly disagree 2 4.0 4.0 100.0 Total 50 100.0 100.0 Source: Field Survey, 2010 Table 4.0.4 shows that managerial incompetence has a major impact in customer relationship. The analysis shows that 88% of respondents agreed that incompetence of management had

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161 impact on customer relationship while 2 respondents disagreed and 4 respondents strongly disagreed. CUSTOMERS DATA Table 5: LENGTH OF TRANSACTION Frequency Percent Valid percent Cumulative percent Below 5 years 14 35.0 35.0 85.0 6 10 years 19 47.5 47.5 82.5 11 15 years 3 7.5 7.5 90.0 Above 15 years 4 10.0 10.0 100.0 Total 40 100.0 100.0 Source: Field Survey, 2010 Table 4.0.5 shows the length of transaction between the customers and the bank. The table shows that 35% of customers had transaction with the bank for an average time length of 5 years and below while 47.5% of customers had transaction with the bank for an average time length of 6 10yrs and 7.5% of the customers had transaction with the bank for an average time length of 11 15 years while 10% of customers had transaction with the bank for an average of 15 years and above. TABLE 6: CUSTOMER RELATIONSHIP MANAGEMENT HAS IMPACT ON THE BANKS PROFITABILITY Frequency Percent Valid percent Cumulative percent Strongly agree 21 52.0 52.0 52.0 Agree 14 35.0 35.0 87.0 Undecided 3 7.5 7.0 95.0 Strongly disagree 2 5.0 5.0 100.0 Total 40 100.0 100.0 Source: Field Survey, 2010 Table 4.0.6 shows if customer relationship management has impact on the banks profitability. In the analysis above, 87.5% of respondents agreed while 3 respondents were undecided and 2 respondents disagreed. TABLE 7: POOR MARKETING OF FINANCIAL SERVICES CREATE LOW CUSTOMER BASE IN BANKING SECTOR Frequency Percent Valid percent Cumulative percent Strongly agree 14 35.0 35.0 22.5 Agree 19 47.0 47.0 82.0 Undecided 1 2.5 2.5 85.0 Disagree 4 10.0 10.0 95.0 Strongly disagree 2 5.0 5.0 100.0 Total 40 100.0 Source: Field Survey, 2010 Table 4.0.7 shows the result of poor marketing of financial services creates low customer base in banking sector. The analysis shows that 32 respondents agreed while a respondent was undecided and 6 respondents disagreed. TEST OF HYPOTHESIS REGRESSION 1a Model Summary

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162 Model R R-Square Adjusted R-Square Std. Error of the Estimate 1 263a .069 .058 1.691 a) Predictors: (Constant), Customer Relationship Management 1b ANOVAb Model Sum of Squares df Mean Square F 1 18.675 1 18.675 6.529 Regression 251.725 88 2.861 Residual 270.400 89 Total a) Predictor: (Constant), Customer Relationship Management b) Dependent Variable: Corporate Performance 1c Coefficients a Unstandardized Coefficients Standardized Coefficients B Std. Error Beta 2.484 .695 .137 .053 .263

Sig. .012a

Model t Sig 1. (Constant) 3.576 .001 Customer 2.555 .012 Relationship Management a) Dependent Variable: Corporate Performance H0: Customer relationship management is not significantly related to corporate performance Simple linear regression was used to test the hypothesis. The results were given in tables 1(a) 1(b) and 1(c). Table 1(a) gave the model summary with R-square value of 0.069 (6.9%). The R-square measures variability in the corporate performance as being explained by the customer relationship management. Table 1(b) gave the analysis of variance (ANOVA) table. The ANOVA tested the significance or otherwise of the fitted model. From the table, F-calculated is 6.529 with 1 and 88 degree of freedom. The F-table value obtained from a statistical table at 0.05 level of significance is 4.38. Since the F-calculated (6.529) is greater than F-table (4.38) the null hypothesis (H0) is rejected and it is therefore concluded that customer relationship management significantly affect corporate performance. Table 1(c) gave the co-efficient of the fitted model. From the table, the co-efficient of customer relationship management is 0.137, since the value is positive; this implies that customer relationship management has positive impact on the corporate performance. That is the higher the customer relationship management, the more achievement in corporate performance. 2a Model Summary Model R R-Square Adjusted R-Square Std. Error of the Estimate 1 381a .145 .135 1.236 a) Predictors: (Constant), Customer relationship Management 2b Model 1 Regression ANOVAb Sum of Squares 22.763 134.359 157.122

Df 1 88 89

Mean Sqaure 22.763 1.527

F 14.909

Sig .000a

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163 Residual Total a) b) 2c

Predictors: (Constant), Customer Relationship Management Dependent Variable: Efficiency in an organization

Coefficients a Unstandardized Standardized Coefficients Coefficients Model B Std. Error Beta 1. (Constant) -.150 .508 Customer .151 .039 .381 Relationship Management a) Dependent Variable: Efficiency in an organization

t -.295 .381

Sig .769 .000

H0: Customer relationship management is not significantly related to improvement in efficiency of an organization. Simple linear regression was used to test the hypothesis. The results were given in table 2 (a), 2 (b) and 2 (c). Table 2(a) gave the model summary R-Square value of 0.145 (14.5%). The R-Square measures variability in the level of efficiency in an organization as being explained by the customer relationship management. Table 2(b) gave the analysis of variance (ANOVA). ANOVA tested significance or otherwise of the fitted model. From the table, the F-calculated is 14.909 with 1 and 88 degree of freedom. The F-table value obtained from a statistical table at 0.05 level of significance is 4.38, since the F-calculated (14.909) is greater than F-table (4.38), the null hypothesis (H0) is rejected and it is therefore concluded that customer relationship management significantly affect efficiency in an organization. Table 2(c) gave the co-efficient of the fitted model. From the table, the coefficient of customer relationship management is 0.151, since the value is positive; this implies that customer relationship management had positive impact on the efficiency, improvement in an organization. That is the higher the customer relationship management, the more achievement or improvement in efficiency of an organization. CONCLUSIONS Based on the hypotheses tested, it was observed that customer relationship management is significantly related to both corporate performance and improvement of corporate or organizational efficiencies. The hypotheses show the relevance of customer relationship management to organizational improvement and performance. The study shows customer relationship management is a fundamental concept which is relevant to bankers in order to increase corporate profit. Considering the opinions of both customers and bankers, it is reasonably concluded that customer relationship management is an ethical concept which all banks needs to put in practice. In the light of the information available, the concept of customer relationship management will allow competition among banks and it will boost the general increase in financial services rendered by banks to customers. As revealed in the study, effective customer relationship management creates improvement in the banking sector and fosters good harmonious marketing of financial services in the banking environment. Effective customer relationship management creates chances of 163

164 improvement in the banking environment and it also leads to less friction between bankers and customers. It is recommended from the findings that customer relationship management should be embraced to improve efficiency in an organization, if good customer relationship management is taking into practice, banks will improve their efficiency to provide more financial services i.e. the bankers will be capable of meeting the needs of the customers.

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