2007:021 MASTER'S THESIS Benefits of e-CRM for Banks and ...

[Pages:10]2007:021

MASTER'S THESIS

Benefits of e-CRM for Banks and their Customers

Case studies of two Swedish banks

SRINIVAS ANUMALA BOLLAMPALLY KISHORE KUMAR REDDY

Lule? University of Technology Master Thesis, Continuation Courses

Electronic commerce Department of Business Administration and Social Sciences

Division of Industrial marketing and e-commerce

2007:021 - ISSN: 1653-0187 - ISRN: LTU-PB-EX--07/021--SE

Abstract: The customer relationship management (CRM) is essential and vital function of customer oriented marketing. Its functions include gathering and accumulating customer-related information in order to provide effective services. e-CRM is a combination of IT sector but also the key strategy to electronic commerce. e-CRM is a combination of software, hardware, application and management commitment. Aim of e-CRM system is to improve customer service, develop a relationship and retain valuable customers. e-CRM is a concern for many organizations especially banking sector. The purpose of this study is to gain a better understanding of the benefits e-CRM to customers and organization in banking industry. To justify the purpose two research questions have been addressed and on the basis literature review, a frame of reference was developed which helped us to answer the research questions and collect data. A qualitative research approach was used for this study. Empirical data was collected through in-depth interviews were conducted with two Swedish banks and a group of their customers. In the last chapter findings and conclusions were drawn on the basis on research questions. Our findings indicate that Swedish banks are well aware of the benefits and applications of the e-CRM and use the system to maintain good relationships with their customers. Our findings also indicate that with the implementation of e-CRM and the latest technologies. We have found that both the banks seem to have same description about the benefits of e-CRM. We found that both banks have maintained good relationships with customers due to the usage of e-CRM. Our finding indicates that with the implementation of e-CRM and the latest technologies banks have ensured full security for the transactions of their customer's. eCRM facilitates the organizations to provide one to one services and also maintain the transaction security of the customers.

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If I have been of service, if I have glimpsed more of the nature and essence of ultimate good, if I am inspired to reach wider horizons of thought and action, if I am at peace with myself, it has

been a successful day. ALEX NOBLE

Acknowledgments

We extend our deep rooted thanks to Mr. Manucher Farhang, Ph.D Associate Professor, Industrial marketing and International Business. His deep knowledge and wisdom provided us enough encouragement to complete this thesis successfully. We would like to thank Ingrid Flodman from Swedbank and Anna Karin Olofsson from SEB for providing us with the relevant information, and helping us with our research work. I Srinivas Anumala take this opportunity to thank my Parents, brother, friends and especially my would be Anitha for their love, which provided me enough potential to complete this thesis successfully. I Kishore Kumar Reddy Bollampally would like to thank my Parents, brother and friends for their constant encouragement, guidance and moral support, which provided me wonderful source of Inspiration to finish this thesis successfully. At the end we are extremely thankful to everyone who have contributed directly or indirectly for making this endeavour a successful one.

Srinivas Anumala, Kishore Kumar Reddy Bollampally.

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Table of content

1 Introduction

1

1.1 Background

1

1.2 Problem area discussion

3

1.3 Overall Research Purpose

4

1.4 Delimitation

4

2 Literature Review

5

2.1 e-CRM benefits to bank

5

2.2 e-CRM benefits to Customers

6

3 Frame of Reference

9

3.1 e-CRM benefits to bank

9

3.2 e-CRM benefits to Customers

10

4 Methodology

12

4.1 Research Purpose

12

4.1.1 exploratory research

12

4.1.2 descriptive research

12

4.1.3 explanatory research

12

4.2 Research Approach

13

4.3 Research Strategy

14

4.3.1 experiments

14

4.3.2 CASE studies

14

4.3.3 observations

14

4.3.4 pilot study

14

4.4 Data Collection Methods

15

4.4.1 documentation

15

4.4.2 archival records

15

4.4.3 interviews

15

4.4.4 direct observation

16

4.4.5 physical artefacts

16

4.5 Sample Selection

17

4.6 Data analysis

17

4.7 Research quality criteria

18

4.7.1 validity

18

4.7.2 reliability

19

5 Empirical findings

21

5.1 How can the benefits of e-CRM for banks are described?

21

5.1.1 CASE one: Swedbank

21

5.1.2 CASE two: SEB

26

5.2 How can the benefits of e-CRM for bank customers are described?

30

6 Data analysis

40

6.1 Within-CASE Analysis of Swed and SEB Banks

40

6.1.1 CASE-1 (Swedbank)

40

6.1.2 CASE-2 (SEB)

41

6.2 within CASE analysis of two bank customers

43

6.3 cross CASE analysis two banks

52

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6.4 cross CASE analysis two banks customers

54

7 Findings and conclusions

56

7.1 How can the benefits of e-CRM for banks be described?

56

7.2 How can the benefits of e-CRM for bank customers be described?

57

References

60

List of figures

e-CRM

11

List of Tables

6.3 cross CASE analysis of two banks

52

6.4 cross CASE analysis of two banks customers

54

APPENDIX: 1 APPENDIX: 2

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