Main Benefits and Organizational Impacts of CRM within the Bank

Abstract

With the spread of the customer-oriented approach, the old concepts of “mass production” and “mass marketing” are giving way to new business models, in which customer relationships are acquiring a leading role (Gilmore, Pine, 2000):

• The life cycle of customer relationships is a key issue. “Customer retention” and “Customer profitability” are becoming important elements in the achievement of wider business objectives such as the company’s overall profitability and the value increase for the investors (Rountree, 2001).

• New tools and technologies in the CRM environment, e.g. Internet/intranet, and data warehouses, offer new opportunities and a wider range of choices, allowing an enhanced information management and individual customer relationships (Bielski, 2001).