THE EVOLUTION OF CUSTOMER RELATIONSHIP MANAGEMENT IN THE DIGITAL AGE AND ITS IMPACT ON BANKS

Abstract

Digital transformation in the business world is occurring at a high speed these days. The main concern of many organizations worldwide is integrating information and communication technologies (ICT) into their relationship management. This integrative strategy is primarily aimed at satisfying customers’ needs and attaining their loyalty to achieve higher revenues and thus profits. This paper is a literature review on customer relationship management (CRM) and its beneficial impacts on banks due to its digital transformation into electronic customer relationship management (e-CRM). The usefulness of e-CRM to banks stems from reduced routine work across bank branches. Huge customer information data storage and easy access through digital assistance provides banks with the capability to assess their needs and attend to them instantly. On the other hand, advanced technologies allow customers a new experience with their banks. This experience entails convenient interaction, faster response, time-saving, cost reduction, security, and trustworthy relations with the bank.