Challenges and Opportunities of E-CRM Adoption in the Banking Sector: A Review of the Literature

Abstract

This research paper explores the evolution and significance of Electronic Customer Relationship Management (E-CRM) in the banking sector. Initially established in the 1970s, CRM prioritized customer satisfaction over product innovation. E-CRM further revolutionized these principles by leveraging Information and Communication Technologies (ICT) to provide enhanced services and deepen customer relationships. This paper examines the challenges and benefits of implementing E-CRM practices in the banking industry, emphasizing its role in acquiring and retaining customers, while accommodating the changing expectations of modern consumers.