Abstract
With the recent increase in bank closures, attracting new customers and developing strong customer relationships in Ghana's financial sector has become difficult. As a result, customer retention in banking has become critical for fund mobilization and license maintenance. The study sought to investigate the effect of CRM practices and customer satisfaction on customer retention at GCB bank, Tamale. The quantitative research approach and the explanatory design were employed due to the purpose of the study. Structured questionnaire was used to gather data from all the 367 customers of GCB bank in Tamale. The data obtained were processed using Statistical Package for Social Sciences (SPSS) version 25 and analyzed using descriptive and inferential tools. The purpose of this study was to investigate and establish a comprehensive framework to identify customer relationship management practices on customer retention through the mediating role of customer satisfaction. The study discovered a significant positive relationship between customer relationship management practices and customer retention, as well as customer satisfaction playing a mediating role in this relationship. As a result, Ghanaian banks are implored to implement effective customer relationship marketing strategies in order to retain their customers. Keywords: Customer Relationship Management (CRM) Practices, Customer Retention, Customer Focus, Knowledge Management, Technology-based CRM, Customer Satisfaction. DOI: 10.7176/JMCR/85-02 Publication date: February 28 th 2022
Highlights
Banks acts an intermediary role in socioeconomic growth throughout the globe by mobilizing funds from surplus sectors and providing new products and services to entrepreneurs and deficit sectors for productive and sustainable economic activities (Daly & Frikha, 2016; Saksonova & Koeda, 2017; Türsoy, 2018)
The revelations from the study, determined that customer relationship management (CRM) practices are vital in the Ghanaian banking industry in terms of strengthening long-term relationships with customers while increasing business efficiency
The study revealed that CRM practices has a significant effect on customer retention
Summary
Banks acts an intermediary role in socioeconomic growth throughout the globe by mobilizing funds from surplus sectors and providing new products (including credit) and services to entrepreneurs and deficit sectors for productive and sustainable economic activities (Daly & Frikha, 2016; Saksonova & Koeda, 2017; Türsoy, 2018). Other researchers have claimed that banks are crucial in improving industrialisation and establishing new economic paths. In order to mobilize adequate funds and maintain their licenses, banks must attract new clients and develop strong customer connections. Customers are seen as stepping stones and the most essential intangible assets for any company, according to studies (Tauni et al, 2014; Khadka & Maharjan, 2017). Many researchers (Tauni et al, 2014; Tseng, 2016) have stated that the most essential method for companies to retain greater profit and become highly competitive is to establish and manage effective customer relations
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
