Abstract
Over the past few years, banks are increasingly realizing the significance of customers’ service; one of the key challenges for them is how to improve the relationship with customers. On any given business day, significant amounts of information fuel business processes that involve parties both inside and outside of enterprise network boundaries. In response, many banks have increasingly recognized the importance of managing customer acquisition from a process approaches’ perspective to assure positive impact on customer acquisition. This paper takes on a holistic approach that examines the combined effects of customer processes (Customer Relation, Customer attraction, Customer Knowledge Capture and Customer data Analysis) on customer acquisition. Drawing on this, the framework develops several hypotheses regarding the main interaction effects of customer processes on customer acquisition. Testing of these hypotheses is based on a sample of the data collected from two hundred respondents, drawn randomly from four Jordanian Banks working in the Customer Relationship Management (CRM) area. The results of the survey show that the four selected factors (Customer Relation, Customer attraction, Customer Knowledge Capture and Customer data Analysis) have a significant impact on customer acquisition. Additionally, the Quantitative evidence from the survey offers further support for this finding. The emerging empirical findings will certainly help both researchers and practitioners in future customer process and Customer acquisition research. The contribution of the paper consists in establishing the need for researching and incorporating customer acquisition process as an important support to keep organizations competitive within the global business environment.
Highlights
Customer acquisition has emerged as one of the most challenging issues in business because of the value expected from carrying out the customer acquisition in organizations
The framework develops several hypotheses regarding the main interaction effects of customer processes on customer acquisition. Testing of these hypotheses is based on a sample of the data collected from two hundred respondents, drawn randomly from four Jordanian Banks working in the Customer Relationship Management (CRM) area
Based on the preceding discussion, it must be asked: Is the process of customer acquisition as proposed and developed in Jordanian banks reliable and valid? To fill in the existing gap in the literature, this study examines the applicability of the customer process construct in an emerging economy context on customer acquisition
Summary
Customer acquisition has emerged as one of the most challenging issues in business because of the value expected from carrying out the customer acquisition in organizations. Customer acquisition has become a key source for organizations to enhance their competitive advantage They have started to recognize the importance of knowing their customers better to provide online information services due to the rapid change in the business environment, featuring strong competition as a result of the increasing importance of using the Internet to conduct business. They need to connect their database to the Web, which explains the reason why Information Technology (IT)-based CRM systems have been employed in many industry sectors. IT is extensively used in this competitive environment to deliver banking services to the consumers (Ganguli and Roy, 2011)
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