Abstract
This paper examines the effects of technology in the banking industry. Based on an expansive review of literature, the paper describes various factors in this area. Technology has a direct effect on the functioning of the banks. With technological advancement, the customers benefit and the bank gains by getting more clients. Most businesses desire to offer the best services, products and customer relations to their customers because these activities increase the retention rate of customers. These activities also have a direct effect on customer satisfaction. But it’s the complexity of this process that brings a challenge to marketers. The paper looks at technological aspect of the process. This is because for any marketer or business practioner to succeed at managing a good customer relationship program, there is need for the adoption of supportive technology. This type of technology assists in the managing of the process through the maintainance of a customer data base, implementation and monitoring. Using a case study approach [1] shows that one of the business units she studied was able to achieve a 270% increase in business unit profits (above target) by implementing several straightforward Customer Relationship Management (CRM) measures. The paper analyses the nature of the banking industry and the role of technology in the Customer Relationship Management process and its implementation.
Highlights
The banking industry is experiencing a transformation due to changes in consumer needs, behavior, knowledgeHow to cite this paper: Achimba, C., Ongonga, J.O., Nyarondia, S.M., Amos, A.A.L. and Okwara, M. (2014) Innovation in Banking Industry: Achieving Customer Satisfaction
This paper considers technology as an important tool in the creation and management of customer relations because through technology banks can enhance their interactions with their customers and build better customer relationships
The banking industry is undergoing a rapid and radical transformation due to the all-pervasive influence of Information Technology (IT) and breath taking developments in the technology of telecommunications and electronic data processing. This process has radically altered the traditional ways of doing banking business and allowed banks to wipe out the difference in time, distance and speed
Summary
The banking industry is experiencing a transformation due to changes in consumer needs, behavior, knowledgeHow to cite this paper: Achimba, C., Ongonga, J.O., Nyarondia, S.M., Amos, A.A.L. and Okwara, M. (2014) Innovation in Banking Industry: Achieving Customer Satisfaction. The banking industry is experiencing a transformation due to changes in consumer needs, behavior, knowledge. (2014) Innovation in Banking Industry: Achieving Customer Satisfaction. There is need for banks to adopt a culture of continuous Customer Relationship Management, customer research, learning, and business innovation. Organisations cannot afford to neglect these factors if they want to operate at their optimum level. Competitors activities are changing too and to survive in this error of innovation, banks have to change their strategies. This is the reason why the banking industry has been trying to make their systems efficient and effective
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