A convulsion of the international economic situation forces rapid change in the domestic financial market, which, in turn changes managerial style from the supplier-oriented push concept to the customer-oriented marketing concept. Nowadays, management begins to adopt quality marketing in order to retain customers relationship through in-depth customer needs analysis instead of quantity-oriented promotion aimed at many and unspecified persons.
State-of-the-art information technology has enabled the analysis of personal transaction history for a huge customer group in terms of profit. Therefore, banks are noticing the prospects of CRM (Customer Relationship Management) and they are rushing to invest in the systems.
Until now, CRM technology and its application in business is in its introduction stage. With limited choice in terms of CRM solutions, banks are focusing on administering VIP and event marketing. Therefore, every bank is providing similar services without differentiation and competitiveness. This dilutes the investment and the efforts placed in CRM systems.
This study analyzes CRM operations, induced core issues and their improvement scheme through in-depth interviews and participative observations based on qualitative investigation methodology for major domestic retail banks. Research materials were collected through several in-depth interviews with manager in charge of CRM. These are classified for strategy, execution, feedback, and system aspects through the Plan-Do-See plus System.
