Abstract:
Managing mutual relationship with the customer is a decisive task in every sector. Many earlier research outcomes evidenced this as a major drawback, particularly in the banking industries, as they are not using this asset as a competitive advantage for retaining their customers. Taking this as a core issue, this study concentrates on evaluating the consequence of customer relationship management practices on customer loyalty with 779 respondents who were the clients of public and private sector banks located in India and were selected using simple random sampling technique. Various quantitative techniques were carried out and the results emphasized that the CRM has a positive influence on loyalty through customer knowledge management, customer satisfaction, and customer trust, and all were all found as significant drivers to customer’s trustworthiness. This study recommends bankers to provide reliable services to their customers and make them satisfied, as it is the forerunner for creating loyalty.
Machine summary:
Taking this as a core issue, this study concentrates on evaluating the consequence of customer relationship management practices on customer loyalty with 779 respondents who were the clients of public and private sector banks located in India and were selected using simple random sampling technique.
Research Question 1: Are customer knowledge management (CKM), customer trust and customer satisfaction significantly associated with customer relationship management (CRM) in the public and private sector banks of India?
Munaiah and Mohan (2017) pointed out that banks always underestimate the degree of benefit through implementing the customer relationship management, and the organizations considered this just like application of a technology without realizing its importance, although they have introduced at the same time more strategies for attracting the customers.
Model Fit Diagram for the Impact of Customer Relationship Management on Customer Loyalty in Banking Sector through Structural Equation Modeling Source: Primary data through SEM of AMOS From the above table, it is noticed that the Chi-Square value (X2) is 686.
Relationships Between the Factors That Influence Customer Relationship Management, Customer Trust, and Customer Loyalty (View the image of this page) The above results confirm that factors such as customer knowledge management, customer satisfaction, customer trust, and customer loyalty were positively correlated with each other at 1% level of significance in both public and private sector banks.
The impact of customer relationship management on achieving service quality of banking sector of Jordan.
Customers' perspective towards customer relationship management with reference to service quality: A study of Indian public and private sector banks.