Maximising customer relationships and minimising business risk

Author: Mark Lavender

Source: The International Journal of Bank Marketing, Volume 22, Number 4, 2004 , pp. 291-296(6)

Publisher: Emerald Group Publishing Limited

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Abstract:

Notes how banks have changed radically in recent years, from being providers of simple banking services, to vast groups selling a range of services from banking, insurance, loans, mortgages, business advice, asset finance and fleet services. Banks hold an extensive amount of data on their customers but struggle to share and use it effectively. Information about customers is the key to increasing sales and instituting profitable relationships, so banks need to organise these data, to easily differentiate their key customers and prospects and to grow relationships by offering relevant services and proactively developing relationships. By adapting internal process and culture to a customer-centric one, that is shared across the group, banks can vastly improve the way they manage customer relationships and the returns from one of their greatest assets.

Keywords: Banking; Customer Service Management; Customer Relations; Relationship Marketing

Document Type: Research article

DOI: http://dx.doi.org/10.1108/02652320410542563

Publication date: 2004-04-01