Research Journal of Economics

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A Purpose-Driven Customer Relationship Management (CRM), Strategies and Expected Benefits to Ghanaian Banks

The thesis researches into Customer Relationship Management (CRM) that is driven by a strong sense of purpose and the strategies that allure to expected benefits among Ghanaian Banks. Most CRM units of service organizations exist but do not practically fulfill the expected CRM mandates for which they exist, meanwhile in today’s global economy; virtually every aspect of human life is service-centered. The consumer now looks out for the best available service quality that brings satisfaction. There is therefore an urgent need for banks as service organizations to consciously maximize service quality and customer satisfaction so as to achieve competitive advantage. The statistical sample of the research is ten (10) licensed Ghanaian Banks with (50) relationship staff and (10) CRM Unit managers. Purposive sampling was used to select the sample. Both qualitative and quantitative research techniques were used to collate and analyze data. All data collected were by means of survey research design using questionnaires and interviews. Data analysis was by the help of Microsoft Office 2007. The findings of the study are that, service quality that leads to customer satisfaction is what drives Customer Relationship Management among Ghanaian banks. The study also reveals that customer identification, customer differentiation, customer interaction and customer personalization still remain strong model as CRM strategies that lead largely to expected benefits such as customer acquisition, customer loyalty and retention, profitability and customer satisfaction across Ghanaian banks. The researcher recommends that for quality service, banks must first differentiate their customers to be able to customize their needs and demands by using CRM software to track their customers.

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