USING CUSTOMER RELATIONSHIP MANAGEMENT AS A STRATEGIC TOOL IN FINANCIAL INSTITUTIONS: A CASE STUDY OF THE NATIONAL INVESTMENT BANK, GHANA. A RESEARCH PROJECT TOPIC ON BUSINESS MANAGEMENT
ABSTRACT
Current trends in the global economy have resulted in widespread mistrust of financial institutions. The purpose of this thesis is to determine how financial institutions, such as the National investment bank of Ghana are able to maintain lasting relationships with their customers, which is believed to be the main source of profit for most companies. A secondary objective is to identify the services customers need at the present time in order for them to stay loyal to National Investment Bank Ghana. The main aim of customer relationship management is to build long-term relationships with customers, making customer relationship management a vital tool in today’s business environment.
The theoretical framework of the thesis is based on theories of customer relationship man-agement, business-to-business marketing, key accounts management, marketing communica-tion, which are discussed in the literature review. Interview questionnaires were sent to management representatives of the bank to establish the methods being used to encourage customer commitment. Business-to-business customers were also interviewed to identify the services they need and expect from management. The research was done using a qualitative research approach.
The results showed that the management uses a number of strategies such as regular visits to customers, free financial advice, and long-term loans to keep and attract new customers to the bank. Although the customers interviewed were satisfied with most of the current ser-vices they received, they made suggestions, such as the introduction of master and visa cards, the opening of more branches, reduction in delays at the banking halls, and extra training to the front desk service providers. From the perspective of the interviewees, these changes would lead to greater customer satisfaction and encourage them to be regular customers of the national investment bank.
