Online Banking and the role of CRM (PDF)

Master's Thesis from the year 2008 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, grade: B+, Staffordshire University, course: MSc Marketing, language: English, abstract: This study attempts to explore the likelihood of replacing traditional business by online business focusing on CRM issue within UK banking industry. Researcher has concentrated on the both side of business the bank itself and the users of online banking; as for the last one the focus was on student segment of the market using their current and students accounts, and for the business side a case study of one of the UK leading online bank was chosen.
Primary data collection methods excluding the case study consisted of traditional and online questionnaires and 100 students were questioned on whether they would agree to transfer their bank accounts to the online banks. Analysis of findings suggests that vast majority of respondents would prefer pure online bank, which offer current or student accounts with higher interest rate.
Considering the research findings, previous studies, market trends and other important factors, conclusion was made that if high degree of commitment would be monitored from the banks online banking would replace the traditional banking in this market segment. However it is impossible to apply a standard CRM in this case as online banking customer need to be given extra care.