Most of the customers in Barclays Bank, UK who participated in the sample represent male customers. According to the above analysis, it can be seen that more than 50% of the Barclays Bank, UK customers are male. In contrast, female customers who participated in the sample are less. This may affect for the results of this research study because the ideas and views of the females regarding customer care and complaint handing in bank sector may be different compared to male customers.
But the conclusion and recommendations are based on majority of ideas and views of male customers in Barclays Bank, UK. Social status, educational background and career of bank customers have an impact on their expectations from a financial institution. The respondents participated in the survey represent office workers. When considering with students, retired and unemployed people, office workers have more financial stability and interest for bank deposits. This type of bank customers has the power to decide the different finance related matters in their own.
According to the explanation of Mihelis (2001) it is important for the banks to retain existing customers for a long period of time while paying attention on attracting new customers. Majority of the customers in Barclays Bank, UK who participated in the survey have been transacting with the bank for more than one year. Further, there is a significant number of customers who are with the bank for more than 5 years time. This means that the Barclays Bank, UK is successful in retaining its customers for a considerable time period.
This act as better evidence for the existence of a significant number of loyal customers in Barclays Bank, UK. According to Berry and Linoff (2001) banks provide different solution for the financial needs of people such as savings, current accounts, loans and mortgages, insurance, pension management and investment. In addition, it is important for the banks to collect and anlayse the data to take effective decisions in each of the service category. According to the above analysis, it can be identified that most of the customers in the sample use the services of Barclays bank, UK to fulfill their finance and insurance requirements.
Majority of the respondents in this survey are office workers and self employed people, these people expect professional advices for handling their long term finances. This can be identified as the closest reason for high demand for the insurance and financial services of the bank. In this study, it was found that most of the customers are working with the bank more frequently or monthly while customers who occasionally transact with the bank takes only very small percentage of the whole.
As discussed in Piskar and Faganel (2009) positive word of mouth is very important requirement to develop customer base with the recommendations of existing customers for their relatives and dear ones. Encouraging existing customers to make this recommendation is a better way to attract more customers to the bank. According to the above analysis, it can be identified that the spouse and children of most of the customers are joined for the bank transactions. Considerable number of customers has joined with the bank with all of their family members. This is an evidence for the loyalty of customers towards the operation sin Barclays bank, UK.
According to Lindgreen and Antioco (2005) it is crucial factor to provide convenient facility for the customers to involve with the banking activities easily. Value of customers throughout entire life cycle can be identified as fundamental criteria by the customer to decide the continuation of transactions with the bank. In this analysis, it was found that majority of the customers in Barclays Bank, UK are happy to transact with the bank due to its easiness in getting thing done. However, some of the customers are not happy with the current facilities of the bank in terms of easiness of transaction completion.
This requires the bank to look for some alternative methods to develop its existing processes and adapt new processes to provide convenient banking service to its customers. According to the clarification of Berry and Linoff (2001) development of customer knowledge through customer relationship management programs is very important for the banks to acquire better understanding about the customers in depth. Such systems help in obtaining in depth information about the behavior as well as transaction habits of the customers to reduce customer complaints and issues due to lack of understanding.
Further, customer relationship management programs allow the banks to select and analyze relevant data to make effective decisions to provide value added service for the customers. According to the above analysis, majority of the customers rarely found problems when dealing with urgent services in Barclays bank, UK. But some respondents said that they encounter problems in getting done urgent financial transactions on time. According to Mihelis (2001) it is important to gather and analyse data on customer aspects such as purchasing habits, saving habits, loyalty and spending habits.
Customer relationship maangemnt programs enable banks to understand and maintain customer data for future reference. Customer information system, Customer Value Evaluation and Customer Information Process are important factors in this case. According to above analysis, majority of customers told that they do not need to provide information in all times deal with the bank. But some people are not satisfied with the service of bank maintaining customer data because they have to repeat personal data.
It is required for Barclays Bank, UK to focus more on maintaining customer information to prevent cases of asking customers to provide their information again and again. According to Hamblin (2013) most of the modern banks use new technology in banking activities with the intention of improving customer service. Banks use technology as an innovative tool to reach customers than the competitors. However, the acceptance of technological advanced methods by customers depends on many factors such as personal preferences, educational level. etc.
In the case of Barclays Bank, UK a considerable amount of customers are not satisfied with the new technological adaptations in banking activities as they have issues with the understanding of things that they think as un comfortable. Customers are keen to receive news, updates and offerings from the bank such as loan rates, new accounts. They believe this as a way of getting information regarding new banking facilities as well as a tool for increasing satisfaction with the addition of value for the customers. In the case of Barclays Bank, UK, most of the customers do not receive such regular updates according to the conducted survey.
As discussed in Lindgreen and Antioco (2005) customers do not need to go to the banks for making transactions with the presence on new facilities such as online banking and telephone banking. This results in increasing customer satisfaction as well as helping banks to deal with customers in an effective way. According to the analysis of the situation in Barclays Bank, UK, majority of the customers do not need to physically attend the banks to get their financial requirements. This is an evidence of the existence of customer convenient facilities in the bank with the use of new technology and customer relationship management practices.
According to Berry and Linoff (2001) it is very important for the banks to collect and analyze relevant data in order to make effective decisions. Banks involve with intangible products and services and better customer service is important requirement to satisfy customers as well as be competitive in the industry. Most of the customers in Barclays bank, UK are happy with the customer services of the bank as stated in the survey which is an evidence for the success of the bank to maintain better relationships with the customers through effective customer service.
As stated in Lindgreen and Antioco (2005) the banking industry is highly competitive compared to the past scenario and banks try to provide various offerings to attract more customers than the competitors. Most of the Barclays bank, UK customers do not have idea about what the competitive banks are offering while a small number of customers are updated regularly on the recent offers of rest of the banks in the industry. As well as Hamblin (2013) customer satisfaction involves with the post purchase behavior and customers are satisfied in the situations expected service level exceeds the actual service levels.
In banking industry, customer satisfaction is a main requirement to retain customers for a long period of time as customer loyalty is essential to maintain higher customer base. The most effective way to attract more customers to bank branches is providing an excellent service to them According to the findings of the survey, majority of the customers have stated that they are happy to be customers of the Barclays bank, UK.
This shows that most of the customers are satisfied with the banking service in Barclays bank, UK despite some customers answers regarding dissatisfaction. It is very important requirement for the bank staff to be professional when dealing with the customers. This supports to deliver quality customer service and maintain better reputation in the industry. Regarding the aspect of professionalism of employees in Barclays bank, UK, majority of the customers believe that the staff is highly professional in all the bank branches.
Taking necessary actions to minimize the customer complaints and maintaining effective complaint handing system are very important requirements for the banks. Most of the customers in Barclays bank, UK complaints about non -adaptability of new technology in bank services and they recommend to update regularly on advance offers of the bank. 5. 2 Discussion According to the primary and secondary data findings and above analysis, it can be concluded that majority of the customers in Barclays bank, UK are satisfied with the customer relationship management practices in the bank.
To meet the research objective of understanding the importance of customer relationship management in banking industry , it can be identified that customer relationship management through customers loyalty programs, data warehousing and data mining is essential to minimize customer complaints, handle customer complaints in an effective manner, reduce repletion of customer information requests, increase customer satisfaction which finally end up with customer loyalty, retention and positive word of mouth.
Satisfied customers recommend the bank for other people which ultimately develop customer attraction compare to competitors in the industry. To meet with the objective of evaluation the measures of customer satisfaction in banking industry, customer service center , professionalism of staff, use of new technology in bank operations, ability to complete transactions without physically presence in banks , ability of getting service quickly and easy and efficient use of customer data are prominent.
It can be identified that there is a positive relationship in between customer relationship management and customer satisfaction at Barclay’s bank. Increased levels of customer satisfaction can be observed in the situations of maintaining better practices of customer relationship management while customer satisfaction is low in the case of weaknesses in CRM practices. . Barclays bank, UK has to pay attention on developing some areas which the customers do not satisfy currently.
It is required to send news, updates and offerings from the bank such as loan rates, new accounts to customers. Further, majority of customers are not comfortable with the new technology adopted by the bank which the bank requires to adapt new technological methods or make awareness of customers to use new processes. Conclusion and recommendations 6. 0 Introduction This section concludes the findings in the research study of evaluating the impact of customer relationship management on customer satisfaction at Barclays Bank with specific reference to the Woolwich area.
This chapter also provides the recommendations for the Barclays Bank to develop its customer relationship management in order to enhance customer satisfaction. Conclusion Customer service is a very important requirement in the banking industry because customers highly consider the service level of the banking services when they selecting a bank for their financial requirements. Majority of the customers in Barclays bank, UK are people who have stable financial power with permanent income sources from employment.
It can be concluded that the employment level of the customers have an impact on their involvement with the banking activities. Further, Barclays Bank, UK is able to maintain a loyal customer base, majority of its customers are long term customers who have been with the bank for at least one year. This result concludes that there exists a high level of customer satisfaction towards the banking services in Barclays bank, UK.
These customers expect professional advices from the Barclays Bank, UK to handle their long term finances in the field of insurance and other financial services as they are satisfied with the banking services compared to other competitors in the industry. The frequency of working with the bank is considerably high for Barclays Bank, UK customers and their satisfaction is high. Further, almost every member of the family including partners and children of customers involve with the banking activities of Barclays Bank, UK.
It can be concluded that customers’ willingness to get involve their loving ones with the transactions in Barclays Bank which is an evidence for the higher level of satisfaction. Easiness and convenience of making bank transactions is a major reason which increases customer satisfaction. Customer relationship management techniques are widely applied to improve the easiness and convenience of involvement with banking activities. This feature of banking service is very important to develop through acquisition and maintenance of customer relationship management strategies.
In the case of Barclays bank, UK, it can be concluded that majority of the customers are considered the bank provides easy and convenient facilities to fulfill their banking needs. The main reason behind this situation can be identified from the effective customer relationship management using new technology and effective involvement of employees in the Barclays Bank, UK which resulted in increased customer satisfaction. It is essential requirement for the banks to minimize the complaints of customers due to poor customer service regarding urgent financial services.
Excellent customer service results in high level of customer satisfaction. Less number of customers in Barclays bank, UK find it difficult to work with the bank in urgent cases while majority are satisfied with the service of the bank regarding their urgent financial services. This is a result of better management of customer relationship with the bank to increase customer satisfaction. Customer relationship management techniques used in Barclays bank, UK can be identified as the foundation for this response.
Maintaining databases to access customer details is important requirement for the banks to prevent asking customers about their information as each time they transact with the bank. This situation results in customer dissatisfaction which they think as inconvenient to repeat their information to the bank. It can be concluded that Barclays bank, UK is maintain a better approach to handle customer information in an effective way to avoid repetition of customer details through effective customer relationship management strategies.
This results in increased customer satisfaction through easiness, convenience and development of confidence with the bank. Technology is a crucial factor in modern banking industry to introduce effective customer relationship management strategies. It can be concluded that there is a significant issue with the acceptance of technology adaption by Barclays Bank, UK as many customers do not find it easy to work with new technological methods in dealing with transactions.
Although some customers are agree with the understandability of new technology adaption in bank activities. Barclays Bank, UK needs to address this issue wisely because there is a negative impact on customer satisfaction. Customers are willing to receive, updates and offerings from the bank easily such as loan rates, new accounts etc. This results in creation of the felling of recognition by the bank and provides value for their money deposited in the bank an addition to increased interest for deposits or other financial reward.
Because of that, customers are satisfied with this service which adds them proud to be a customer in the Barclays Bank, UK. It can be concluded that majority of the customers in Barclays bank, UK are not receiving such information and this is an area to be considered by the bank through customer relationship management process. Online and telephone banking services in Barclays Bank, UK are highly valued by the customers which supports them to involve with banking activities which put physically presenting with the bank.
This increases the customer satisfaction levels due to convenience facility and easiness of doing transactions. Further, it can be concluded that customer service rendered by Barclays Bank, UK is in a high position and it resulted in high level of customer satisfaction. Customer relationship management strategies intends to develop customer service through effective complaint handing, dealing with customer issues quickly and finally providing better service for the customers.
It can be concluded that majority of the customers in Barclays bank, UK recommend the bank for their relatives and friends. This positive word of mouth is a results from customer satisfaction generated from positive bank-customer relationship through effective customer relationship management. In nutshell, it can be concluded that here is a positive relationship in between customer relationship management in Barclays Bank, UK and customer satisfaction despite the involvement of technology in bank services show some drawbacks due to its adaptability issues.
It can be said the customers in Barclays bank, UK hold high levels of satisfaction and the involvement of customer relationship management is significant in this case. Barclays bank, UK has adapted some of the customer relationship management practices such as customer service; maintain customer data in quickly accessible databases and online banking services successfully. But there should be improvements in some areas such as technology adaption, deliver of updates to the customers and dealing with urgent financial services.