Questionnaires (appendices I and 11) were used in this connection, and samples were taken of customers from the bank's three main departments (Treasury, Corporate .. Banking and Retail). Unless everyone in the bank (from the messenger to the CEO) shares the same view of the customer. The bank's strategy must keep the interests of the customers at the forefront, as the customers are the reason for the bank's existence.
The results of the questionnaires were analyzed and presented in tabular form in the order in which they appeared on the questionnaires. Currently, there is no internet/electronic banking solution for businesses and so, for example, all company statements must be requested from the bank – a major inconvenience in light of the country's crippling fuel shortage. A number of customers attributed this to the growing number of customers, especially in Bulawayo, where the bank has experienced a fourfold increase in the past year and a half.
CHAPTERl
BACKGROUND AND PROBLEM STATEMENT
- BACKGROUND
- FINANCIAL PERFORMANCE
- BUSINESS DEVELOPMENT AND STRATEGY
- PROBLEM STATEMENT
- RESEARCH OBJECTIVES
- STUDY HYPOTHESIS
- DATA ANALYSIS
- BUDGET
- FOCUS OF THE STUDY
In order to justify the discussed expansion simultaneously with commercial bank status, NMB must increase its customer base, but at the same time ensure that it does not lose its identity as a corporate bank and remains one of the preferred banks. in Zimbabwe. The increase in the number of financial institutions (at least three more will be added to the number between December 2002 and January 2003) has intensified the competition so much that one of the important questions is - "what will NMB do differently from other banks to satisfied? customers?". No significant costs were incurred other than the use of organization resources such as computers and paper.
The recommendations touched on each of the four pillars, so much attention will need to be given to the consideration.
LITERATURE REVIEW
- CRM: DEFINITIONS
- CRM: ATTRIBUTES
- THE FOUR (4) PILLARS OF CRM
- THE BENEFITS OF CRM
- WHY CRM ADOPTIONS FAIL
- EXAMPLES OF FAILED CRM PROJECTS
- EXAMPLES OF SUCCESSFUL CRM PROJECTS
- Discovery Holdings - RSA
- Standard Corporate and Merchant Bank (SCMB)
In the context of CRM, business strategy involves identifying which customers an organization wants to deal with and which ones it should avoid. One of the complications of CRM is that there is a human relationship between an organization and its customers (G. Halse, Apply IT). Meaningful, effective change will mainly take place in the minds, attitudes and behaviors of an organization's employees.
Since successful CRM implementation results in improved efficiency of customer communication, an organization then benefits from new product/service opportunities created in the process. Employees feel personally valued to the extent that they are motivated to excel in their duties. Customers also feel that they are getting good value from the business relationship, which then becomes.
Each customer has different needs and wants, as well as different current and future value to an organization. Appropriate resource allocation decisions are made based on customer segmentation to keep an organization profitable. It should never be assumed that just because an organization wants to create relationships with certain target customers, the target customers want the relationships to develop.
Just because managers can contact customers doesn't mean they should; it depends on the customer strategy and not the CRM program. The company's employees expressed that they had regained their job satisfaction and that they felt valued by both the organization and its customers.
RESEARCH METHODOLOGY
- Primary Sources of Data
- Secondary Sources of data
- RESEARCH INSTRUMENTS
- Questionnaires
- SAMPLING
- LIMITATIONS OF METHODOLOGY
- DATA COLLECTION
The exploratory research is therefore conducted to increase understanding of the research dilemma, identify alternative ways to address a problem, gather information to refine the research questions, and identify sources for actual research questions and sample frames (DonaldR. Casper and Pame1a S. Schindler p. 762). For the purpose of this study, the research design chosen was exploratory because it involves "seeking ways in which others have addressed and/or solved problems similar to the management dilemma or question and gathering background information on the topic to refine the research questions ". The research into the shortcomings of CRM worldwide and banks in Australia provided the basis for this research to propose the best possible way to implement CRM at NMB.
Direct interviews were conducted with a selected number of respondents to clarify certain answers and. The advantages of face-to-face interviews were that the writer could explain any gray areas and thus keep the interviewees interested. In order to be representative of different sectors of the economy (eg agriculture, mining, distribution, manufacturing, etc.) and location, subgroups related to location and sector were developed.
Therefore, 100 customers were selected for this study, of which 70 were companies and 30 were individuals. Of the 70 companies selected, 50 were from Harare, 20 from Bulawayo and individuals were 20 from Harare and 10 from Bulawayo. The chosen research methodology was considered appropriate for this study as it was intended to investigate the research problem.
The sample size used for this study was heavily influenced by the fuel shortage problem currently experienced in Zimbabwe and the poor. In Zimbabwe, it was felt that the responses, which largely centered on the bank's service quality in providing these products, could reasonably be applied to the entire population.
RESULTS
- INTRODUCTION
- QUESTIONNAIRE STATISTICS
- RESPONSES ANALYSIS - STRUCTURED QUESTIONS .1 Responses from Individuals
- RESPONSES TO OPEN ENDED QUESTIONS
- RESPONSES FROM INTERVIEWS
- Individuals
- Companies
- SUMMARY OF FINDINGS
The majority of respondents (59%) felt that the speed of service delivery was good, suggesting that this area needs to be examined to move up (excellent) rather than slip down (poor). Only 19% of respondents believe that the bank's flexibility in dealing with their requests is between average and poor. 81% of respondents considered the bank's flexibility in handling their requests to be between excellent and good.
86% of respondents believe that the bank's product range is excellent/good, while 14% consider it average. The majority of respondents (82%) rated the bank's efficiency in processing their transactions as excellent/good, while 18% rated it as average. This was a very highly rated area of the bank, as 95% of respondents rated it as excellent/good.
66% of the respondents rated the bank's speed of service delivery as excellent/good while 19% rated it as. Although 7% of respondents rated the bank's product range as poor compared to other banks, 71% of the. The majority of respondents (69%) rated the efficiency of the bank in processing transactions as excellent/good while 9%.
The bank's rating regarding the price competitiveness of its products is rated low as 44% of respondents rated it as excellent/good. On the other hand, 56% of the respondents evaluate the bank's competition in this area of its product prices as average/weak.
CHAPTERS
CONCLUSIONS AND RECOMMENDATIONS
- INTRODUCTION
- RESEARCH PROPOSAL
- PRIMARY RESEARCH CONCLUSIONS
- CUSTOMER EXPECTATIONS
- CUSTOMER ATTRACTION TO NMB
- AREAS NEEDING IMMEDIATE ATTENTION
They understand the bank's strategy, which is to cater to large corporations and their top executives. The moment they detect signs of a shift from strategy that results in a dilution of implicit status, they will go elsewhere where it is still available. Companies also expect personalized attention where bank account relationship managers fully understand their businesses and suggest ways to finance more business.
This will help the bank refocus on the customers it needs to target for new customers. The growth of the book must be closely monitored to maintain quality based on profitability and size. Private individuals are attracted to NMB by the promise of personal service, the cozy banking halls (image) and the professionalism of the staff.
The profitability of the relationships should determine the seniority of the officer to handle them. It is easier to retain a corporate client if its top executives are satisfied with their personal accounts managed by the bank. It is recommended that NMB should regularly (say, every six months) review the number of relationships per Manager to ensure that the quality of attention given to each customer is not.
Conduct regular product pricing reviews to ensure the bank's pricing is out of line with market trends. Immediately set up a committee to scrutinize all the bank's processes with a view to fine-tuning them and eliminating the growing problem of operational bottlenecks.
LINKING FINDINGS WITH THEORY
- INTRODUCTION
- THE FOUR PILLARS OF CRM
- People
- CONCLUSION
The challenge is to ensure that all employees down to the messenger appreciate the importance of the customer. This will be achieved through regular training in Customer Care courses organized through the Training Department. Employees will be motivated through awards for excellent customer care experiences, awarded on a monthly basis.
The above developments are recommendations by the writer which have been accepted by the NMB and will come into effect on 1 March 2003. The NMB has processes that fail from time to time as evidenced by the weaknesses (operational) cited by both individuals and companies . However, it can be a pitfall if an organization believes that more technology rather than personal attention is what its customers want (www.ccworldnet.com).
The technology must be used as a tool for CRM and not as a driver of CRM (www.ccworldnet.com). J Formulate a customer care course for all existing employees who must participate based on seniority. J Develop a schedule to ensure that all employees attend a refresher course at least once every six months.
J Organize and agree on the monetary value to be attached to rewards (monthly) for employees who excel in customer service. NMBZ Holdings Limited NMBZ Holdings Limited NMBZ Holdings Limited NMBZ Holdings Limited NMBZ Holdings Limited.
IJIJIO
QUESTIONNAIRE FOR INDIVIDUALS
Compared to other banks, how do you rate the bank's use of technologically connected delivery channels.
SECTIONB
QUESTIONNAIRE FOR COMPANIES
How competitive is the bank compared to other banks in the pricing of its various products? On which products (if any) does the bank need to improve its competitive position in terms of pricing. I am conducting a study to determine what customers expect from NMB Bank Limited (NMB), what NMB's strengths are from the customer perspective and what areas need urgent attention for NMB to remain a competitive bank in Zimbabwe.
Your name was selected as part of a relatively small sample of NMB customers, so your response is vital to the accuracy of the survey findings. I would be grateful if you could spare a few minutes of your time to complete the attached questionnaire and submit it to the nearest NMB branch in the self-addressed envelope provided.