Research Project: CRM Impact in Banking Industry - Lloyd's Bank

This research project investigates the impact of Customer Relationship Management (CRM) within the banking industry, specifically using Lloyd's Bank as a case study. The project begins by formulating the research question, aims, and objectives, followed by a comprehensive literature review exploring the significance of CRM, reasons for its implementation, and factors crucial for its success in banking. The methodology section outlines the research methods and data collection techniques employed. The analysis section presents data collection, interpretation, and results, culminating in recommendations for Lloyd's Bank to improve its CRM strategies. The project also examines the relationship between CRM and the performance of Lloyd's Bank, drawing on various sources to highlight the importance of customer relationships in achieving business objectives. The conclusion summarizes the findings and emphasizes the critical role of effective CRM in enhancing customer satisfaction and driving overall banking performance. The project includes a detailed table of contents, references, and a presentation component.

RESEARCH PROJECT
(Impact of customer relationship management in banking
industry)

Table of Contents
TASK 1............................................................................................................................................1
1.1 Formulate and record of the possible research project ....................................................1
1.2 Research aims and objectives...........................................................................................2
1.3 Literature review..............................................................................................................2
1.4 Research methodologies...................................................................................................7
1.5 Appropriate plan and procedure for the agreed research specification............................8
TASK 2..........................................................................................................................................10
2.1 and 2.2 Methodology, methods and techniques.............................................................10
2.3 Collection of data...........................................................................................................14
TASK 3..........................................................................................................................................18
3.1 Data collection and analyses..........................................................................................18
3.2 Interpretation and result analyses...................................................................................18
3.3 Recommendations..........................................................................................................25
TASK 4..........................................................................................................................................25
4.1 Presentation....................................................................................................................25
CONCLUSION..............................................................................................................................25
REFERENCES..............................................................................................................................27

TASK 1
1.1 Formulate and record of the possible research project
Title: To assess the impact of customer relationship management in banking industry – A Case
Study on Lloyd's bank.
Keywords
 Customer relationship management
 Banking industry
 Significance of the customer relationship management
Background of the study
In the competitive sector, Lloyd's bank operating their functions to attract several
customers at workplace. In this regard, the company also determines their functions and
operations in systematic manner. In this regard, there are several elements exists that could be
impact on the performance and outcomes of the organisation to deal with several activities (Pérez
and Rodríguez del Bosque, 2014). Human resource, finance, sales, employees, etc. are major
aspects that needed to perform several functions. In this regard, present research work to identify
main issues and problems that are faced b by Lloyd's bank. Further, aim of the present research is
also settled to assess the significance of customer relationship management in the selected
business unit. In respect to implement the customer relationship management, the selected bank
has several benefits. With the help of this, they can easily accomplish desired results. It is also
helpful perspective to identify impact of it on banking performance.
Furthermore, it has been evaluated that Lloyd's bank determines their effective functions
and operations to in different aspects of the business such as human resources, internal business,
compliance, etc. In this regard, ineffective management practices also ascertain to manage the
impelling relations with different customers (Yu, Balaji and Khong, 2015). Failure also create
harmful impact on the overall value of company that is suitable to entitled effective results at
workplace. Significant relationship also assists to create functioning in systematic manner in
Lloyd's bank. The present research also highlight to create systematic link between the
management of customer relations and performance of the business. Main aim of the present
report is to assess impact of customer relationship management on Lloyd's bank. With the help
of this element, the chosen business can fulfil their main objective which is to increase their
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number of customers. In this consideration customer relationship management determines in
positive perspective.
1.2 Research aims and objectives
Research aim
“ To assess the impact of customer relationship management in banking industry – A
Case Study on Lloyd's bank”.
Research objectives
 To identify reasons to implement customer relationship management in banking industry.
 To assess the factors that are important for customer relationship management in banking
industry.
 To identify relationship between CRM and success of Lloyd's bank.
 To determines recommendations in which Lloyd's bank can improve their customer
relationship management to attract several customers.
Research questions
 What are the reasons to implement customer relationship management in banking
industry?
 What are the factors that are important for customer relationship management in banking
industry?
 How relationship can be determines between CRM and success of Lloyd's bank?
 What are the recommendations will you provide to improve customer relationship
management in Lloyd's bank.
1.3 Literature review
According to the point of Martelo-Landroguez and Cegarra-Navarro, (2014), there are
several reasons exist due to which customer relationship will be implemented in the banking
industry. In this way, Lloyd's bank want to increase their customer satisfaction so that they
determine implementation of the goals and objectives. In addition to this, they are also
demanding to increase new customer so that rates also main reason to implement CRM. On the
other hand, Matzler, Strobl and Füller, (2015) stated that other reason also considered taking
better tracking which helps to know about the sales people in the business. Increasing customer
retention rates also assist to gain new customers in the business.
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As per the point of Moro, Cortez and Rita, (2015), customer relationship management
ascertained to develop effective results at workplace. In this aspect, the company able to
accomplish their aim and objectives in systematic way. Consumers are also determines their
operations as the important source and backbone of the company to entitled effectively. Further,
there are several factors exists that develop range of benefits to the organisation. It need to be
recognised that banking sector is highly depended on customers. Without customers, they are
unable to perform their activities in the market. Furthermore, Martelo-Landroguez and Cegarra-
Navarro, (2014) stated that Lloyd's bank need to pay proper attention towards the development
and creating effectiveness to improve relations with customers. In this way, the company has
advantages to improves their relations with several customers to target them in systematic
manner.
Reasons to implement customer relationship management in banking industry
As per the view of Matzler, Strobl and Füller, (2015), each and every business need to
determines creative practices that helps to maintain relations with different customers in
systematic manner. In this regard, good relationship will be maintained among the customers and
business which develop creative results at workplace. Customer relationship management
provide detailed about the organisation aims and objectives. In this context, Henrique and Matos,
(2015) stated that customer relationship management increasing their outcomes to improves
profits and revenue in systematic manner. It is very important tool that maintains customer
satisfaction through effective results. Furthermore, organisational performances also depends on
the customer relationship management because it ascertained entire development program to
maintain effective results at workplace. It also helps to increasing sales through the company
able to gather relevant information at workplace.
On the other hand, Tseng and Wu, (2014) said that increasing sales also assists to attract
several customers through they are able to gather relevant information in systematic manner. In
this way, aims and objectives set by the managers through performance will be increasing on the
daily basis. Customer relationship management is also important parameter that create the
strongest approach to maintain and create effective results at workplace. Beside this, Pérez and
Rodríguez del Bosque, (2014) argued that entire performances of the company is also based on
customer relationship management. This is because, there are several reasons exists due to which
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customers are faithfully and loyalty. They are working to get more customers to ascertain their
products and services in significant manner.
Factors that are important for customer relationship management in banking industry
As per the view of Huang and Rundle-Thiele, (2014), there are several factors exists that
impact on the customer to maintain effective relationship with banking industry. Customer
relationship management based on the customer that make survival to the company to enter in
global areas. Hence, it is key factor to every bank to develop target market and ascertain creative
results at workplace. Database marketing is the important perspective that assists to accomplish
desired results that maintain creative functioning in the business unit. On the other hand, Yu,
Balaji and Khong, (2015) stated that little database marketing also ascertained to the
technological development that ascertain to the marketing to create long way for the business
analysis. Banking industry has the several advantages to work in systematic way and develop
more functions at workplace.
As per the point of, Terpstra and Verbeeten, (2014) strong aspect of customer
relationship management determines cost effective results at workplace. In this regard, several
advantages has been develops that implemented to create manual work that are needed to
perform several functions and operations. Technologies also used in order to implemented
effective system of CRM that is cheap and smooth to work in the traditional manner. On the
other hand, Parveen, Jaafar and Ainin, (2015) argued that CRM system also kept centralised
activities that are available to reduces process time and increases productivity. In the public
sector, it is implemented to retain the more effective results at workplace. Furthermore, the
company also maintaining their challenges in the banking sector to concentrate on the research
activities. This is because, in banking sector it assists to gather effective customer database so
that customer satisfaction level will be increasing.
According to the point of Jan and Abdullah, (2014) CRM also assists to provide several
benefits at workplace of banking industry that make effective positioning as well. Service
provisioning develops throughout the entire life cycle in the corporate customer services.
Therefore, it is the another crucial elements that assists to ascertain more advantages in the
business unit. Beside this, Rahimi, Rahimi and Gunlu, (2016) stated that low maintained
expansion cost owing to the modern administration tools that allows to the bank to conduct wide
range of modifications in systematic manner. Furthermore, CRM also assists to permit business
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to leverage information from the database to make sure that targets will be accomplishing in
systematic review of process. Better relationship with customers assists to ascertain more
operations in the enterprise that make payback substantial results at workplace. It makes
ascertain to create high growth of the company. Difficulties obtains with complete view of the
customers so that it need to be develops to make standards and inconsistent channels to provide
cohesive and multicultural outcomes at workplace.
However, Levy, (2014) stated that customer relationship management implement
performance development process that assists to solve different issue that considerable debate.
Authors are also found that CRM commitment to reduce negative effect through implied cost
efficiency. In the high competitive market, it is essential to maintain positive relationship with
customers to satisfy different people. Main aim of the study is also considered satisfy them
towards the aims and objectives.
Customer relationship management and performance of Lloyd's bank related with each
other
According to the point of Lariviere, L. Keiningham and C. Malthouse, (2014),
relationship managers has holistic approach to create effective client wealth. In respect to build
unique relationship, absolute and unwavering trust offer to the complete range of tailored in
private banking solutions. It is the face to face role that is based on the broad range of solution
towards the different problems. It includes lending and depositing and cash trade facilitations.
On the other hand, Ansari and Riasi, (2016) stated that driving on the market share also assists to
balancing the risk, profitability and balance sheet priorities. Working assets also create range of
the activities from individual wealth that assists to make corporations with more than a million
turnover. There are several activities exists in which marketing ascertain to make sure that profits
and revenue will be generated to measure attitude and proposed workforce to the market.
In contradicting, Mohammed, Rashid and Tahir, (2014) explored their views and stated
that most of the banking industry influence by the marketing activities that assists to accomplish
most effective results at workplace. Further, this author also proposed way in which they are
spoke towards the financial language. As results, relationship between customer satisfaction and
business performance selected to explore banking enterprise. On the other hand, Choudhury,
(2014) said that business performance of the banking industry also develop creative outcomes
that make more profits and revenue at workplace. They also generated their views to explored
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relationship in systematic manner to create more profits and revenue. Aggregate data has been
develops from published financial resources that create large about to work in the systematic
manner.
In order to increasing the effective results, Lloyd's bank need to attract several customers
to work in systematic manner. In this way, Ali and Raza, (2017) generated their view CRM is the
important aspect that assists to make sure that overall targets and goals will be accomplishing in
proper manner. The chosen company need to focus on the customer segmentation that assists to
measure creative results and outcomes at workplace. In this regard, they are determining
different types if customers in which company develop their market for different group of
people. Many banking companies are developed their performances through acquisition and
develop target in the business. There are different ways exists through company will create
effective life cycle. On the other hand, Martins, Oliveira and Popovič, (2014) stated that most
sophisticated also helps to boost customers and their requirement. Therefore, it is the creative
process in which options will be used to reduce complexity at workplace. It is depends on the
resources that are available and obtain to create several opportunities, capabilities and
technology as well. When the guest use online services, basically it passed different categories in
the proper manner.
In respect to concentrate on the Kasemsap, (2015) ideas, it interprets that Lloyd's bank
need to identify customer profit characteristic. It is the systematic process in which segmentation
also develops that are based on the nature of them. It including volume in different sector and
applications as well. It is the best way to operate different functions in systematic aspect. With
the help of assessment of the characteristics, the chosen firm will able to deliver effective
functioning in the business environment. Furthermore, it also set approaches that analysis
recency and frequency for monetary value of customers.
According to the point of Martins, Oliveira and Popovič, (2014), there are different
elements exists that create issue to generate more profits and revenue with effective functioning
at workplace. In this regard, the organisation need to concentrates on the major areas where they
can easily develop their functioning in order to make sure that the company facing several
challenges in the business. Furthermore, Lariviere, L. Keiningham and C. Malthouse, (2014)
argued that the company also facing loss in satisfaction, loyalty and trust of the customers. Due
to poor attention of the customers, the company unable to make sure that they develop effective
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results at workplace. Poor communication skills of front line operators in Lloyd's bank create
several problems to deal with the customers. In this regard, different factors are associated with
the company such as brand image, business recognition, improvement of the profits, effective
operational activities, etc.
1.4 Research methodologies
In respect to accomplish desired results and outcomes, the company has aim to gather
relevant information at workplace. In this regard, they are able to conduct effective research
program that is needed to perform several activities. Further, methodology is base which
undertaken to accomplish desired results (af Wåhlberg, 2017). Hence, it includes following
elements to develop effective results at workplace:
 Research approach: There are two types of research approaches exists that assists to
accomplish desired results at workplace. In this aspect, inductive and deductive two types
of research approaches exists in which researcher takes inductive research approach for
the project (Karp, Dew and Reynolds, 2016). With the help of the inductive research
approach, researcher able to demonstrate systematic activities to perform functions and
operations in the business.
 Research design: Design also assists to ascertain research aim in systematic manner. In
this way, present aim assists to develop objectives through descriptive research design. It
develops positive and negative aspect to carry study in systematic manner (Clarke and
Fujimura, 2014). With the help of the descriptive research design, researcher able to
describe importance of the CRM in the banking industry.
 Research philosophy: There are two kinds of research philosophies exists that used to
accomplish desired results in systematic manner. There are two philosophies exists such
as interpretivism and positivism. In the present research interpretivism research
philosophy used to carry relevant results (Luma, Doualla and Sone, 2014). In respect to
use interpretivism research philosophy, researcher able to develop their understanding
towards the aims and objectives in systematic manner.
 Data collection: In order to gain effective results in the aims and objectives, relevant
information need to be gather at workplace. It is the best way to create effective
functioning in the business. There are two sources implemented such as primary and
secondary that assist to collect relevant information at workplace (Gall, Gall and Borg,
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2014). Primary data are collected through preparation of the questionnaire which provide
first hand informations towards the aims and objectives. Furthermore, secondary
information will be gather through considered journals, books, published resources, etc.
 Data sampling: In respect to gain effective information from primary sources, specific
and relevant data has been gathered. Questionnaire is the main tool that used to carry to
assess the effective results at workplace (Organizing Your Social Sciences Research
Paper: 6. The Methodology, 2017). Data sampling is the most important tool that assist to
know about the whole population from small group of people. In this consideration,
higher profitability will be gain through implement simple random sampling method in
the research.
 Data analysis: In respect to determines relevant findings, researcher need to develop
effective results at workplace with impelling manner. In this regard, relevant information
collected through questionnaire. Thematic analysis has been taken to conduct relevant
information towards the aims and objectives (Perner, Citerio and Joannidis, 2015). On the
basis of respondents views, thematic analysis will be considered that help to find relevant
information.
1.5 Appropriate plan and procedure for the agreed research specification
In respect to develop effective results, researcher has responsibility to prepare action plan
through they are able to collect data of each activity in significant manner. Each activity needed
proper time to accomplish effective results at workplace. Further, they need to concentrate on the
different areas of research to analysis and undertaking research work through introduce new
work system. Following action plan is needed at workplace to perform several activities in
systematic manner:
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Activity/Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Formulation of research proposal
Preparing aim and objectives
Writing background research study
Assortment of suitable research
methodologies
Data collection by using primary and
secondary sources
Examination of the collected data
Interpretation of collected
information to generate expected
results
Conclusion and recommendations
Submission of draft report
Modifications as per the feedback
comments
Final Submission
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In respect implement the project plan, in the business different activities are design that
framed as per the time. In this consideration, Lloyd's bank will able to accomplish their desired
aims and goals. According to the time, each activity will be completed to attain desired results at
workplace. As per the research aims and objectives, proper functioning will be develop for CRM
activities.
TASK 2
2.1 and 2.2 Methodology, methods and techniques
Methodology is the important aspect in which creative results will be develops to
ascertain more profits and revenue in Lloyd's bank. Researcher used several kinds of tools and
techniques through they can easily concentrate on the aims and objectives. Further, it is also
useful to meet with aims and objectives in systematic manner (Matthews and Ross, 2014).
Research methodology also ascertain to get systematic work with implied different approaches at
workplace. There are several tools exists that helps to considered useful information at
workplace. In this regard, following are certain element implied in the research to carry the
functions:
 Research philosophy: Research philosophy assist to develop creative results and
outcomes. In this way, Lloyd's bank able to encourages their customers to concentrate on
the subjective part of the business. It includes several theories and models to interpret the
results in systematic manner. There are two kinds of philosophies exists such as
interpretivism and positivism (Clark and Creswell, 2014). For the present research,
interpretivism research philosophy has been selected that assists to collect the useful
information. However, positivism is not useful to collect useful information. Therefore, it
helps to collect the relevant information to accomplish aims and objectives.
 Research design: Research design consist more important element at workplace that
assists to meet with aims and objectives in systematic manner. In this regard, researcher
has several options such as experimental, exploratory, descriptive, etc. (Dumay and Cai,
2015). In this manner, present research based on the exploratory research design that
assists to collect useful information and explore different program which is related with
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