This lesson explores the strategies for building and maintaining long-term customer relationships, a key focus of financial services marketing.

7.1 The Foundations of CRM

Customer Relationship Management is a strategic approach to managing interactions with customers . The Ennew and Waite textbook covers “Customer relationship management strategies” . Key objectives include:

  • Building a 360-degree customer view.

  • Increasing retention.

  • Driving cross-selling.

  • Maximising customer lifetime value.

7.2 Service Delivery and Service Quality

Service quality is central to CRM. The IBSL curriculum covers “Service quality-GAP model and quality dimensions” . Key concepts include:

  • Service Quality GAP Model: Identifying gaps between customer expectations and service delivery.

  • Measuring Service Quality: Using tools such as Net Promoter Score (NPS). The University of Warsaw syllabus covers “Research of customer experience in financial services – NPS” .

7.3 Customer Satisfaction, Value, and Trust

The Ennew and Waite textbook covers “Customer satisfaction, customer value and treating customers fairly” . Key elements include:

  • Treating Customers Fairly (TCF) : The principle that financial institutions should act in customers’ best interests.

  • Building Trust: Trust is essential for long-term relationships .

  • Managing Relationships: “Long-term building of relationships with customers – Churn management, retention campaigns, types of customer loyalty” .

PreviousNext