Customer Relationship Management ( Crm ) And Loyalty

Accenture (2013) “Banking industry in UK and Ireland faces growing challenge to re-engage customers, according to Accenture survey” [online]. Available from:

For example, in stead of payment by cash, transactions can be performed by credit or EFTPOS (Electronic Funds Transfer at Point of Sale) cards. Moreover, this is also a convenience for organizations to finacial management. 2.1.4. Technology 2013 is the year of five high-tech trends of banking industry, which are mobile, cloud, analytics, social, and cyber (Deloitee, 2013). This assignment just focuses on the first three technologies. Mobile banking is a service which customers can perform the transaction, check the balance, or have some feedback by their mobiles. The second applied technology is cloud computing. The US National Institute of Standards and Technology (NIST) formally defines cloud computing as "a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources – networks, servers, storage, applications and services – that can be rapidly provisioned and released with minimal management effort or service provider interaction." There are many advantages of cloud computing which are to use dynamic computing resources, reduce cost, and decrease complicated level in framework of organization, increase ability to use computing resources. By applying cloud computing, the third party will participate in the client experience, but not intervene in the client relationship of the bank. Analytics technology means that data needs to be kept secret to

Cloud computing is the answer for “affordable” business technology platforms. It is a more affordable solution for media content than any other medium, and this is why Netflix, Amazon.com, and Apple are among the leaders in cloud usage and development. Ultimately cloud computing will be the primary way data services are accessed by businesses and consumers alike. Marston, Li, Bandyopadhyay, Zhang, and Ghalsasi 2009 conclude cloud computing offers companies the opportunity to deploy cutting edge IT services without the enormous upfront costs that deter so many organizations from making the investment in infrastructure. Now that affordable solutions are becoming more readily available it is likely that more small and

During the last decade, information technology has become an increasingly pervasive issue present in each of the corporate structures (Exhibit 1). Even more recently, the idea of utilizing a cloud-based infrastructure has become an idea that is more and more adopted by the business in an intent to facilitate data processing and availability. Nevertheless, with cloud computing comes several confidentiality issues that worry its users, especially those users who utilize the platform to transit huge amounts of delicate information. These issues have led companies to establish IT departments that are able and equipped to handle the data challenges such as data theft, among others, that arise with the information being on the

As banks pivot toward accommodating to the needs of their customers, it is important to understand how to

This report will highlight two technological trends that are currently being widely discussed. These are Virtualization and Cloud computing. The report will define these terms, specify their characteristics, clarify the advantages and disadvantages for each and will discuss what better suits the banking sector by taking the Bank of Jordan as a case.

With the current shift towards a more technological state within businesses and organisations, increased costs arise. These costs often relate to data management, hardware, people, as well as a multitude of other costs. Cloud computing often alleviates these costs from an organisation or business as these services are provided through a third party. [3]“It dramatically lowers the cost of entry for smaller firms trying to benefit from compute-intensive business analytics that were hither to available only to the largest of corporations”( Avram, 2014, p531). This enables more companies and businesses to meet the rising standards and information technology practices adopted by bigger and more influential companies. [3] Cloud computing and it’s cost efficiency presents an opportunity for less developed countries to benefit from the advantages that cloud computing offers without the high costs ( Avram, 2014).

As indicated by the National Institute of Standards and Technology (NIST), Cloud computing is a model for empowering convenient, on-demand network access to a mutual pool of configurable computing resources, for example, networks, servers, storage, applications, and services that can be quickly provisioned and discharged with insignificant administration effort or service provider interaction [1]. In 1966, D. F. Parkhil predicted in his book “The challenge of the Computing Utility” that computing power would one day be available to the public in a similar way as water and electricity. Today, as indicated by the industry, Cloud computing is perceived as the fifth public resource or utility that follows after the commonly known public utilities, namely: water, electricity, gas, and telephony [2]. Many firms, both big and small have often preferred to shift the concerns of upgrades, maintenance and configuration of software back to its developers without the need for a constant on-site consultant presence. Today, with the inception of the Cloud computing paradigm, many firms have found relative answers to their quest for cost efficient computing. Firms can now have common access to the Cloud’s configurable computing resources across the Internet independently without reference to the seemingly hidden hosting infrastructure. This infrastructure comprise data centers that are maintained and monitored by resource providers all the time. Think of accessing a software by just a

However, when implementing this technology, businesses should be prepared to address challenges such as security, vendor-lock in, lack of access to high speed broadband connectivity and limited control of customer’s associated with the technology. Since cloud computing technology offers more tangible benefits than drawbacks, business can exploit the technology and use it to increase efficiency and productivity.

Banks are facing increased pressure to streamline their current processes and trim operating costs, while also responding to more demanding, digitally connected customers (Adams, 2012). Many banks are even looking at new technologies and IT delivery models such as cloud computing to help address these issues. Banks have many reasons to like the cloud, such as cost efficiency, standardization and consistency (Dragon, 2013). Banks are embracing the cloud more and more because it allows them to be more quick and responsive to the ever changing customer demands and designing new revenue-generating opportunities.

The impact of cloud computing can be realized with the mitigation of having to acquire and maintain knowledge about the support of core business competencies such as computer maintenance, data warehousing, customer interfaces, etc., which leads to less capital investment. For example, no longer will an entity need to have in-depth knowledge of server maintenance or hiring of competent employees to support the business since the entity can use a cloud service provider. The cost would be cheaper due to the cloud service provider’s economies of scales, in addition to providing security, availability, and innovation. Cloud computing has taken many of the traditional supporting costs and either made it easier to maintain or cost less. In the next section, we will be discussing the ways in which cloud computing features can impact entities.

The use of cloud technology has become increasingly mainstream as individuals and businesses adapt to an environment in which having access to information and services 24/7, on a computer, phone or tablet is normal the new norm. Convenience, efficiency and data protection

Banks are competing intensely in a highly competitive environment to offer quality oriented services according to customers’ expectations. Various important parts of banking sector like operations, service quality, employee satisfaction, customer satisfaction, financing products, efficiency, financial performance are being studied by many researchers to better understand and serve the community at large (Arokiasamy, 2013).

Banks have traditionally been in the forefront of harnessing technology to improve their products, services and efficiency. They have, over a long time, been

For a bank to have the highest market share among other banks rendering identical services, there is a need for such bank to combine and blend the main factors (bank objectives, banks environmental (or non controllable) variables, the controllable (or management) variables, and bank’s organization and control variables) together into an overall strategy the customers.