Customer Relationship Management and Customer Loyalty: Successful Marketing Strategies of the Banking Industry in Hong Kong

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Customer relationship Management (CRM) and customer loyalty are successful marketing strategies in banking industry in Hong Kong
The role of customer relationship management is significant to facilitate the customer satisfaction within several industries including banking. Integration of marketing strategy, customer relationship and customer satisfaction processes results into reduced cost and performance improvement. Business allows the optimal use of resources resulting into optimal performance; it is facilitated through several initiatives of customer service and marketing tactics. The assimilation of information systems and customer relationship management processes facilitates effective flow of communication for all the participants of the systems. The increased flow of information allows the organizations to optimize the business processes performance. Cost reduction, shorter lead time, and improved communications are substantial benefits of customer relationship management.
The case of Hong Kong banking industry is investigated in order to understand the impact of customer service and customer satisfaction. The marketing strategy based on a customer centric approach is required to undertake initiatives of customer relationship management as well as measure customer satisfaction. The survey of 150 individual and corporate customers is performed to validate the research hypothesis. The staffs of 15 different banks are also interviewed to understand the
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