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This paper examined the relationship between customer relationship management
strategies and the performance of commercial banks in Tanzania. The study used
primary data collected using a questionnaire from randomly selected 100
respondents, who were bank officers from 10 commercial banks. Data were
analysed descriptively and by regression analysis. Results show that commercial
banks are applying different methods of customer relationship management
strategies, including customization, partnership, employee satisfaction, interactive
management, key account management and attracting and maintaining the right
employees. The results further show that the absence of frequent information
upgrading, inadequate funds, absence of qualified workers, inadequate
commitments by management, and the absence of proper information systems
were the challenges limiting full application of customer relationship management
strategies. It was generally observed that there is a positive relationship between
customer relationship management strategies and bank performance. In this case,
the use of customer relationship management strategies contributes to banking
performance. However, identified challenges should be addressed by commercial
banks to take advantages of benefits associated with customer relationship
management strategies. |
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