<abstract xmlns="http://www.w3.org/1999/xhtml"><p>CRM (Consumer Relationship Management) is a recent concept. Development and introduction of this concept in the banking operations started in the ‘90s. Due to complex market conditions and the current environment in which banks operate, it is necessary to have a new method for doing business, which will provide quick and efficient recognition of clients. This business concept entirely replaces the traditional operating methods of the bank, where the focus is on clients, their needs, and wishes. The CRM concept enables the bank to respond to the individualized demands of the clients with quality banking products and services. With this, the banks manage to deal with the tough competition and make a profit. The goal of this paper is to examine the importance, development, and implementation of the CRM in the banks. The paper tries to prove the hypothesis: Introduction of the CRM philosophy in the banking operations leads to increased profitability of the bank.</p></abstract>

CRM (Consumer Relationship Management) is a recent concept. Development and introduction of this concept in the banking operations started in the ‘90s. Due to complex market conditions and the current environment in which banks operate, it is necessary to have a new method for doing business, which will provide quick and efficient recognition of clients. This business concept entirely replaces the traditional operating methods of the bank, where the focus is on clients, their needs, and wishes. The CRM concept enables the bank to respond to the individualized demands of the clients with quality banking products and services. With this, the banks manage to deal with the tough competition and make a profit. The goal of this paper is to examine the importance, development, and implementation of the CRM in the banks. The paper tries to prove the hypothesis: Introduction of the CRM philosophy in the banking operations leads to increased profitability of the bank.

Effects of the Application of the <italic>CRM</italic> Concept to Profitability of the Banks

Economic Themes

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Effects of the Application of the  Concept to Profitability of the Banks

CRM (Consumer Relationship Management) is a recent concept. Development and introduction of this concept in the banking operations started in the ‘90s. Due to...

Effects of the Application of the CRM Concept to Profitability of the Banks

Published Online: Sep 26, 2019

Page range: 283 - 299

Received: Dec 01, 2017

Accepted: May 28, 2018

DOI: https://doi.org/10.2478/ethemes-2018-0017

Keywords
CRM concept, profitability, banking sector

© 2018 Suzana Stevanović et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Effects of the Application of the CRM Concept to Profitability of the Banks

Published Online: Sep 26, 2019

Page range: 283 - 299

Received: Dec 01, 2017

Accepted: May 28, 2018

DOI: https://doi.org/10.2478/ethemes-2018-0017

KeywordsCRM concept, profitability, banking sector

© 2018 Suzana Stevanović et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
CRM concept, profitability, banking sector