This chapter will outline the findings that were collected in the methodology outlined in chapter 3. It is noted here that questionnaires and literature research were applied as the methods for collecting data in this dissertation with an aim of evaluating the research objective which is to evaluate the relationship between customer relationship management and the success of investment banking in Bahrain. In this chapter, the emphasis will be on presenting the raw data collected and their appropriate analysis. Conclusions and discussions based on the results and literature review discussed in chapter 2 will be outlined in the next and final chapter of the dissertation. The hypothetical guide to the data collected was on the relationship between customer relationship management in Unicorn Investment Bank located in Manama, Bahrain. The guiding broad objective of the research was to assess the contribution of effective CRM to success in banking using Unicorn investment bank as an example. Data obtained using the methods of research will be analyzed in this chapter and illustrated where necessary using text, tables, charts and appropriate tables (Corbin, Anselm, 1990). In noting that the questionnaire contained open ended questions that allowed respondents to respond in their own expressions, a qualitative and explanatory analysis of their responses are discussed in the chapter (Weinberg, 2002).
Application of the Methodology
Response rates
Of the 64 respondents surveyed, a total of 32 questionnaires were returned. The overall response rate is therefore
EMBED Equation.3
The questionnaire response rate was well within the average according to Schneider (2000). Though 50 is considered a higher percentage for response rate in self administered questionnaires, there is a probability that this rate went high as a result of the banks request to customers to assist in filling out the questionnaire.
All the respondents responded to question 1-5 and three respondents failed to complete the open ended questions that required their personal opinion on the questions presented by the researcher. A number of respondents gave out neutral comments on some open end questions such as thank you and sorry and as such, all results that were determined by the researcher as out of relation with the topic under investigation were not included in the discussion. The table below (table 4.1) outlines the rate of response in different categories based on gender and stakeholders position on the bank. The overall rate of response among different stakeholders was significantly balanced and as such, it is the researchers observation that the overall response rate was adequate and therefore the respondents could be used as a representative sample. Hence, the findings found from the data are assumed reliable on the basis of a well balanced representative sample.
Table 4.1
Gender representation in the researchMenWomen1814The distribution of gender is analyzed hereunder in a pie chart to ease making comparisons. The percentage of men who responded to the questionnaire was 56 while that of women was 44. The percentage of men response was probably high due to a large representation of men in the banks management and on the probable nature of men to show a greater interest in research issues related to fiscal institutions.
Fig (a)
Pie chart showing the percentage of men and women who responded to the research questionnaires
Response Rate Based on Individuals category
The responses given by different respondents in a questionnaire may be rated differently depending on the researchers evaluation of the value their response gives to their work (Seidel, 1991). In the research questionnaire, the researcher targeted different categories of stakeholders to the bank including the banks senior management, management, staff, customers and shareholders. Depending on the researchers evaluation, different categories were given different rates based on their knowledge and experience in CRM in the bank. For instance, a yes from top management is rated as 5 while a similar yes from a customer is rated 3. This implies that their weighting would be different and would produce a significant impact on the results analysis. The table below shows the distribution of the questionnaires to the various categories of respondents in the banks. The figures are for the respondents who filled and mailed back the questionnaire.
Table 4.2 Number of Respondents Based on Category
CategoryNumberTop management (heads several departments)1Medium level managers (Could be in charge of a department)4Managers and staff(have any leadership position in the bank)5Shareholders8Customers14Table 4.2 showing the distribution of respondents based on their category (relationship with Unicorn Investment Bank). The distribution of respondents is analyzed below in a chart. The chart is a visual diagram which necessitates easy presentation of data as well as interpretation by the subjects who are affected by the research work.
Fig (b) Bar chart on the distribution of respondents
A bar chart on the distribution of respondents in different categories
The majority of the respondents were customers while the least number was from the top management where only one top executive responded to the questionnaire.
Description of Respondents
The respondents used in research should have qualities that qualify them as reliable samples for use in the research process (Gummesson, 2000). To improve reliability of the results obtained, the researcher targeted respondents who had dealings with the bank. A prompt in the questionnaire aimed at establishing the educational level of the respondent which was important in determining the coherence of responses that the respondents would give. It was assumed that the staff and management of the bank would adequately address the question of CRM in their bank considering that it is a day to day concern for most banks in the current age. The bank management would be crucial in giving their views concerning the state of customer relationship management in the bank considering that they were instrumental in the formulation of policies aimed at CRM. Middle level managers would also be relevant for the research since they were likely to be the agents involved by the bank senior management in training and communicating expected CRM practices to the bank staff. On the other hand, the staff would be crucial as respondents considering that they were involved in the day to day implementation of the CRM policies adopted by the bank. Most of the staff operations involve customer interactions and as such, a large percentage of CRM policies aim at improving the contact relationship between the staff and the customers. The customers on the other hand were relevant as respondents for a number of factors which include
They are the recipients of all customer relationship management policies and as such, could easily communicate their expectations as customers.
They would easily provide the researcher with their real life experiences in regard to CRM in the bank.
They would assist the researcher in formulating recommendations for CRM in the bank based on their expectations and wishes considering that customers are kings in the banking sector and as such, their recommendations could provide a general guidance to the direction that CRM practice ought to take.
CRM is a framework for customers and thus, their contributions are fundamental and pivotal in all CRM researches.
Shareholders were also relevant in this because they are responsible for passing the banks policies through their annual general meetings including policies that affect customer relationship management. They are also relevant since they are responsible for assessing the quality of services offered by their own banks and are thus able to monitor the performance and efficiencies of current management. The sample of respondents can therefore be regarded to be balanced since most of the crucial bank stakeholders are represented and thus making the sample an effective representative sample.
Results 1 Respondents Demographics
The first table that respondents were supposed to respond to was in regard to their demographics (Groat Wang, 2002). These are important in assessing whether all the respondents had enough background information that would be required when responding to the questionnaire. From the information provided by the respondents, a table on the respondents demographics was made as shown bellow
Table 4.3 Table on Respondents Demographics
This table summarizes personal details of the sample respondents and they include basic data such as educational background and the number of years the respondent had been in a working relationship with the bank. For management and staff, the number of years within the organization refers to the duration during which the respondent had been an employee of the bank in any capacity while the period refers to the period of banking for customers and the period during which a shareholder had held shares within the bank. According to the researcher, this period is relevant for this study since the respondents are likely to have had operational interests in the bank and could therefore notice aspects of the banking practice especially with regard to customer relationship management.
Table 1 Personal Detail of the Respondents
Personal Details of RespondentsFrequencyPercentage ()GenderMale1856Female1444Educational QualificationHigher Education (Masters and Above)825Degree1443.75Diploma1031.25Number of Years within the organization1-5 Years24756-10 years825Table 1 Personal Detail of the Respondents
Data from table 1 on gender is equivalent to the data shown in pie chart 1. In addition, majority of the respondents had higher education qualifications with 25 having a masters degree qualification and above, 43.75 were university graduates with degrees while 25 were tertiary institution graduates with at least a diploma qualification but no degree. The sample represented a representative sample and could provide information that would adequately cater for the study objectives. The researcher did not collect any personal information (such as names and age) which ensured that the respondents responded to the questionnaire without fear of any prejudice.
Data Findings and Interpretations
Crucial CRM areas in Unicorn Investment Bank
Questions relating to this section are contained in section 2 of the questionnaire which addresses specific questions on customer relationship management in the bank. To begin with, the respondents were requested in the questionnaire to list areas of the bank operations where they considered CRM to be of paramount importance. To assist the customers in responding to the question, a table outlining the main segments of the bank was presented. Customer response to the question was a close ended yes no answer. The results obtained are as shown in the table below
The data in the graph shows that all areas identified as key in CRM received a yes response of over 50. 75 of respondents identified problem identification as a key issue in CRM, 56.25 identified customer acquisition as a key role of CRM, and 87.5 identified technical assistance as a key issue in CRM while 62.5 felt that CRM was necessary for all customer assistance. Customer retention and dissemination of information were also identified as key CRM roles by 50 and 81.25 respectively. Based on the data presented above, it can be concluded here that all the stakeholders in Unicorn investment bank regard customer relationship management as a vital component of the bank.
CRM contribution to Banking success
Respondents were also requested in the questionnaire to relate their view on the contribution of customer relationship management to success in investment banking carried out by Unicorn investment bank. It is to be noted here that since respondents interest in the bank ranged depending on the sectors in which they were interested in, the success they rated was a generalized result of all departments that the bank operates in. (The bank is diversified across six banking areas namely corporate finance, capital markets, asset management, private equity, treasury, strategic mergers and acquisitions). One part of the question required a direct yes or no response while part 2 required a personal opinion on the question. The response frequency for the question is tabulated in table 3 below.
The weights applied for the top management was 5, medium level managers 4, other mangers and staff 3, shareholders 2, and customers 1. Application of different weighting is important in this research to differentiate on the value of responses given by respondents. The weights were applied by the researcher based on the level of management of the respondent which could indicate the level of knowledge, the responsibility of the respondent in the bank as well as the probability of the respondent interest on the topic under research, that is, Customer relationship management.
Weights are applied to give weight to the response given by different stakeholders. For instance, a yes from the top management may carry more weight than that from an ordinary customer considering that the top bank management is more knowledgeable on the issue of CRM. A yes from a customer is not given a lot of weight considering that the customer may have shallow knowledge on the topic under research. All the rates are then converted to . From the data above, all respondents agreed that CRM was crucial for success in banking especially for Unicorn investment bank. For instance, if the customers who responded are considered, 15.38462 agreed that CRM was crucial for the banks success compared to 2.564103 who thought that CRM had no relation to success of the bank. The data in the table was then analyzed in an excel graph as shown below. The purpose of the graph for this analysis is to make results more visible and easy to interpret for subjects who will need to use this work of research.
Fig (d) Contribution of CRM in success of banking in Unicorn Investment Bank
Overall rating of CRM in Unicorn Investment Bank
The respondents were also requested to rate the level of customer relationship management in Unicorn Investment Bank. This rating was supposed to incorporate all the sectors that the respondents had interacted with in the bank. For instance, the customers would rate CRM from their experience by evaluating the treatment they received from staff anytime they needed the banks assistance. The shareholders were to rate the bank on the basis of communication efficiency when the bank was to communicate official information to them.
On the other hand, the staff and management would give their overall rating based on the policies they had implemented plus the activities they carried out on a day to day basis with regard to CRM. As such, the overall rating shown below can be assumed to be the overall status of customer relationship management in Unicorn Bahrain Bank. Based on the overall rating, the researcher will be able to make deductions, recommendations and conclusions as to the way CRM should be in the bank.
Table 4 Overall Rating of CRM in Unicorn Investment Bank, Bahrain
Overall rating of CRM in Unicorn Investment BankRespondentsTable on the overall rating of CRM in
Unicorn Investment bank, Bahrain by various stakeholders
The data above is represented in a bar graph to clearly show hoe customer relationship management is rated by stakeholders in the bank. The data in figure (e) below shows that 47.4 of the stakeholders are satisfied with CRM in the bank and they rated it as excellent. 37.9 of the respondents felt that the level of CRM in the bank was good while 13.1 rated it as poor. 1.5 of the respondents felt that CRM in the bank was poor. None of the respondents felt that the status of CRM in the bank was dreadful. According to the researcher, this data would be most useful to the bank for evaluating the performance of its CRM policies and using the data as a guide in making necessary adjustments so as to fulfill the banks CRM mission which is to deliver high quality value to shareholders, clients and employees.
Fig (e) Overall rating of customer relationship management in Unicorn investment Bank
Analysis of Qualitative Data
In this research, open ended questions were included in the questionnaire and these required respondents to evaluate the questions qualitatively. Qualitative data refers to data that cannot be quantified numerically but represents views and feelings of respondents. According to Seidel (1998) qualitative analysis is a process involved with noticing, collecting and thinking. Seidel argues that all the processes in qualitative analysis are interrelated and that the process is not linear. The following model shows how the components of qualitative data are interrelated.
Fig (f) Interrelation between components of qualitative data
Source Seidel, J. (1998) Qualitative Data Analysis,
As shown in the qualitative data analysis diagram, the qualitative analysis process has three properties. One, it is progressive this implies that the qualitative cycle has no end and that new ideas can be generated continuously (Denzin, Lincoln, 2000).. For instance, when the researcher is thinking of new things in some data, he notices new things in the data and this process can continue infinitely in a cyclic way. According to Seidel (1998), the process is also recursive in that one part can force the researcher to go back to previous parts. For instance, when a researcher is collecting new data, he may simultaneously notice new things to collect (Patton, 1987).
The process is also holographic in that every step in the analysis process contains the entire process. For instance, when one notice something in data, the mind starts internalizing and thinking about those things simultaneously. According to Jorgensen (1989), analysis involves breaking up, disassembling or separating research materials into parts, units, elements or pieces. When the pieces and parts are broken down to manageable levels, the researcher is able to sort, sift, classify and analyze the data until some reasonable and meaningful information is drawn from the data (Charmaz, 1983). At this point, the researcher will apply the notice, collection and thinking model to make an effort in analyzing the qualitative data obtained from the respondents (The qualitative data in the results obtained refers to the open ended answers given by the respondents).
Qualitative Facts Collected and Noticed From the Respondents
The researcher collected the open ended answers and pooled them together. Every question was analyzed in relation to the open ended answers presented and the following information was noticed from the answers (To add value to the data, direct quotes from the respondents are included where appropriate (Creswell, 1998). The respondents names are withheld in quotes in line with the ethical considerations observed in this research.)
All respondents are in general agreement that customer relationship management is a crucial component of the banking industry especially to Unicorn Investment bank.
Most of the respondents agreed that they were satisfied by the level of customer relationship management in the bank. General factors that were identified as contributing to this satisfaction was efficient communication from the bank, existence of support systems when the respondents had questions and a professional staff team that exercised courtesy and intelligence when exercising their duties.
Some of the respondents who felt dissatisfied with the bank CRM quoted delays in enquiries as well as occasional temperamental staff members.
Out of the overall respondents, one asserted that CRM in the bank was poor and the reason cited was a communication breakdown experienced in a wire transfer transaction. According to the bank, the wire transfer error had occurred due to the negligence of one staff member who had entered the transfer in the wrong account. The issue had since been resolved According to the respondent, categorized as customer, it was unprofessional of the bank to make such mistakes.
Respondents were of the general agreement that technology should be incorporated in solving most of CRM issues. Such technology should address items like enquiries in a FAQ (frequently asked questions) page and made available to stakeholders through accessible means such as online or through mobile telephone banking.
Respondents identified a positive correlation between CRM and success of banking especially in Unicorn Investment Bank. According to one of the respondents, investment banking requires repeated guidance and therefore must be made people oriented by incorporating an efficient customer relationship management strategy.
In response to question (9) of the questionnaire, respondents suggested that the following practices should be incorporated in the CRM strategy of Unicorn investment bank. First, online chat facility where stakeholders would be able to make real time enquiries and correspondence with the bank customer relationship staff. There was also a suggestion to incorporate mobile telephone software where members would be able to access information on their accounts from anywhere. The respondent who suggested this asserted that the bank had lagged behind in incorporating useful technology despite the other banks in Bahrain having adopted such strategies. According to the respondent, the bank should seek innovative ways to overcome time and geographical barriers in order to improve their efficiency in service to their stakeholders. A general observation by most staff respondents was that the nature of CRM in the bank was primarily a reflection of adopted policies and as such, more efficiency could only be achieved if there were efforts to improve the content of the banks policies on customer relationship management.
Hypothesis versus Results
The main objective of this dissertation is to investigate Customer Relationship Management in Bahrain Investment Banking Arena with an aim of establishing weaknesses, opportunities and areas that requires improvement (Davis, 2003). The researcher applied a null and alternate hypothesis to be used as a guide on the research. These two contra-hypotheses are introduced in methodology and they are revisited here to assess which hypothesis is supported by the results presented (Agar, 1991).
The null hypothesis stated that efficient customer relationship management DO contribute to the success of investment banking in Bahrain while the contra hypothesis asserted that efficient Customer relationship management DO NOT contribute to the success of investment banking in Bahrain. In view of the results presented in this chapter, some observations can be inferred in regard to the hypothesis. First, respondents identified a positive correlation between customer relationship management and success in banking in Bahrain (Payne, 2006). Based on this data, this assertion supports the null hypothesis. The same result is spread across different observations and expressions by the respondents in the open ended questions. Revisiting the philosophical basis of this research, it was observed in ontology and epistemology of the research that truth is not absolute. However, facts and evidences can be used to analyze a case and the findings thereof be regarded as the truth.
This truth is however relevant for this particular study and may be different when analyzed in a similar research in a different context. It is hence the inference of the researcher that the null hypothesis is true in this research that is, efficient customer relationship management do contribute to the success of banking in Bahrain, especially in Unicorn Investment Bank. The results presented in this chapter have therefore accepted the null hypothesis and rejected the alternate hypothesis which was the primary aim of collecting evidence in this dissertation. In the next chapter, chapter 5, the researcher will summarize the research findings by making conclusions based on results as well as giving recommendations for future research in this area.
Application of the Methodology
Response rates
Of the 64 respondents surveyed, a total of 32 questionnaires were returned. The overall response rate is therefore
EMBED Equation.3
The questionnaire response rate was well within the average according to Schneider (2000). Though 50 is considered a higher percentage for response rate in self administered questionnaires, there is a probability that this rate went high as a result of the banks request to customers to assist in filling out the questionnaire.
All the respondents responded to question 1-5 and three respondents failed to complete the open ended questions that required their personal opinion on the questions presented by the researcher. A number of respondents gave out neutral comments on some open end questions such as thank you and sorry and as such, all results that were determined by the researcher as out of relation with the topic under investigation were not included in the discussion. The table below (table 4.1) outlines the rate of response in different categories based on gender and stakeholders position on the bank. The overall rate of response among different stakeholders was significantly balanced and as such, it is the researchers observation that the overall response rate was adequate and therefore the respondents could be used as a representative sample. Hence, the findings found from the data are assumed reliable on the basis of a well balanced representative sample.
Table 4.1
Gender representation in the researchMenWomen1814The distribution of gender is analyzed hereunder in a pie chart to ease making comparisons. The percentage of men who responded to the questionnaire was 56 while that of women was 44. The percentage of men response was probably high due to a large representation of men in the banks management and on the probable nature of men to show a greater interest in research issues related to fiscal institutions.
Fig (a)
Pie chart showing the percentage of men and women who responded to the research questionnaires
Response Rate Based on Individuals category
The responses given by different respondents in a questionnaire may be rated differently depending on the researchers evaluation of the value their response gives to their work (Seidel, 1991). In the research questionnaire, the researcher targeted different categories of stakeholders to the bank including the banks senior management, management, staff, customers and shareholders. Depending on the researchers evaluation, different categories were given different rates based on their knowledge and experience in CRM in the bank. For instance, a yes from top management is rated as 5 while a similar yes from a customer is rated 3. This implies that their weighting would be different and would produce a significant impact on the results analysis. The table below shows the distribution of the questionnaires to the various categories of respondents in the banks. The figures are for the respondents who filled and mailed back the questionnaire.
Table 4.2 Number of Respondents Based on Category
CategoryNumberTop management (heads several departments)1Medium level managers (Could be in charge of a department)4Managers and staff(have any leadership position in the bank)5Shareholders8Customers14Table 4.2 showing the distribution of respondents based on their category (relationship with Unicorn Investment Bank). The distribution of respondents is analyzed below in a chart. The chart is a visual diagram which necessitates easy presentation of data as well as interpretation by the subjects who are affected by the research work.
Fig (b) Bar chart on the distribution of respondents
A bar chart on the distribution of respondents in different categories
The majority of the respondents were customers while the least number was from the top management where only one top executive responded to the questionnaire.
Description of Respondents
The respondents used in research should have qualities that qualify them as reliable samples for use in the research process (Gummesson, 2000). To improve reliability of the results obtained, the researcher targeted respondents who had dealings with the bank. A prompt in the questionnaire aimed at establishing the educational level of the respondent which was important in determining the coherence of responses that the respondents would give. It was assumed that the staff and management of the bank would adequately address the question of CRM in their bank considering that it is a day to day concern for most banks in the current age. The bank management would be crucial in giving their views concerning the state of customer relationship management in the bank considering that they were instrumental in the formulation of policies aimed at CRM. Middle level managers would also be relevant for the research since they were likely to be the agents involved by the bank senior management in training and communicating expected CRM practices to the bank staff. On the other hand, the staff would be crucial as respondents considering that they were involved in the day to day implementation of the CRM policies adopted by the bank. Most of the staff operations involve customer interactions and as such, a large percentage of CRM policies aim at improving the contact relationship between the staff and the customers. The customers on the other hand were relevant as respondents for a number of factors which include
They are the recipients of all customer relationship management policies and as such, could easily communicate their expectations as customers.
They would easily provide the researcher with their real life experiences in regard to CRM in the bank.
They would assist the researcher in formulating recommendations for CRM in the bank based on their expectations and wishes considering that customers are kings in the banking sector and as such, their recommendations could provide a general guidance to the direction that CRM practice ought to take.
CRM is a framework for customers and thus, their contributions are fundamental and pivotal in all CRM researches.
Shareholders were also relevant in this because they are responsible for passing the banks policies through their annual general meetings including policies that affect customer relationship management. They are also relevant since they are responsible for assessing the quality of services offered by their own banks and are thus able to monitor the performance and efficiencies of current management. The sample of respondents can therefore be regarded to be balanced since most of the crucial bank stakeholders are represented and thus making the sample an effective representative sample.
Results 1 Respondents Demographics
The first table that respondents were supposed to respond to was in regard to their demographics (Groat Wang, 2002). These are important in assessing whether all the respondents had enough background information that would be required when responding to the questionnaire. From the information provided by the respondents, a table on the respondents demographics was made as shown bellow
Table 4.3 Table on Respondents Demographics
This table summarizes personal details of the sample respondents and they include basic data such as educational background and the number of years the respondent had been in a working relationship with the bank. For management and staff, the number of years within the organization refers to the duration during which the respondent had been an employee of the bank in any capacity while the period refers to the period of banking for customers and the period during which a shareholder had held shares within the bank. According to the researcher, this period is relevant for this study since the respondents are likely to have had operational interests in the bank and could therefore notice aspects of the banking practice especially with regard to customer relationship management.
Table 1 Personal Detail of the Respondents
Personal Details of RespondentsFrequencyPercentage ()GenderMale1856Female1444Educational QualificationHigher Education (Masters and Above)825Degree1443.75Diploma1031.25Number of Years within the organization1-5 Years24756-10 years825Table 1 Personal Detail of the Respondents
Data from table 1 on gender is equivalent to the data shown in pie chart 1. In addition, majority of the respondents had higher education qualifications with 25 having a masters degree qualification and above, 43.75 were university graduates with degrees while 25 were tertiary institution graduates with at least a diploma qualification but no degree. The sample represented a representative sample and could provide information that would adequately cater for the study objectives. The researcher did not collect any personal information (such as names and age) which ensured that the respondents responded to the questionnaire without fear of any prejudice.
Data Findings and Interpretations
Crucial CRM areas in Unicorn Investment Bank
Questions relating to this section are contained in section 2 of the questionnaire which addresses specific questions on customer relationship management in the bank. To begin with, the respondents were requested in the questionnaire to list areas of the bank operations where they considered CRM to be of paramount importance. To assist the customers in responding to the question, a table outlining the main segments of the bank was presented. Customer response to the question was a close ended yes no answer. The results obtained are as shown in the table below
The data in the graph shows that all areas identified as key in CRM received a yes response of over 50. 75 of respondents identified problem identification as a key issue in CRM, 56.25 identified customer acquisition as a key role of CRM, and 87.5 identified technical assistance as a key issue in CRM while 62.5 felt that CRM was necessary for all customer assistance. Customer retention and dissemination of information were also identified as key CRM roles by 50 and 81.25 respectively. Based on the data presented above, it can be concluded here that all the stakeholders in Unicorn investment bank regard customer relationship management as a vital component of the bank.
CRM contribution to Banking success
Respondents were also requested in the questionnaire to relate their view on the contribution of customer relationship management to success in investment banking carried out by Unicorn investment bank. It is to be noted here that since respondents interest in the bank ranged depending on the sectors in which they were interested in, the success they rated was a generalized result of all departments that the bank operates in. (The bank is diversified across six banking areas namely corporate finance, capital markets, asset management, private equity, treasury, strategic mergers and acquisitions). One part of the question required a direct yes or no response while part 2 required a personal opinion on the question. The response frequency for the question is tabulated in table 3 below.
The weights applied for the top management was 5, medium level managers 4, other mangers and staff 3, shareholders 2, and customers 1. Application of different weighting is important in this research to differentiate on the value of responses given by respondents. The weights were applied by the researcher based on the level of management of the respondent which could indicate the level of knowledge, the responsibility of the respondent in the bank as well as the probability of the respondent interest on the topic under research, that is, Customer relationship management.
Weights are applied to give weight to the response given by different stakeholders. For instance, a yes from the top management may carry more weight than that from an ordinary customer considering that the top bank management is more knowledgeable on the issue of CRM. A yes from a customer is not given a lot of weight considering that the customer may have shallow knowledge on the topic under research. All the rates are then converted to . From the data above, all respondents agreed that CRM was crucial for success in banking especially for Unicorn investment bank. For instance, if the customers who responded are considered, 15.38462 agreed that CRM was crucial for the banks success compared to 2.564103 who thought that CRM had no relation to success of the bank. The data in the table was then analyzed in an excel graph as shown below. The purpose of the graph for this analysis is to make results more visible and easy to interpret for subjects who will need to use this work of research.
Fig (d) Contribution of CRM in success of banking in Unicorn Investment Bank
Overall rating of CRM in Unicorn Investment Bank
The respondents were also requested to rate the level of customer relationship management in Unicorn Investment Bank. This rating was supposed to incorporate all the sectors that the respondents had interacted with in the bank. For instance, the customers would rate CRM from their experience by evaluating the treatment they received from staff anytime they needed the banks assistance. The shareholders were to rate the bank on the basis of communication efficiency when the bank was to communicate official information to them.
On the other hand, the staff and management would give their overall rating based on the policies they had implemented plus the activities they carried out on a day to day basis with regard to CRM. As such, the overall rating shown below can be assumed to be the overall status of customer relationship management in Unicorn Bahrain Bank. Based on the overall rating, the researcher will be able to make deductions, recommendations and conclusions as to the way CRM should be in the bank.
Table 4 Overall Rating of CRM in Unicorn Investment Bank, Bahrain
Overall rating of CRM in Unicorn Investment BankRespondentsTable on the overall rating of CRM in
Unicorn Investment bank, Bahrain by various stakeholders
The data above is represented in a bar graph to clearly show hoe customer relationship management is rated by stakeholders in the bank. The data in figure (e) below shows that 47.4 of the stakeholders are satisfied with CRM in the bank and they rated it as excellent. 37.9 of the respondents felt that the level of CRM in the bank was good while 13.1 rated it as poor. 1.5 of the respondents felt that CRM in the bank was poor. None of the respondents felt that the status of CRM in the bank was dreadful. According to the researcher, this data would be most useful to the bank for evaluating the performance of its CRM policies and using the data as a guide in making necessary adjustments so as to fulfill the banks CRM mission which is to deliver high quality value to shareholders, clients and employees.
Fig (e) Overall rating of customer relationship management in Unicorn investment Bank
Analysis of Qualitative Data
In this research, open ended questions were included in the questionnaire and these required respondents to evaluate the questions qualitatively. Qualitative data refers to data that cannot be quantified numerically but represents views and feelings of respondents. According to Seidel (1998) qualitative analysis is a process involved with noticing, collecting and thinking. Seidel argues that all the processes in qualitative analysis are interrelated and that the process is not linear. The following model shows how the components of qualitative data are interrelated.
Fig (f) Interrelation between components of qualitative data
Source Seidel, J. (1998) Qualitative Data Analysis,
As shown in the qualitative data analysis diagram, the qualitative analysis process has three properties. One, it is progressive this implies that the qualitative cycle has no end and that new ideas can be generated continuously (Denzin, Lincoln, 2000).. For instance, when the researcher is thinking of new things in some data, he notices new things in the data and this process can continue infinitely in a cyclic way. According to Seidel (1998), the process is also recursive in that one part can force the researcher to go back to previous parts. For instance, when a researcher is collecting new data, he may simultaneously notice new things to collect (Patton, 1987).
The process is also holographic in that every step in the analysis process contains the entire process. For instance, when one notice something in data, the mind starts internalizing and thinking about those things simultaneously. According to Jorgensen (1989), analysis involves breaking up, disassembling or separating research materials into parts, units, elements or pieces. When the pieces and parts are broken down to manageable levels, the researcher is able to sort, sift, classify and analyze the data until some reasonable and meaningful information is drawn from the data (Charmaz, 1983). At this point, the researcher will apply the notice, collection and thinking model to make an effort in analyzing the qualitative data obtained from the respondents (The qualitative data in the results obtained refers to the open ended answers given by the respondents).
Qualitative Facts Collected and Noticed From the Respondents
The researcher collected the open ended answers and pooled them together. Every question was analyzed in relation to the open ended answers presented and the following information was noticed from the answers (To add value to the data, direct quotes from the respondents are included where appropriate (Creswell, 1998). The respondents names are withheld in quotes in line with the ethical considerations observed in this research.)
All respondents are in general agreement that customer relationship management is a crucial component of the banking industry especially to Unicorn Investment bank.
Most of the respondents agreed that they were satisfied by the level of customer relationship management in the bank. General factors that were identified as contributing to this satisfaction was efficient communication from the bank, existence of support systems when the respondents had questions and a professional staff team that exercised courtesy and intelligence when exercising their duties.
Some of the respondents who felt dissatisfied with the bank CRM quoted delays in enquiries as well as occasional temperamental staff members.
Out of the overall respondents, one asserted that CRM in the bank was poor and the reason cited was a communication breakdown experienced in a wire transfer transaction. According to the bank, the wire transfer error had occurred due to the negligence of one staff member who had entered the transfer in the wrong account. The issue had since been resolved According to the respondent, categorized as customer, it was unprofessional of the bank to make such mistakes.
Respondents were of the general agreement that technology should be incorporated in solving most of CRM issues. Such technology should address items like enquiries in a FAQ (frequently asked questions) page and made available to stakeholders through accessible means such as online or through mobile telephone banking.
Respondents identified a positive correlation between CRM and success of banking especially in Unicorn Investment Bank. According to one of the respondents, investment banking requires repeated guidance and therefore must be made people oriented by incorporating an efficient customer relationship management strategy.
In response to question (9) of the questionnaire, respondents suggested that the following practices should be incorporated in the CRM strategy of Unicorn investment bank. First, online chat facility where stakeholders would be able to make real time enquiries and correspondence with the bank customer relationship staff. There was also a suggestion to incorporate mobile telephone software where members would be able to access information on their accounts from anywhere. The respondent who suggested this asserted that the bank had lagged behind in incorporating useful technology despite the other banks in Bahrain having adopted such strategies. According to the respondent, the bank should seek innovative ways to overcome time and geographical barriers in order to improve their efficiency in service to their stakeholders. A general observation by most staff respondents was that the nature of CRM in the bank was primarily a reflection of adopted policies and as such, more efficiency could only be achieved if there were efforts to improve the content of the banks policies on customer relationship management.
Hypothesis versus Results
The main objective of this dissertation is to investigate Customer Relationship Management in Bahrain Investment Banking Arena with an aim of establishing weaknesses, opportunities and areas that requires improvement (Davis, 2003). The researcher applied a null and alternate hypothesis to be used as a guide on the research. These two contra-hypotheses are introduced in methodology and they are revisited here to assess which hypothesis is supported by the results presented (Agar, 1991).
The null hypothesis stated that efficient customer relationship management DO contribute to the success of investment banking in Bahrain while the contra hypothesis asserted that efficient Customer relationship management DO NOT contribute to the success of investment banking in Bahrain. In view of the results presented in this chapter, some observations can be inferred in regard to the hypothesis. First, respondents identified a positive correlation between customer relationship management and success in banking in Bahrain (Payne, 2006). Based on this data, this assertion supports the null hypothesis. The same result is spread across different observations and expressions by the respondents in the open ended questions. Revisiting the philosophical basis of this research, it was observed in ontology and epistemology of the research that truth is not absolute. However, facts and evidences can be used to analyze a case and the findings thereof be regarded as the truth.
This truth is however relevant for this particular study and may be different when analyzed in a similar research in a different context. It is hence the inference of the researcher that the null hypothesis is true in this research that is, efficient customer relationship management do contribute to the success of banking in Bahrain, especially in Unicorn Investment Bank. The results presented in this chapter have therefore accepted the null hypothesis and rejected the alternate hypothesis which was the primary aim of collecting evidence in this dissertation. In the next chapter, chapter 5, the researcher will summarize the research findings by making conclusions based on results as well as giving recommendations for future research in this area.
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