Benefits of Implementing Customer Relationship Management with Knowledge Management in the Banking Sector

Mazin Ahmed Mohamed BILAIL, Prof. Peter Charles Woods, NourEldin Mohamed ELSHAIE

ABSTRACT This paper reviews the literature on customer relationship management (CRM) with Knowledge Management (KM) in banking sector. CRM focuses on handling the relationship between a institutions and its current and prospective customer base as a key to success, while KM distinguishes the knowledge obtainable to the institutions as a major success factor. From a commercial procedure managerâ€™s perspective both the CRM and KM methods promise a positive impact on cost structures and revenue streams in return for the allocation of resources The main ideas of CRM and KM both used to emphasis the organizations resources to improve the performance of all activities in order to gain competitive advantages. The results of this paper will be of benefit to both the customers and the banking sectors. From a better understanding of the CRM with KM, the banks will have greater understanding of the true needs and expectations of the customer. It is regarded as a source for competitive advantage because it enables banks to foster more profitable CRM method. Commonly for todayâ€™s banks, CRM and KM is essential for consistent and effective decision making and improvement. Today, there is widespread use of CRM with KM for the process of problem-solving. The contribution of this paper lies in showing the importance of implementing successful CRM with KM in different banking sectors will allows them to gain competitive advantages and will plays the role of a service provider to their customers. The outcomes of this paper are based on literature analysis of some related works, supplemented by surveys. In this paper I show that the benefit of using CRM and KM in banking sector can improve the performance by integrating both methods into a customer knowledge management (CKM). Key Words:- Customer Relationship Management, Knowledge, Knowledge Management, Banking Sector, and Customer knowledge management.

Title:	Benefits of Implementing Customer Relationship Management with Knowledge Management in the Banking Sector
Author Name:	Mazin Ahmed Mohamed BILAIL, Prof. Peter Charles Woods, NourEldin Mohamed ELSHAIE
Abstract:	ABSTRACT This paper reviews the literature on customer relationship management (CRM) with Knowledge Management (KM) in banking sector. CRM focuses on handling the relationship between a institutions and its current and prospective customer base as a key to success, while KM distinguishes the knowledge obtainable to the institutions as a major success factor. From a commercial procedure managerâ€™s perspective both the CRM and KM methods promise a positive impact on cost structures and revenue streams in return for the allocation of resources The main ideas of CRM and KM both used to emphasis the organizations resources to improve the performance of all activities in order to gain competitive advantages. The results of this paper will be of benefit to both the customers and the banking sectors. From a better understanding of the CRM with KM, the banks will have greater understanding of the true needs and expectations of the customer. It is regarded as a source for competitive advantage because it enables banks to foster more profitable CRM method. Commonly for todayâ€™s banks, CRM and KM is essential for consistent and effective decision making and improvement. Today, there is widespread use of CRM with KM for the process of problem-solving. The contribution of this paper lies in showing the importance of implementing successful CRM with KM in different banking sectors will allows them to gain competitive advantages and will plays the role of a service provider to their customers. The outcomes of this paper are based on literature analysis of some related works, supplemented by surveys. In this paper I show that the benefit of using CRM and KM in banking sector can improve the performance by integrating both methods into a customer knowledge management (CKM). Key Words:- Customer Relationship Management, Knowledge, Knowledge Management, Banking Sector, and Customer knowledge management.
Cite this article:	Mazin Ahmed Mohamed BILAIL, Prof. Peter Charles Woods, NourEldin Mohamed ELSHAIE , " Benefits of Implementing Customer Relationship Management with Knowledge Management in the Banking Sector " , International Journal of Application or Innovation in Engineering & Management (IJAIEM), Volume 3, Issue 10, October 2014 , pp. 076-079 , ISSN 2319 - 4847.
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