Implementation of Cloud Customer Relationship Management in Banking Sector: Strategies, Benefits and Challenges

<!DOCTYPE html> <html lang="en" dir="ltr"> <head>  <script async src="https://www.googletagmanager.com/gtag/js?id=G-P63WKM1TM1"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-P63WKM1TM1'); </script>  <script type="text/javascript" > (function(m,e,t,r,i,k,a){m[i]=m[i]||function(){(m[i].a=m[i].a||[]).push(arguments)}; m[i].l=1*new Date(); for (var j = 0; j < document.scripts.length; j++) {if (document.scripts[j].src === r) { return; }} k=e.createElement(t),a=e.getElementsByTagName(t)[0],k.async=1,k.src=r,a.parentNode.insertBefore(k,a)}) (window, document, "script", "https://mc.yandex.ru/metrika/tag.js", "ym"); ym(55165297, "init", { clickmap:false, trackLinks:true, accurateTrackBounce:true, webvisor:false }); </script> <noscript><div><img src="https://mc.yandex.ru/watch/55165297" style="position:absolute; left:-9999px;" alt="" /></div></noscript>    <title>Implementation of Cloud Customer Relationship Management in Banking Sector: Strategies, Benefits and Challenges</title> <meta name="description" content="Implementation of Cloud Customer Relationship Management in Banking Sector: Strategies, Benefits and Challenges"> <meta name="keywords" content="Banking sector, cloud computing, cloud CRM, strategy."> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <meta name="citation_title" content="Implementation of Cloud Customer Relationship Management in Banking Sector: Strategies, Benefits and Challenges"> <meta name="citation_author" content="Ngoc Dang Khoa Nguyen"> <meta name="citation_author" content="Imran Ali"> <meta name="citation_publication_date" content="2021/07/27"> <meta name="citation_journal_title" content="International Journal of Electronics and Communication Engineering"> <meta name="citation_volume" content="15"> <meta name="citation_issue" content="6"> <meta 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href="https://publications.waset.org/search?q=Ngoc%20Dang%20Khoa%20Nguyen">Ngoc Dang Khoa Nguyen</a>, <a href="https://publications.waset.org/search?q=Imran%20Ali"> Imran Ali</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The cloud customer relationship management (CRM) has emerged as an innovative tool to augment the customer satisfaction and performance of banking systems. Cloud CRM allows to collect, analyze and utilize customer-associated information and update the systems, thereby offer superior customer service. Cloud technologies have invaluable potential to ensure innovative customer experiences, successful collaboration, enhanced speed to marketplace and IT effectiveness. As such, many leading banks have been attracted towards adoption of such innovative and customer-driver solutions to revolutionize their existing business models. Chief Information Officers (CIOs) are already implemented or in the process of implementation of cloud CRM. However, many organizations are still reluctant to take such initiative due to the lack of information on the factors influencing its implementation. This paper, therefore, aims to delve into the strategies, benefits and challenges intertwined in the implementation of cloud CRM in banking sector and provide reliable solutions. <iframe src="https://publications.waset.org/10012077.pdf" style="width:100%; height:400px;" frameborder="0"></iframe> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Banking%20sector" title="Banking sector">Banking sector</a>, <a href="https://publications.waset.org/search?q=cloud%20computing" title=" cloud computing"> cloud computing</a>, <a href="https://publications.waset.org/search?q=cloud%20CRM" title=" cloud CRM"> cloud CRM</a>, <a href="https://publications.waset.org/search?q=strategy." title=" strategy."> strategy.</a> </p> <a href="https://publications.waset.org/10012077/implementation-of-cloud-customer-relationship-management-in-banking-sector-strategies-benefits-and-challenges" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10012077/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10012077/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10012077/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10012077/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10012077/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10012077/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10012077/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10012077/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10012077/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10012077/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10012077.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">725</span> </span> <p class="card-text"><strong>References:</strong></p> <br>[1] Cvijovi膰, J., M. Kosti膰-Stankovi膰, and M. Relji膰, Customer relationship management in banking industry: Modern approach. Industrija, 2017. 45(3): p. 151-165. <br>[2] Chen, Y.-S., C.-K. Lin, and L.-C. Wang, Constructing the Cloud CRM Benefits Identification Model, in Future Information Technology. 2014, Springer. p. 237-242. <br>[3] Hajmaleki, F. and S.M. Hashemi, Designing Conceptual Model for Banking Customer Relationship Management Systems Based on Cloud Computing. International journal of engineering research and technology, 2014. 3. <br>[4] IBM. Cloud computing for banking - Driving business model transformation. 2010; Available from: https://www.researchgate.net/profile/Santosh_Dash5/post/What_are_the_benefits_of_cloud_computing_for_South_African_banks/attachment/59d6330b79197b8077990be2/AS%3A372875560275972%401465911869584/download/Cloud_Computing_for_Banking.pdf. <br>[5] Plaksij, Z. Why Cloud-based CRM Suits the Needs of Small Businesses. 2017 (cited 2017 5 September); Available from: https://www.superoffice.com/blog/cloud-based-crm-for-small-business/. <br>[6] Buttle, F. and S. Maklan, Customer relationship management: concepts and technologies. 2019: Routledge. <br>[7] Davey, N. The big picture: How to build a CRM strategy. 2017 (cited 2017 9 September); Available from: https://www.mycustomer.com/selling/crm/the-big-picture-how-to-build-a-crm-strategy. <br>[8] Pokharel, B., Customer relationship management: Related theories, challenges and application in banking sector. Banking Journal, 2011. 1(1): p. 19-28. <br>[9] Chuang, C.C. and F.-L. Hu, Application of crm in banking. 袗泻褌褍邪谢褜薪褨锌褉芯斜谢械屑懈械泻芯薪芯屑褨泻懈, 2014(4): p. 419-427. <br>[10] Abrar, L. 7 Business Benefits Associated with Cloud-based CRM Services. 2013 (cited 2017 7 September); Available from: https://yfsmagazine.com/2013/11/01/7-business-benefits-associated-with-cloud-based-crm-services/. <br>[11] Holmander, N. and C. Foglin, SaaS based CRM systems contribution on SME鈥檚 growth. 2014. <br>[12] Lal, P. and S.S. Bharadwaj, Assessing the Performance of Cloud-Based Customer Relationship Management Systems. Skyline Business Journal, 2015. 11(1). <br>[13] Martin, T. 5 Cost Benefits of a Cloud CRM Solution. 2014 (cited 2017 7 September); Available from: https://salespop.net/crm-sales-software/5-cost-benefits-of-a-cloud-crm-solution/. <br>[14] Apostu, A., E. Rednic, and F. Puican, Modeling cloud architecture in banking systems. Procedia economics and finance, 2012. 3: p. 543-548. <br>[15] Columbus, L. Gartner Predicts CRM Will Be A $36B Market By 2017. 2017 (cited 2017 7 September); Available from: https://www.forbes.com/sites/louiscolumbus/2013/06/18/gartner-predicts-crm-will-be-a-36b-market-by-2017/?sh=69c40f2177e3. <br>[16] Ghane, F., S. Gilaninia, and M. Homayounfar, The Effect of Cloud Computing on Effectiveness of Customer Relation Management in Electronic Banking Industry: A Case Study of Eghtesad Novin Bank. Kuwait Chapter of Arabian Journal of Business and Management Review, 2016. 33(2649): p. 1-12. <br>[17] Schlagwein, D., A. Thorogood, and L.P. Willcocks, How Commonwealth Bank of Australia gained benefits using a standards-based, multi-provider cloud model. MIS Quarterly Executive, 2014. 13(4). <br>[18] Gupta, P., Customer relationship management systems for the SME鈥檚鈥搃s this a perfect marriage made in the cloud? 2014, Dublin Business School. <br>[19] Schaeffer, C. CRM Thought Leader Michael Krigsman In His Own Words. 2014 (cited 2017 15 September); Available from: http://www.crmsearch.com/michael-krigsman.php. <br>[20] Rai, A.K., Customer relationship management: Concepts and cases. 2012: PHI Learning Pvt. Ltd. <br>[21] Barillaud, F., C. Calio, and J.A. Jacobson. Cloud technologies: How they all fit together. 2017 (cited 2017 18 September); Available from: https://developer.ibm.com/depmodels/cloud/articles/cl-cloud-technology-basics/. <br>[22] Yang, S.-l. and J.-x. Li. Research of CRM System Structure Based-on Cloud Computing. in Proceedings of the 5th International Conference on IS Management and Evaluation 2015: ICIME 2015. 2015. Academic Conferences Limited. <br>[23] Ali, I. and Aboelmaged, M. 2021. Implementation of supply chain 4.0 in food and beverage industry: perceived drivers and barriers. International Journal of Productivity and Performance Management, 1-31. doi:10.1108/IJPPM-07-2020-0393 <br>[24] Ali, I. 2019. The impact of industry 4.0 on the nexus between supply chain risks and firm performance. Academy of Management Proceedings, 2019(1), 1-6. doi:10.5465/ambpp.2019.77 <br>[25] Butt, A. and Ali, I. 2020. Understanding the implications of Belt and Road Initiative for sustainable supply chains: An environmental perspective. Benchmarking: An International Journal, 27(9), 2631-2648. doi:10.1108/BIJ-04-2020-0143 <br>[26] Ali, I., Satie, S. and Thai, V. 2020. Adopting Industry 4.0 Technologies in Agri-Food Supply Chains. In E. Aktas, M. Bourlakis, I. Minis, & V. Zeimpekis (Eds.), Supply Chain 4.0: Improving Supply Chains with Analytics and Industry 4.0 Technologies (pp. 1-20). UK: Kogan Page. <br>[27] Ali, I. and Gurd, B. 2020. Managing operational risks through knowledge sharing in food supply chains. 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Implementation of Cloud Customer Relationship Management in Banking Sector: Strategies, Benefits and Challenges