{"id":143449,"date":"2022-06-28T16:42:51","date_gmt":"2022-06-28T11:12:51","guid":{"rendered":"https:\/\/www.regenesys.net\/reginsights\/?p=143449"},"modified":"2025-11-13T12:52:15","modified_gmt":"2025-11-13T07:22:15","slug":"the-effect-of-customer-relationship-management-on-customer-satisfaction-and-customer-loyalty-in-the-retail-banking-industry-in-gauteng-part-2","status":"publish","type":"post","link":"https:\/\/www.regenesys.net\/reginsights\/the-effect-of-customer-relationship-management-on-customer-satisfaction-and-customer-loyalty-in-the-retail-banking-industry-in-gauteng-part-2","title":{"rendered":"The Effect of Customer Relationship Management on Customer Satisfaction and Customer Loyalty in the Retail Banking Industry in Gauteng \u2013 Part 2"},"content":{"rendered":"\n

The Retail Banking Landscape in South Africa <\/strong> <\/strong><\/h2>\n\n\n\n

The retail banking sector in South Africa has historically been an oligopoly, (which means a market structure that consists of a small number of firms, who together have substantial influence over a  certain market), consisting of the five major banks of South Africa. They are Nedbank Ltd, Standard Bank Ltd, Amalgamated Banks of South Africa (ABSA), First Rand Bank Limited (FNB), and Capitec Bank. Collectively they hold more than 90% of the market share (Banking Enquiry Report, 2008).<\/p>\n\n\n\n

\"The<\/a><\/figure>\n\n\n\n

<\/p>\n\n\n\n

Although strategic communication and interaction between oligopolies\u2019 is independent of outright collusion, (as is the case of the banks in South Africa) it refers to the scenario where companies can predict and use each other\u2019s market behavior without, either party specifically or explicitly entering into an agreement or understanding, to coordinate each other\u2019s behavior (Banking Enquiry Report – 2008). They do, however, shadow each other\u2019s strategies, and although focused on maximizing their profits, are careful not to engage in a blatant price war, assured that once a customer is acquired, the probability of them switching is very low.<\/p>\n\n\n\n

Due to the strong market power of the \u2018Big 5 Banks\u2019 in South Africa today, and the pressure to maintain profit margins, CRM strategies are seen as fundamental components to segmenting customers and catering to their financial life-cycle stage, to keep them satisfied and loyal.<\/p>\n\n\n\n

South Africa, fortunately, has a well-developed and regulated banking system, which complies with international compliance standards. Banks play a definitive role in the economy of a country. According to the PWC report (2015), South Africa\u2019s economic sector, which includes finance, real estate, and business services, together were positioned as the largest contributor to the country\u2019s GDP, at around 20,6% of the value being added to the economy. In the latest PWC Report (2018), the major banks combined results have shown continued resilience and reflect a remarkable trajectory in performance, and again contributed around 20% to South Africa\u2019s GDP for 2017.<\/p>\n\n\n\n

Most banks separate their Retail Banking segment (which caters to the personal lending market) and their Business Banking market (which serves Business clients). It is important to note that banks in South Africa classify their business banking into different segments and offer a differentiated customer value proposition per segment.<\/p>\n\n\n\n

According to Amoakoh (2012), banks generally offer 5 main types of services, namely:<\/p>\n\n\n\n

    \n
  1. Accessibility of Cash<\/li>\n\n\n\n
  2. Security of Assets<\/li>\n\n\n\n
  3. Different types of Money Transfers (where funds are moved from one account to another, locally or internationally)<\/li>\n\n\n\n
  4. Loans<\/li>\n\n\n\n
  5. Financial Advice<\/li>\n<\/ol>\n\n\n\n
    \"bcom<\/figure>\n\n\n\n

    Funds need to be accessible to clients, as and when required, through various local and international mediums. Banks also provide security of assets to their customers via safety deposit boxes and the security of the money deposited.<\/p>\n\n\n\n

    Despite the regulatory and capital requirements required to open up a new bank, the South African banking sector has seen 3 new entrants; namely Bank Zero, TymeDigital (whose parent, the Commonwealth Bank of Australia,\u202fcontains a\u202fhigher market cap than all\u202ffour\u202fSA\u202fbanks\u202fplaced\u202ftogether), and Discovery Bank. All\u202fthe foremost\u202fbanks grossly underestimated the impact of relatively recent newcomer Capitec Bank (Business Live \u2013 2018).<\/p>\n\n\n\n

    According to PWC\u2019s Strategy document on the \u2018Future of Banking\u2019 (2018), the advent of these new players is creating a \u2018marketplace without boundaries\u2019. Supply-chain integration, digital solutions, and low-cost operating models have also given non-traditional players in the financial services industry an opportunity to provide their customers with in-house banking solutions.<\/p>\n\n\n\n

    Responding to the growing threat in the retail banking sphere, the \u2018Big 5 Banks\u2019 (Absa Bank, Standard Bank, Nedbank, FirstRand Bank, and newcomer Capitec Bank) are forced to look at innovative ways of staying relevant in the market, and maintain, or grow their market share. A decided advantage for these big banks is the benefit of already having a sizeable customer base. To maximize this advantage, they need to develop new solutions to better meet their customer needs, and strong data analytics capabilities, to improve efficiencies.<\/p>\n\n\n\n

    Based on PWC\u2019s Strategy document on the \u2018Future of Banking\u2019 (2018), the 3 major trends affecting profitability in the South African Banking Industry are:<\/p>\n\n\n\n

      \n
    1. Emergence of low-cost players in the digital solutions sphere e.g. Discovery Bank<\/li>\n\n\n\n
    2. Sector and Industry-specific banks, that have integrated supply-chains being introduced by non-financial services players e.g. the South African Post Office launching Post Bank<\/li>\n\n\n\n
    3. The \u2018Big 5 Banks\u2019 (Absa Bank, Standard Bank, Nedbank, FirstRand Bank, and Capitec Bank) enable the ongoing transformation to address the evolving customer, regulatory and technological needs.<\/li>\n<\/ol>\n\n\n\n

      By unlocking powerful insights gained through CRM, banks can look to the future by moving staff to higher-value work such as deploying artificial intelligence (AI) and digital labor (PWC Report \u2013 2018).<\/p>\n\n\n\n

      According to Kavitha and Palanivelu (2012), banks have historically been guilty of 5 recurring issues which effective CRM Strategies could easily address, namely:<\/p>\n\n\n\n

        \n
      1. Inability to cross-sell and up-sell<\/li>\n\n\n\n
      2. Unnecessary queues and the bank\u2019s internal bureaucracy<\/li>\n\n\n\n
      3. Poor service culture<\/li>\n\n\n\n
      4. Lack of product knowledge<\/li>\n\n\n\n
      5. Lack of empathy for their customers<\/li>\n<\/ol>\n\n\n\n

        Given the importance of the major banks, the threats of new entrants, and the key trends affecting profitability, banks have had to work harder at finding levers to increase profitability. This has been increasingly difficult, especially with the volatility in the global market.<\/p>\n\n\n\n

        By harnessing their data and analytical abilities, banks can now predict their customer needs. Having a trump card, via customer insights, and a dynamic Customer Relationship Management (CRM) strategy, would give banks that competitive edge required to stay ahead of technological and architectural enhancements being made in the financial sector.<\/p>\n\n\n\n

        References:<\/strong><\/p>\n\n\n\n

        Adewale A., Afolabi B. (2014) \u2018An empirical investigation into the effects of Customer Relationship Management on bank performance in Nigeria\u2019<\/p>\n\n\n\n

        Alagoz, Selda, (2003) “Computing the effects of Customer Relationship Management (CRM) Technologies and the application in the banking sector”, Selcuk University, Institute of social sciences, Yay\u0131nlanmam\u0131s doctoral thesis, Konya<\/p>\n\n\n\n

        Amoako, G.K. (2012). Improving customer service in the banking industry \u2013 Case of Ghana Commercial Bank (GCB). International Business Research, (5)4, 134-148.<\/p>\n\n\n\n

        Brink A. & Berndt A. (2004). Customer relationship management and customer service. Lansdowne: Juta and Co, Ltd.<\/p>\n\n\n\n

        Business live. Accessed 21\/11\/2018). <https:\/\/www.businesslive.co.za\/fm\/money-and-investing\/2018-03-15-big-banks-brace-for-impact-of-new-entrants\/><\/p>\n\n\n\n

        Brown, S. W., Gummesson, E. Edvardsson, B., & Gustavsson, B. (1991). Service Quality: Multidisciplinary and Multinational Perspectives. Lexington, Canada: Lexington Books D. C. Heath and Company.<\/p>\n\n\n\n

        Durkin, M. (2004) \u2018In search of the Internet-banking customer.\u201d Int. J Bank Mark 22(7) 484-503<\/p>\n\n\n\n

        Fin24.com. Accessed 21\/11\/2018. < https:\/\/www.fin24.com\/Companies\/Financial-Services\/big-sa-banks-stay-resilient-despite-economic-headwinds-pwc-report-20180910<\/a>> and < https:\/\/www.fin24.com\/Companies\/Financial-Services\/why-sa-banks-are-truly-world-class-20170709<\/a>><\/p>\n\n\n\n

        Hayes, B. E. (2008). The true test of loyalty. Quality Progress, 41(6), 20-26.<\/p>\n\n\n\n

        Kofi, K.F., Mintaa, D.P., Ernestina, A., Boatemah, A.E., Samuel, T.F. (2012). Assessment of customer satisfaction in the banking industry (A case study of the Trust Bank in Kumasi Metropolis). Christian Service University College. Business Studies Department.<\/p>\n\n\n\n

        KPMG. \u2018Competition in the retail banking industry\u2019 2017 Accessed 19\/06\/2017. >https:\/\/www.sablog.kpmg.co.za\/2014\/02\/competition-retail-banking-industry\/<\/a>> <\/strong><\/p>\n\n\n\n

        K.S Kavitha and P. Palanivelu (2012) \u201cCustomer Satisfaction: CRM in Canara Bank\u201d SCMS Journal of Indian Management \u2013 A Quarterly Journal 2012<\/p>\n\n\n\n

        Kueh, K. (2006). Service satisfiers and dissatisfiers among Malaysian consumers. Australasian Marketing Journal, 14(1), 79-92.<\/p>\n\n\n\n

        Makhaya, T., Nhundu, N. and Guma, N. (2015). ‘Competition, barriers to entry and inclusive growth: Capitec case study<\/a>‘.<\/p>\n\n\n\n

        Noor, N.A.M. (2012). Trust and commitment: Do they influence e-customer relationship performance? International Journal of Electronic Commerce Studies, 3(2), 281 \u2013 296.<\/p>\n\n\n\n

        Oliver, R.L. (1999), \u201cWhence consumer loyalty\u201d, Journal of Marketing, Vol. 63 No. 4, pp. 33-44.<\/p>\n\n\n\n

        Price Water Cooper (2015) \u2018Major Banks Analysis\u2019 \u2013 2015. Accessed 01\/03\/2017. <Http: www.pwc.co.za\/banking<\/a>><\/p>\n\n\n\n

        PWC Strategy & a. \u201cA Marketplace without boundaries\u2013\u2018 The future of banking: A South African Perspective\u2019 (2018). Accessed 01\/11\/2018. <Http: www.PWC.co.za\/banking<\/a>><\/p>\n\n\n\n

        South African Reserve Bank (SARB)\u202f(2018) Accessed 22\/11\/2018. https:\/\/www.resbank.co.za\/Lists\/News%20and%20Publications\/Attachments\/7813\/01%20BankSupAR2016.pdf<\/a><\/p>\n\n\n\n

        South African Treasury. \u2018SA Retail Banking Diagnostic Report \u2013 June 2018\u2019. Accessed 24\/11\/2018<https:\/\/www.treasury.gov.za\/publications\/other\/SA%20Retail%20Banking%20Diagnostic%20Report.pdf><\/p>\n\n\n\n

        Xu, M. and Walton, J. (2005) \u2018Gaining customer knowledge through analytical CRM.\u201d Ind Manage Data System 105 (7) 955-971<\/p>\n","protected":false},"excerpt":{"rendered":"

        The Retail Banking Landscape in South Africa   The retail banking sector in South Africa has historically been an oligopoly, (which means a market structure that consists of a small number of firms, who together have substantial influence over a  certain market), consisting of the five major banks of South Africa. They are Nedbank Ltd,<\/p>\n","protected":false},"author":35,"featured_media":143450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[1,654,587],"tags":[],"country":[],"class_list":{"0":"post-143449","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-a-z-topics","8":"category-education","9":"category-research-academic-publications"},"acf":[],"yoast_head":"\nThe Retail Banking Landscape in South Africa \u00a0<\/title>\n<meta name=\"description\" content=\"The retail banking sector in South Africa has historically been an oligopoly, (which means a market structure that consists of a small number of firms\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta 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