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Relationship Marketing Stage of Development in Romanian Banking Industry

Author

Listed:
  • Alina Filip

    (The Bucharest University of Economic Studies)

  • Diana Maria Vrânceanu

    (The Bucharest University of Economic Studies)

  • Bogdan Georgescu

    (The Bucharest University of Economic Studies)

  • Daniela Elena Marinescu

    (The Bucharest University of Economic Studies)

Abstract

The paper emphasizes the relationship marketing stage of development within the banking industry in Romania, by identifying the extent to which business objectives and marketing strategies of companies are customer oriented. In order to achieve this aim a qualitative marketing research was conducted, by applying in-depth semi-structured interviews. The target group of the research consisted of nine banking companies, selected according to the market share, while the research participants were employees responsible for marketing, sales and customer relationship management activities. Due to respondents’ expertise, during the interviews could be applied mixed research methods in the process of data collection and subsequently, in data analysis. According to research objectives and results, although there is an increase in the importance of customer orientation within banking policies, the integration of relationship marketing optics at the institutional management level is facing a number of deficiencies, especially with regard to the concerns about employees’ satisfaction and loyalty or to the development of relationships with other stakeholders. The degree of satisfaction with the adoption of customer relationship management technology is relatively high among banks, being appreciated mainly those banking performance achieved in terms of retention rate, cross-selling and customer satisfaction. Most banks use the gross customer retention index as the main indicator of customer portfolio stability, although retention objectives tend to be set differently depending on customer value. Internal marketing strategies are developed around staff training processes, while performance evaluation criteria are rather specific to a transactional marketing approach. Results of the research provide clues on the relationship marketing processes and activities that need to be improved, in order to strengthen the current customer base and the competitive position in the banking industry.

Suggested Citation

  • Alina Filip & Diana Maria Vrânceanu & Bogdan Georgescu & Daniela Elena Marinescu, 2016. "Relationship Marketing Stage of Development in Romanian Banking Industry," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 18(41), pages 199-199, February.
    • Handle: RePEc:aes:amfeco:v:41:y:2016:i:18:p:199
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    References listed on IDEAS

    as
    1. Joseph Vella & Albert Caruana, 2012. "Encouraging CRM systems usage: a study among bank managers," Management Research Review, Emerald Group Publishing Limited, vol. 35(2), pages 121-133, January.
    2. Lai-Yu Cheng & Chih-Wei Yang, 2013. "Conceptual analysis and implementation of an integrated CRM system for service providers," Service Business, Springer;Pan-Pacific Business Association, vol. 7(2), pages 307-328, June.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Negar Jalilian & Seyed Mahmoud Zanjirchi & Alireza Naser Sadrabadi & Ahmadreza Asgharpourmasouleh & Mark Goh, 2021. "Agent-Based Approach to Configure Processes in Iran’s Banking Service Supply Chain," Sustainability, MDPI, vol. 13(14), pages 1-23, July.
    2. Mariana Bunea & Vasile Dinu, 2019. "The BASEL III impact on the Romanian Banks’s Solvency," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 15(1), pages 189-199.
    3. Mikhail Kulapov & Yuriy Odegov & Vera Sidorova & Nikolay Sidorov & Elena Zotova, 2019. "Corporate Culture of Organization - Typical and Russian model with the Context of Its Risks and Implications," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 15(1), pages 215-226.

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    More about this item

    Keywords

    relationship marketing; customer relationship management; internal marketing; banking industry; customer orientation; customer retention;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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