Factors affecting the adoption and use of CRM systems : a study among financial services providers

Abstract

Customer relationship management (CRM) has assumed great importance in recent years in an environment where companies compete for customers’ share of wallet. Technological developments have enabled relationship management to adopt systems that support strategic relationship management, although CRM goes beyond basic technological applications. This study, which is grounded in the Technology Acceptance Model (TAM), seeks to identify which factors are considered by financial services firms when deciding whether to implement customer relationship management systems (CRMSs). Data was gathered via semi-structured, in-depth interviews held with executives from twelve financial services firms. Thematic Analysis was employed to detect and identify those variables that could influence any issue generated by the participants. Limitations and implications were identified and areas for possible future research were recommended. The dissertation findings add value in terms of business information and intelligence for business executives of local financial services firms. The findings from interviews identified relevant factors and how participating firms are utilising CRMSs. Results indicated that participating firms adopted CRMSs to focus on improving customer experience by enhancing the quality of the client relationships, including improving the quality of communication with customers, and to comply with regulatory requirements. Firms that did not adopt a CRMS had specific reasons for not doing so. The study reaffirmed that the posits of TAM applied in the case of the firms that implemented the CRMS and also highlighted the positive culture that prevailed across most participant firms.