Information-Technology-Aided Customer Relationship Management Strategies for Improving Financial Institutions’ Business Performance

The Zimbabwean banking industry has struggled to adopt Information Technology (IT)-enabled customer relationship management (CRM), limiting its ability to effectively manage customer relationships and improve overall performance. Senior banking leaders must understand IT-driven CRM strategies to better retain customers and enhance bank performance. Grounded in functionalism and social control theories, the purpose of this qualitative pragmatic inquiry was to explore IT-aided CRM strategies some senior bank leaders use to improve customer retention and enhance bank performance in Zimbabwe. The participants consisted of six senior leaders from different banks in Zimbabwe who successfully utilized IT-driven CRM strategies to retain customers and enhance bank performance. Data were collected through semistructured interviews and a review of organizational documents. Through thematic analysis three themes emerged: implementing CRM strategies, measuring effectiveness, and overcoming barriers. The key recommendations for banking leaders are to automate all banking operations including CRM, improve personalized services, and make phased investments in CRM technology. The implications for positive social change include the potential to improve financial access, literacy, and inclusion in the local community workforce, customer and employee empowerment, and community engagement through corporate social responsibility activities.