Customer Relationship Management in Banking in the UK Industry: Case of Lloyds Bank

Abstract

The purpose of this research was to focus on how Lloyds Bank, one of the leading and largest banks of the UK, is using CRM to their advantage. After collecting secondary data, several different methods implemented by the organization were found to implement and strengthen its CRM activities. The findings show the organization is providing training to its employees so that they can become more skillful and competent while dealing with consumers. Lloyd Bank is also tracking buying behavior of its consumers and demands of its consumers based on different demographic factors. These are helping the organization to customize or improve its products and services. Besides, it is also using social media marketing along with traditional marketing methods, such as newsletters to let the consumers know about new product launches. It is also providing discount coupons to its consumers to motivate their buying behavior. Lloyds Bank is also working to increase customer loyalty by providing VIP services to its consumers. It is also continuously improving the way consumers love to communicate so that customer engagement remains uninterrupted. Besides, as a bold move, rather than focusing on all the consumers, Lloyds Bank is only focusing on most-profitable and responsible consumers.

The impact of Customer Relationship Management (CRM) on a beer

“…In this age of interaction, companies have the ability to correctly gather and store consumer information in order to personalize their products and services to the particular needs, interests and behaviours of each individual customer. For example, Google uses complex algorithms that personalize search results based on a user's interests and effectively selects the most relevant information from the vast amount of data that is accessible on the internet (Saravanan & Kaur, 2022;Nguyen, 2011).…”