Customer Relationship Management Strategies and Customer Satisfaction: Case of Chase Bank (Kenya) Limited-In Receivership

Project Report Submitted to the Chandaria School of Business in Partial Fulfillment of the Requirement for the Degree of Master of Business Administration (MBA)The main objective of the study was to find out the effect of customer relationship management strategies on customer satisfaction at Chase Bank (Kenya) Limited-In Receivership. The study had three research questions, what is the effect of focus on key customers on customer satisfaction at Chase Bank (Kenya) Limited-In Receivership? What is the effect of organizational efficiency on customer satisfaction at Chase Bank (Kenya) Limited-In Receivership? What is the effect of customer knowledge management on customer satisfaction at Chase Bank (Kenya) Limited-In Receivership? The study adopted a survey research design. The population consisted of 214 employees of Chase Bank (Kenya) Limited-In Receivership deployed in the bank’s branches in Nairobi City County. Stratified random sampling was used to draw a sample of 65. Random tables were used to randomly select 50 non-management staff, 11 middle management staff and 4 top management staff from the staff list at the bank to participate in the study. A questionnaire was used to collect primary data. Regression analysis was carried out to establish the existence and the strength relationships between customer relationship management strategies and customer satisfaction. Frequencies and percentages were used to present the descriptive findings. The data presentation was in form of charts and tables. The first study objective sought to establish the effect of focus on key customers on customer satisfaction at Chase Bank (Kenya) Limited-In Receivership. The findings revealed that focus on key customers positively influence customer satisfaction at Chase Bank (Kenya) Limited-In Receivership. The study showed that needs assessment, provision of customized services, ongoing dialogue and employee empowerment are used as key customer focus strategies for enhancing customer satisfaction at Chase Bank (Kenya) Limited-In Receivership. The second study objective sought to establish the effect of organizational efficiency on customer satisfaction at Chase Bank (Kenya) Limited-In Receivership. The findings revealed that organizational efficiency positively influence customer satisfaction at Chase Bank (Kenya) Limited-In Receivership. The study identified use of decentralized organizational structure, employee reward system, clear organizational goals and use of performance measurement standards as organizational efficiency management strategies for enhancing customer satisfaction at Chase Bank (Kenya) Limited-In Receivership. The third study objective sought to establish the effect of customer knowledge management on customer satisfaction at Chase Bank (Kenya) Limited-In Receivership. The findings revealed that v customer knowledge management positively influence customer satisfaction at Chase Bank (Kenya) Limited-In Receivership. The study identified knowledge creation, knowledge acquisition, knowledge sharing and knowledge storage as some of the knowledge management strategies used by Chase Bank (Kenya) Limited-In Receivership to enhance customer satisfaction. The study makes the following conclusions. First, the more emphasis are laid on satisfying key customers, the better the performance of the organization. Secondly, high organizational efficiency positively influence customer satisfaction. Third, an increase in customer knowledge management leads to a corresponding increase in customer satisfaction. The study makes the following recommendations. Organizations need to pay more attention to customer needs assessment, ongoing dialogue with customers and employee empowerment for effective identification and addressing of customer needs. Secondly, the study recommends targeted investments in organizational efficiency for enhanced responsiveness, productivity, effectiveness, and timeliness of service delivery. Third, the study recommends investment in information communication to enhance customer knowledge creation, acquisition and sharing. Further use of internet based media is welcome in ensuring real time engagement with the customers for value creation. Studies focusing on other banks in Kenya and other service sector firms would be welcome to ensure generalization of the findings. Further, other variables of customer relationship management could be explored. Moreover, other studies within different time zones would be welcome