Building the foundation for customer data quality in CRM systems for financial services firms

Zahay, Debra; Peltier, James W.; Krishen, Anjala S.

doi:10.1057/dbm.2012.6

Cited by 21 publications

(27 citation statements)

References 37 publications

(35 reference statements)

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“…We extend recent work by Zahay et al (2012) and Peltier et al (2006) to propose an IMC data continuum. Our framework moves from data needed to profile customers, to data needed to develop personalized communications and offers, and finally to data needed to metricize how customers respond to marketing efforts across multiple contact points.…”

Section: Introductionmentioning

confidence: 67%

“…Although CRM systems could logically contain an extensive array of IMC data types, we focus on those outlined by Zahay et al ( , 2012 that are captured from interactive customer touchpoints (that is, Internet, email, telephone and personal service encounters), transactional data (that is, purchase history, credit history, payment history), psycho-demographics (that is, loyalty programs, satisfaction surveys) and customer lifetime value data (that is, retention, share of wallet). We adopt Peltier et al's (2013) definition of high-quality customer data, which claims that information should be collected across multiple transactions, touchpoints and channels so that it accurately reflects the behavior and sentiments of customers, both collectively and individually.…”

Section: Interactive Crm Datamentioning

confidence: 99%

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A hierarchical IMC data integration and measurement framework and its impact on CRM system quality and customer performance

Peltier¹,

Zahay

Krishen³

2013

J Market Anal

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As a Consultant, he regularly works with businesses on how to incorporate customer data in the marketing decision process, including new product development, customer-centric strategies and tactics, and marketing communications. Debra Zahayis an Associate Professor of Interactive Marketing at Northern Illinois University, where she heads the Interactive Marketing Program. She holds her Doctorate in Marketing from the University of Illinois. She researches how firms manage customer information for competitive advantage.ABSTRACT Marketers and advertisers seek to get close to customers through data analytics procedures that allow for the measurement of personalized messages delivered across multiple communication touchpoints. This article tests a hierarchical integrated marketing communications data integration framework that utilizes customer information (transactional, demographic and psychographic) to develop personalized communication and communication campaigns distributed across multiple interactive customer touchpoints. Our model posits that by using basic customer data we can increase the priority for collecting other types of data needed to get close to customers. Our findings show that customer data needs are hierarchically ordered and that the sequential interaction between these variables impacts customer relationship management system quality and measurement of performance.

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Section: Introductionmentioning

confidence: 67%

Section: Interactive Crm Datamentioning

confidence: 99%

A hierarchical IMC data integration and measurement framework and its impact on CRM system quality and customer performance

Peltier¹,

Zahay

Krishen³

2013

J Market Anal

Self Cite

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“…Further, Alqahtani and Saba (2013) argue that solving the customers and business' problem using these databases is a vital dimension of CRM, with. Zahay et al, (2012) and O'Reilly and Paper (2012) further identifying CRM integration and flexibility in employee behavior due to such integration as two critical CRM dimensions.…”

Section: Customer Relationship Management Dimensionsmentioning

confidence: 99%

“…The primary purpose of CRM is to manage, track, and organize customer's conversations, activities, and information; which in turn aids the organization's customer service, marketing, and sales team comprehend their clients better (Cheng & Yang, 2013;Awasthi & Sangle, 2012;Zahay et al, 2012). According to Li and Mao (2012) and Nüesch et al (2015), such integration enhances the organization's understanding of changing customer habits and preferences with the aim of developing new products and services to satisfy the emerging customers' needs, provide products and services needed by the customer and improve client retention.…”

Section: Crm System Integrationmentioning

confidence: 99%

The Mediating Role of Customers' Satisfaction on the Effect of CRM on Long-Term Customers Loyalty in the Banking Sector in the Palestinian Territory

Iriqat¹,

Daqar²

2018

ASS

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This study aims to investigate the mediating role of customers' satisfaction on the effect of customer relationship management on long-term customers' loyalty in the banking sector in the Palestinian Territory. Using advanced statistical methods. This study supports that there is a high level in implementing the CRM, customers' satisfaction, and long-term customers' loyalty. It showed that these three variables: CRM, customers' satisfaction, and long-term customers' loyalty have a significant role on the Banking sector. CRM and its dimensions, and both of customers' satisfaction, and long-term customers' loyalty are positively significant correlated. Also, finds that there is no role for customers' satisfaction as a mediator variable in enhancing the impact of CRM on long-term customers' loyalty. Moreover, based on SEM the study shows that there is a direct impact of CRM system integration and customers satisfaction on long-term customers' loyalty, whereas there is a direct impact for customers' database and CRM system integration on customers' satisfaction. The scholars find that the Palestinian local banks should pay more efforts to improve their competences to enhance the quality of service and their employees' behavior level. On the other side, they need to keep their customers database updated and to be aligned with the cutting edge technologies to provide better service for customers, which is appropriate and meet their needs by obtaining the accurate information about their preferences in order to build a strong competitive advantage that is hard to imitate, this leads to build a strong relationship with customers.

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“…DATA QUALITY IN BIG DATA CONTEXT Data quality is a key factor for decision making in financial industry [7]. This section explains about data quality definition, data quality issues, and data quality issues in financial industry.…”

Section: Big Data In Financial Industrymentioning

confidence: 99%

Antecedents of big data quality: An empirical examination in financial service organizations

Haryadi

Hulstijn

Wahyudi

et al. 2016

2016 IEEE International Conference on Big Data (Big Data)

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Abstract-Big data has been acknowledged for its enormous potential. In contrast to the potential, in a recent survey more than half of financial service organizations reported that big data has not delivered the expected value. One of the main reasons for this is related to data quality. The objective of this research is to identify the antecedents of big data quality in financial institutions. This will help to understand how data quality from big data analysis can be improved. For this, a literature review was performed and data was collected using three case studies, followed by content analysis. The overall findings indicate that there are no fundamentally new data quality issues in big data projects. Nevertheless, the complexity of the issues is higher, which makes it harder to assess and attain data quality in big data projects compared to the traditional projects. Ten antecedents of big data quality were identified encompassing data, technology, people, process and procedure, organization, and external aspects.

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Building the foundation for customer data quality in CRM systems for financial services firms

Cited by 21 publications

References 37 publications

A hierarchical IMC data integration and measurement framework and its impact on CRM system quality and customer performance

A hierarchical IMC data integration and measurement framework and its impact on CRM system quality and customer performance

The Mediating Role of Customers' Satisfaction on the Effect of CRM on Long-Term Customers Loyalty in the Banking Sector in the Palestinian Territory

Antecedents of big data quality: An empirical examination in financial service organizations

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