Say hello, wave goodbye: missed opportunities for electronic relationship marketing within the financial services sector?

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Abstract
Recognising the potential contribution of recent technological advances, the relationship marketing (RM) literature places an emphasis on two‐way communication as a key ingredient to enhancing relationships. The paper explores these factors in the context of the UK financial services sector, focusing on the emerging phenomenon of e‐banking and specifically the adoption of electronic relationship marketing (e‐RM). Through the use of an interpretative, multi‐case research approach, it seeks to reflect senior managers’ understanding of e‐RM. Preliminary findings indicate a broad acceptance that relationships are becoming increasingly important in terms of encouraging loyalty amongst customers. Nevertheless, managers appear to be uncomfortable with their ability to establish and nurture e‐banking relationships. The use of e‐RM to create a relationship dialogue is not happening on any significant scale and presents several strategic and tactical difficulties, particularly over channel decisions. Managers seem acutely aware of the utility of electronic media networks to lower costs, but do not know how to best approach e‐customers, maintain a customer dialogue, or know whether this is what clients desire.

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