The Impact of Digitalization on Customer Relationship Management in Retail Banking

Abstract

This article explores the transformative effects of digitalization on Customer Relationship Management (CRM) within the retail banking sector. It examines how advancements in technology, such as artificial intelligence, big data analytics, and mobile banking, have reshaped customer interactions and service delivery. The research highlights the benefits of enhanced customer insights, personalized marketing strategies, and improved customer engagement facilitated by digital tools. Additionally, it addresses the challenges banks face in integrating these technologies into existing CRM systems and the importance of maintaining data security and privacy. The findings suggest that embracing digitalization is essential for retail banks to foster customer loyalty, streamline operations, and remain competitive in an increasingly digital marketplace.