Introduction
This report is based on a study of the marketing intelligence and customer relationships at Jordanian banks written by Ghazi A. Al-Weshah. This report will focus on the activities of Cairo Amman Bank in the countries it is located in and how they relate to the critical findings of Al-Weshah’s study. It will also explore which of Al-Weshah’s findings are relevant and applicable to Cairo Amman Bank and offer clear recommendations on how the bank can use them. Specifically, it will discuss how Cairo Amman Bank can use Al-Weshah’s findings on customer segmentation, customer value and loyalty, relationship marketing, and digitalization of services to improve its marketing activities. Furthermore, this report will consider how the findings can be used to develop new customer-centric strategies that effectively address their customers’ needs. Finally, it will discuss how Cairo Amman Bank can use these insights to leverage its competitive advantage in the Jordanian market. While this report aims to guide how to implement this study’s findings best to improve the bank’s marketing position in Jordan, it will also analyze the potential implications and provide an overview of how Cairo Amman Bank can use Al-Weshah’s findings to improve its marketing activities in Jordan.
Background on Cairo Amman Bank and Ghazi A. Al-Weshah’s Study
Established in 1975, Cairo Amman Bank (CAB) has been fully operational since 1978. It has grown to be one of the six largest banks in Jordan today, with various subsidiaries and branches throughout the Middle East (Ayyash & Jawad, 2020, p.201). With its well-established reputation and consistent performance, the bank is well-positioned to capitalize on its solid regional customer base. Ghazi A. Al-Weshah’s doctoral dissertation titled “Marketing Intelligence and Customer Relationships at Jordanian Banks” examines the current state of customer relationships in Jordan’s banking industry. Through extensive research, Al-Weshah (2017, p.141) reveals how Jordanian banks adopt marketing intelligence and customer relationship management practices to improve their performance and competitive advantage. He focuses on the effectiveness of different approaches, such as loyalty programs, communications channels, customer segmentation, and marketing mix strategies.
Al-Weshah’s study provides valuable insights into the best practices that regional banks can use to enhance their customer relationships and engage customers more effectively. In doing so, he highlights the importance of marketing intelligence and customer relationship management for a successful banking business (Al-Weshah, 2017, p.141). Ultimately, Al-Weshah offers several recommendations on how Jordanian banks can use the findings of his study to improve their performance and increase customer satisfaction.
Based on this, CAB has the potential to benefit from applying Al-Weshah’s research to enhance its competitive advantage and better position itself in the banking industry. Furthermore, through a structured analysis of the study and the current situation, CAB could design and implement initiatives that drive customer loyalty, increase business performance, and build long-term customer relationships (Kavita et al., 2022, p.23). CAB’s ability to successfully incorporate Al-Weshah’s research findings into its daily operations will drive its future growth and profitability. Therefore, it is essential for CAB to strategically analyze the research and translate its findings into concrete activities that support the bank’s operations. Using Al-Weshah’s analysis, CAB can gain insight into managing customer relationships better and strengthening its competitive advantage in the region.
Purpose of Report
This report aims to analyze the activities of Cairo Amman Bank in the countries where it is located and relate them to the critical findings from Ghazi A. Al-Weshah’s study on marketing intelligence and customer relationships at Jordanian banks. In addition, this report will offer clear recommendations on how the bank can use and implement this study’s findings to strengthen its banking operations. Furthermore, it will provide a clear explanation of why these recommendations should be implemented.
Analysis
Relevant Findings from Al-Weshah’s Study that can be used in the Cairo Amman Bank
Human Resources are the most crucial asset in a bank – Al-Weshah’s study found that well-trained, dedicated, and experienced employees can be essential to a bank’s success. Cairo Amman Bank should invest in its human resources by providing training and development opportunities to existing staff and recruiting new personnel with the necessary skills and knowledge (AL-Zararee et al., 2022, p.230). In addition, the bank should incorporate marketing intelligence to gain customer insight (Jaradat et al., 2022, p.230). Al-Weshah’s study found that banks can benefit from using marketing intelligence techniques to gain valuable insights into their customers’ needs and preferences. By understanding their customers better, banks can create products, services, and strategies tailored to them, leading to higher customer satisfaction and loyalty.
Subsequently, technology can be used to improve customer relations. Al-Weshah’s study found that banks can use mobile banking, internet banking, and customer relationship management (CRM) systems to improve customer relations. Banks can leverage the latest technologies to offer better customer service, increase customer engagement and loyalty, and open new channels for customer interaction (AL-Safadi & Al-Maaitah, 2019, p.40). For Cairo Amman Bank, this could mean investing in technologies like CRM systems to understand customer needs and preferences better. By recognizing the importance of technology, the bank can build customer trust, which is essential for any successful business (Hel Al-Dhaimesh & Kamel Al Zobi, 2019, p.4). Additionally, investing in modern banking solutions such as the internet and mobile banking would make the bank more efficient and provide a better customer experience (Jawarneh, 2021, p.2). Cairo Amman Bank can significantly improve customer satisfaction and help its business grow by allowing customers to access their accounts from anywhere.
There is also the factor of the importance of customer segmentation. Al-Weshah’s study found that banks should use customer segmentation to identify and target different types of customers with tailored products and services. By understanding who their customers are, banks can create content, campaigns, and offers that appeal to specific segments based on their needs, interests, and behavior (AL-Safadi & Al-Maaitah, 2019, p.42). In the role of data in building customer relationships, Al-Weshah’s study found that banks should use data to understand their customers better and build stronger customer relationships. By collecting, analyzing, and leveraging customer data, banks can develop marketing strategies that are more targeted and effective (Alserhan, 2020, 3679). Banks can also use predictive analytics to anticipate the needs of their customers and deliver customized products and services.
Al-Weshah’s study also found that banks should take a customer-centric approach to design better products, services, and experiences that meet their customers’ needs. Banks should focus on delivering high-quality service to build strong customer relationships and loyalty (Kunal & Sharma, 2022, p.44). They should also strive to make the customer experience as seamless and convenient as possible. Furthermore, according to Jain and Gangopadhyay (2020, p.108), banks should embrace the importance of innovation. Al-Weshah’s study found that banks should continuously innovate and adapt to changing market conditions to remain competitive. Banks should proactively develop new products, services, and delivery models that meet customer needs and expectations.
Explanation of Why the Findings are Applicable and Beneficial to CAB
The findings of Ghazi A. Al-Weshah’s study are particularly applicable and beneficial to Cairo Amman Bank. The study suggests that banks should invest in developing more intimate customer relationships, which can lead to greater customer loyalty and satisfaction. This is especially true concerning millennials who value a more personal approach to banking. It also discusses the importance of building a solid brand presence and adopting innovative technologies that can help improve customer service. By implementing these findings in its strategies, Cairo Amman Bank will likely increase its market share, attract new customers, and retain existing ones. Additionally, the study suggests that banks must focus on customer service, as this is a critical factor in the success of any banking business.
Amman Bank should invest in training its staff and adopting innovative technologies to provide customers with better services. Doing so can build customer trust and increase satisfaction (Manyanga et al., 2022). Finally, the study highlights the importance of understanding customer behavior and preferences. By gathering customer data, banks can tailor their services to meet their customers’ needs and gain insight into potential opportunities (Lemberg-Pedersen & Haioty, 2020, p.607). By analyzing this data, Cairo Amman Bank can better understand its target market, design products and services accordingly, and create more targeted marketing campaigns.
Recommendations
First, the bank needs to develop a customer experience strategy: Al-Weshah’s study found that customers are looking for convenience, simplicity, and transparency when banking. CAB should develop a customer experience strategy to ensure they meet these expectations while also creating unique experiences that set them apart from other banks in the market. Second, CAB should focus on creating an integrated and seamless customer experience. Al-Weshah found that customers want to be able to access their accounts through multiple channels (online and mobile). CAB should strive to create a comprehensive customer experience strategy that enables customers to access their accounts in various ways and integrates customer data across channels.
Third, CAB should focus on providing personalized customer service. Al-Weshah’s study found that customers assess banks based on how well they meet their needs and expectations. CAB should strive to provide personalized customer services, such as proactive advice and tailored products, to create an engaging customer experience. Fourth, CAB should focus on providing value-added services (Acharya & Vyas, 2022, p.28). Al-Weshah found that customers are looking for banks to offer a range of services beyond banking, such as financial advice, investment products, and other value-added services. CAB should strive to provide these services to differentiate itself from the competition and attract more customers.
Finally, CAB should focus on leveraging technology to improve customer service and engagement. Al-Weshah’s study highlighted the importance of using technology to improve customer service and attention. CAB should leverage emerging technologies such as AI and machine learning to provide more personalized services and engage customers in new ways. Additionally, CAB should focus on enhancing its digital banking experience to make it more convenient and secure for customers (Jawarneh, 2021, p.4). These are just a few suggestions that CAB can use to leverage Al-Weshah’s study findings and better serve its customers. Implementing these strategies will help Cairo Amman Bank stand out and create a unified and engaging customer experience.
By leveraging Al-Weshah’s study, CAB can create a unified customer experience strategy that meets its customers’ needs and expectations. This strategy should include developing a customer experience strategy that provides convenience and transparency, creating an integrated and seamless customer experience, providing personalized customer service, offering value-added services, and leveraging technology to improve customer service and engagement (Radi, 2022, p.6). Implementing these strategies will help CAB differentiate itself from the competition and create an engaging customer experience for its customers.
Conclusion
The study of Ghazi A. Al-Weshah has revealed insights into marketing intelligence and customer relationships in the banking sector that can be valuable for Cairo Amman Bank. The findings demonstrate how banks can leverage technologies and digital solutions to build better customer relationships, enhance communication, increase customer engagement, and provide a superior customer experience. Moreover, the study emphasizes the importance of customer data analysis, customer segmentation, and targeted marketing campaigns for further optimizing banking operations. Based on these insights, Cairo Amman Bank should consider implementing innovative technology-driven solutions to improve customer relationships, build brand trust and loyalty, and increase its market position. The bank should also focus on gathering and analyzing customer data to understand customer preferences better and develop targeted campaigns to increase brand recognition and attract new customers. Furthermore, the bank should strive to enhance communication and build strong relationships with its target market. With the right strategies in place, Cairo Amman Bank has excellent potential for growth which will come from providing superior customer experiences and driving stronger customer relationships. By leveraging the insights and recommendations of this study, Cairo Amman Bank can gain a competitive advantage in the banking sector and achieve its objectives of meeting customer needs and increasing market share. Ghazi A. Al-Weshah’s study provides valuable insights into marketing intelligence and customer relationships that can be used to help Cairo Amman Bank gain a competitive edge in the banking sector.
Reference List
Acharya, K.R. and Vyas, S.K. (2022) “Evaluation of financial strength of joint venture commercial banks and domestic, commercial banks in Nepal: Using camels framework,” The International Research Journal of Management Science, 7(1), pp. 28–41. Web.
AL-Safadi, Y. and Al-Maaitah, M.F. (2019) “Assessing the influence integration of customer relationship management (CRM) on financial performance: An empirical study on Jordanian commercial banks in Amman,” Journal of Resources Development and Management, pp. 40–49. Web.
Alserhan, A.F. (2020) “The impact of E-marketing on the tourism sector in Jordan Case Study,” International Journal of Mechanical and Production Engineering Research and Development, 10(3), pp. 3679–3688. Web.
AL-Weshah, G.A. (2017) “Marketing intelligence and customer relationships: Empirical evidence from Jordanian Banks,” Journal of Marketing Analytics, 5(3-4), pp. 141–152. Web.
AL-Zararee, A., Ali Almasria, N. and Ahmad Alawaqleh, Q. (2022) “The effect of Working Capital Management and Credit Management Policy on Jordanian Banks’ financial performance,” Banks and Bank Systems, 16(4), pp. 229–239. Web.
Ayyash, I. and Jawad, YA (2020) “The competitiveness in the banking industry in Palestine,” International Journal of Economics and Financial Issues, 10(1), pp. 201–208. Web.
Hel Al-Dhaimesh, O. and Kamel Al Zobi, M. (2019) “The effect of Sustainability Accounting Disclosures on financial performance: An empirical study on the Jordanian banking sector,” Banks and Bank Systems, 14(2), pp. 1–8. Web.
Jain, S. and Gangopadhyay, P. (2020) “Impacts of endogenous sunk-cost investment on the Islamic Banking Industry: A historical analysis,” Journal of Risk and Financial Management, 13(6), p. 108. Web.
Jaradat, MSM, et al. (2022) “The impact of selected internal factors on the profitability of commercial banks in Jordan,” Banks and Bank Systems, 17(3), pp. 227–236. Web.
Jawarneh, S. (2021) “Financial performance of commercial banks in Jordan: Application of the camel’s model,” Prosperitas, 8(2), pp. 1–9. Web.
Kavita, P., Wamitu, S. and Nzomoi, J. (2022) “Relationship between bank customer retention strategies and customer satisfaction in commercial banks in Machakos Town,” European Journal of Business and Strategic Management, 7(2), pp. 23–38. Web.
Kunal and Sharma, T. (2022) “An empirical study of customer satisfaction and customer loyalty intentions for Payment Banks,” Digital Marketing Outreach, pp. 43–55. Web.
Lemberg-Pedersen, M. and Haioty, E. (2020) “Re-assembling the surveillance refugee body in the era of data-craving,” Citizenship Studies, 24(5), pp. 607–624. Web.
Manyanga, W., Makanyeza, C. and Muranda, Z. (2022) “The effect of customer experience, customer satisfaction and word of mouth intention on customer loyalty: The moderating role of Consumer Demographics,” Cogent Business & Management, 9(1). Web.
Radi, T. (2022) “Cultivating credit: Financialized urbanization is alienation,” Journal of Palestine Studies, 51(1), pp. 4–26. Web.