Relationship marketing in the banking sector of Zimbabwe: Reengineering connection with the manufacturing Micro and Small Enterprises customers
Journal Title: International Journal of Management Sciences - Year 2013, Vol 1, Issue 1
Abstract
Financial institutions have recently been under intense scrutiny as a result of developments in the global market. The Global Financial Crisis has not spared the Zimbabwean banking sector as the banking are finding themselves exposed that their image has been seriously tarnished. The introduction of the multicurrency has not led the banks to be immune to the global developments in the financial sector. The current study focuses on the relationship management in the banking sector as a tool to reconnect with the manufacturing Micro and Small Enterprises in Masvingo Urban. The current study is of an exploratory nature and a qualitative approach became an obvious choice. Data was collected through open ended questionnaire completed by a convenience sample of 20 bank tellers and 20 MSEs owners and managers. The data was organised and presented thematically. The study found out that the banking sector is aware of the need for reconnection with customers, MSEs feel ignored by the banking sector and relationship management was found to be the most important tool for business partners reconnection. The research recommends that banks develop effective relationship marketing; banks equip staff with skills necessary to meet needs of the MSEs customer segment and develop sub-market specialisation.
Authors and Affiliations
Emmanuel Dumbu
Keywords
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