What is the concept of CRM in relation to the Absa Business Banking credit origination process?
Customer Relationship Management is not a new concept it’s been around for more than a decade. Most companies see CRM as just a standard part of the IT infrastructure or cost of doing business but failing to understand its full strategic value and potential. It should not be an appliance but rather a vital part of a firm’s overall business strategy.

The CRM concept is being used in the financial services industry, where firms struggled with competitive differentiation as their products and services have become increasingly commoditized. It helps the companies to understand clients more deeply and meet their needs better than competitors has
Communication
Communication is the exchange of information between supplier and customer. It is the ability to provide trustworthy and timely information. When there is effective communication between the bank and customers, a better relationship, customer satisfaction, and fidelity are likely to result.
The voice of the customer contains the customers' needs expressed in their own words. It can be captured through questionnaires, observations, and so many other ways for an existing product or service.
Conflict handling
Conflict handling refers to the supplier's ability to minimize the negative consequences of manifest and potential conflicts. It also reflects the supplier's ability to avoid potential conflicts and solve manifest conflicts before they create problems, and the ability to openly discuss solutions when problems arise. The ability of the bank to handle conflict well will determine customer satisfaction and customer loyalty. (Ndubisi at el, 2009, p.7.)
Companies that implement CRM make better relationships with their customers, achieve loyal customers and a substantial payback, increased revenue and reduced cost. Implementation of CRM helps the organization in reduction of its advertising costs. It also makes it easier to target specific customers by focusing on their needs. CRM allows organizations to compete for customers based on service, not prices and also prevents overspending on low-value clients or under spending on high-value ones. CRM improves the use of customer channel, thus making the most of each contact with a