Customer loyalty strategies and tools in the Spanish banking sector

Abstract

The present study sets out to analyze the pervasiveness and importance attached to customer loyalty strategies in the Spanish banking sector. In addition, the authors evaluate the effects of scientific marketing and customer relationship management (CRM) tools on customer loyalty. Results of a survey completed by fifty-three Spanish financial institutions show that the implementation of customer loyalty strategies is widespread: all participating institutions have put in place client segmentation practices and differentiated marketing strategies for each segment. The use of specific support tools is not widespread, although results point toward their positive effect on customer loyalty. © 2012 Springer-Verlag Berlin Heidelberg.