Based On Web2.0 A Bank Customer Relationship Management Strategy

In recent years, with the diversified financial development strategy adopted by China, there are more players on the financial market, leading to more fierce competition. Severe product homogeneity makes that commercial banks actually cannot distinguish themselves with each other with differentiated services. With diversified social ideology, people have more diverging value orientation and unique personalities, and place more emphasis on realistic benefits. Demand for diversified, tailor-made and lucrative financial services strengthened. In line with market-based financial services and the continuous development of capital market, there is a larger voice for diversified retail investment channels and enterprise direct financing. With a larger trend of financial disintermediation, traditional financial services are facing many challenges. The high-net-worth customer relationship management carried out by commercial banks have no other choice but to neglect 80% of ordinary customers because of high communication cost. Further more, the fierce market competition drives it more profit-pursuing, impacting its customer base heavily. Not all customers' demand can be met, turning commercial banks away from its core philosophy of customer orientation, damaging customers' satisfaction and loyalty. So, it is highly important and urgent for modern commercial banks to establish and maintain a long-term, stable and comprehensive relationship with customers.If you look at the Earth out of the Earth, the Earth is a water polo. Professor Li Shiming once pointed out that we should take a new strategic perspective to view the development of enterprises. Financial innovation is a must, particularly financial innovation favorable to maintaining customer relations. The booming Internet economy with the successful application of Web 2.0 provides us with new ideas and perspectives to look at customer relationship management. The introduction of Web 2.0 into customer relationship management will be a proactive move for commercial banks to adapt to new economic development trend and create more growth opportunities.This article contains the following sections: (I)overview on customer relationship management and Web 2.0; (II) status quo of and problems in the customer relationship management of Bank A; (III) analysis on customers' satisfaction and loyalty after Web 2.0 applied, as well as W2CCSI customer satisfaction model; (IV)strategy on customer relationship management for Bank A based on Web 2.0, including blogs, searches, group purchases, etc. Based on long tail theory, social viscosity and network effect contributed by customers, this article innovatively introduce Web2.0 into the customer relationship management of commercial banks. it is strategically important for commercial banks to grasp new opportunities brought about by the fast-growing Internet economy, tap the blue ocean market therein, formulate their own unique competitiveness and win the competition.