Modern world digitalization is inevitable. The role of digitalization in the banking sector has altered customers' preferences and demands. The latest innovation and developments in the digital era have affected the banking industry and the effects on the relationship between customers and banks. The banks' new digital focus has to be aligned with other factors in the banks for them to function effectively. The purpose of this study is to investigate how the banks' relationship with customers is affected by this digital focus. It indicates that the relationship with customers has become less personalized and more automated. It also shows that an alignment in the bank has contributed to increased satisfaction among digitally oriented customers.
TopLiterature Review
In this study, the literature has been used to get an understanding of how the current situation looks like in the areas of interest for the study and to discover the theoretical perspectives that are of relevance for the study. This was done to gain an insight into the subject, but also to raise awareness of different angles in the relevant areas (Saunders et al., 2016).
Rather than providing a complete summary of the relevant theories, they've instead been focused on the most relevant parts. This is because customer relationship management and digital strategy are very large areas, and not everything in them was of interest in the study. The chosen method is reminiscent of a narrative literature review that has a narrow scope that only includes the relevant part of the literature (Saunders et al., 2018).
The transformation of the digital world has an impact on the financial industries nowadays, reshaping the banking business model. The steps towards digital banking include business process developments, new business models, and an entire change of the banking value chain, with predilection on six interest areas: the banking operational processes, the banks' clients, the revenue models, the digital platforms, data-base driven models and banking value chain (Gasser et. al., 2017).