PERCEPTIONS OF INNOVATION BASED RELATIONSHIP MARKETING (PIRM) IN THE SRI LANKAN RETAIL BANKING SECTOR: A QUALITATIVE STUDY
Abstract
The purpose of this research is to investigate the “Perceptions of Innovation based Relationship Marketing” (PIRM) model based on evidence from four retails banks in Sri Lanka. From the bankers’ perspectives, the PIRM model focuses on how product innovation, process innovation and organizational innovation lead to improving relationship marketing. This research used qualitative methods using sixteen in-depth interviews in four retail banks in Sri Lanka. Four bankers were interviewed from each bank. The theory building case study approach has been adopted together with cross-case synthesis. The qualitative thematic analysis showed that bankers rely on three dimensions of innovation: product innovation, process innovation and organizational innovation, perceiving those to promote the improvement of relationship marketing. From the retail banking perspective, the PIRM model may enable better understanding of customer retention and acting as a way of promoting innovative sustainable competitive advantage.
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DOI: http://dx.doi.org/10.46827/ejsss.v0i0.802
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