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Bank-SME Relationships: ‘Poked’ by the Recent Changes in the Economic and Technological Environment

Bank-SME Relationships: ‘Poked’ by the Recent Changes in the Economic and Technological Environment
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Author(s): Myria Ioannou (European University Cyprus, Cyprus)and Simona Mihai-Yiannaki (European University Cyprus, Cyprus)
Copyright: 2013
Pages: 23
Source title: Customer-Centric Marketing Strategies: Tools for Building Organizational Performance
Source Author(s)/Editor(s): Hans-Ruediger Kaufmann (University of Nicosia, Cyprus & International Business School at Vilnius University, Lithuania)and Mohammad Fateh Ali Khan Panni (City University, Bangladesh)
DOI: 10.4018/978-1-4666-2524-2.ch010

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Abstract

The chapter synthesizes extant interdisciplinary literature, by putting together a combination of relationship management theories as well as banking, economics, and finance theories, and blends this with findings from an ethnographic research platform to discuss the critical variables in the development of Bank-SME relationships. In addition, the chapter considers the effect of the recent economic crisis on the Bank-SME relationship. It can be seen that few banks looked inside their relationship with their SME customers as a means of redressing the crisis’ effect and this has detrimental effects on their long-term performance. As a consequence, the chapter proposes recommendations so as to reduce the crisis negative impact. Moreover, it highlights that the new developments in the technological environment, i.e. social media, can be used to strengthen the Bank-SME relationship’s success and is especially pertinent in such times of financial duress as it can enhance the communication mode of the dyad.

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