Cash Recycling Machine (CRM) & its impact on customer satisfaction: A study on UCB PLC

https://doi.org/10.35912/amor.v5i2.1753
Published: Dec 22, 2023

Abstract:

Purpose: The primary purpose of this research is to explore Cash Recycling Machine (CRM) systems and determine customer satisfaction after using CRM services.

Research Methodology: To collect data for this research, a questionnaire was created and a survey was conducted to assess user contentment with the Cash Recycling Machine (CRM) of the United Commercial Bank (UCB) PLC. During the investigation of the Cash Recycling Machine (CRM) system, a secondary data source was utilized.

Results: An analysis indicates that Almost 97% of respondents regularly utilized CRM services while continuing to depend on conventional banking methods. Nevertheless, a significant proportion of participants (over 20%) frequently employed CRM systems. Specifically, 47% utilize these systems four to seven times each month. This study demonstrates that banks are implementing novel services to entice a larger clientele, while consumers are allowed to utilize the banks' fundamental services, such as making deposits and withdrawals.

Limitations: Banks are restricted from accessing crucial information owing to data privacy concerns. Furthermore, the use of secondary data may not adequately reflect the perspective of UCB PLC, owing to scalability issues. Ultimately, the limited sample size is a result of clients' strong unwillingness to allocate time for research.

Contribution: This study and its implications can be used for additional research in emerging economies to comprehensively examine the adoption of new technologies in the banking industry.

Novelty: The core reaction of consumers to an emerging technology for rapid economic growth.

Keywords:
1. CRM
2. Banking
3. Customer Satisfaction
Authors:
1 . Moutusi Tanha
University of Canterbury, Christchurch, New Zealand
2 . Maliha Ahmed Siddique
Department of Marketing, Bangladesh University of Business & Technology, Bangladesh
3 . Md. Monirul Islam Sumon
Department of Business Administration, Z. H. Sikder University of Science & Technology, Bangladesh
4 . Md. Nurulhoque
Department of Mathematics, Dhaka Commerce College, Bangladesh
5 . Rawshan Sazin
Department of Economics, School of Business & Economics, North South University, Bangladesh
https://orcid.org/0009-0003-0391-5636
6 . Peas Hossain
Department of Finance,Faculty of Business Studies, University of Dhaka, Bangladesh
https://orcid.org/0009-0000-7096-7901
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How to Cite
Tanha, M., Siddique, M. A., Sumon, M. M. I., Nurulhoque, M., Sazin, R., & Hossain, P. (2023). Cash Recycling Machine (CRM) & its impact on customer satisfaction: A study on UCB PLC. Annals of Management and Organization Research, 5(2), 72–97. https://doi.org/10.35912/amor.v5i2.1753
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Issue & Section
Vol. 5 No. 2 (2023): November
Articles
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

References

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    Abdullah, N., Redzuan, F., & Daud, N. A. (2020). E-wallet: Factors influencing user acceptance towards cashless society in Malaysia among public universities. Indonesian Journal of Electrical Engineering and Computer Science, 20(1), 67-74.

    Achord, S., Chan, J., Nardani, S., & Rochemont, S. (2017). A Cashless Society-Benefits, Risks and Issues. London: Institute and Faculty of Actuaries. Search in.

    Afifah, T. E., Hasanah, N., & Irfany, M. I. (2023). Testing the efficient market hypothesis with Indonesian Islamic Stocks during the Covid-19 pandemic. Annals of Management and Organization Research, 4(3), 175-191.

    Arif, N. M., Nasir, A., Rodrigo, R. S., Bujang, I., & Supar, S. J. (2023). The profit efficiency analysis of malaysian commercial banks: A Data Envelopment Analysis (DEA). Annals of Management and Organization Research, 4(3), 211-224.

    Chen, S.-H., Chen, Y.-J., & Leung, W.-C. (2023). Analyzing differences in customer satisfaction on the video streaming platform Netflix. Annals of Management and Organization Research, 4(3), 193-209.

    Datta, R. K. (2021). Relationship between Cashless Banking and Bank’s Profitability of Bangladesh. International Journal of Science and Business, 5(7), 21-32.

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    Lai, P. C., & Liew, E. J. (2021). Towards a cashless society: The effects of perceived convenience and security on gamified mobile payment platform adoption. Australasian Journal of Information Systems, 25.

    Mahmod, S. (2022). Demystifying work-related outcomes and life satisfaction of Bangladeshi working women during the COVID-19 pandemic. Annals of Management and Organization Research, 4(2), 109-127.

    Nirmalasari, L., & Minai, M. (2023). Role conflict and performance of part time students in Indonesia: The effect of burnout, coping behavior and spiritual intelligence. Annals of Management and Organization Research, 4(3), 239-249.

    Olayinka, A. A., & Lawan, S. (2023). Assessment of profitability and efficiency analysis of watermelon (Citrullus lanatus) value chain in Yobe State, Nigeria. Annals of Management and Organization Research, 4(3), 225-237.

    Ong, H.-B., & Chong, L.-L. (2023). The effect of cashless payments on the internet and mobile banking. Journal of Financial Services Marketing, 28(1), 178-188.

    Ravi, P. (2018). A Study Of Cashless System And Cashless Society: Its Advantages And Disadvantages. Indian Journal of Applied Research.

    Sharif, M., & Pal, R. (2020). Moving from cash to cashless: A study of consumer perception towards digital transactions. PRAGATI: Journal of Indian Economy, 7(1), 1-13.

    Srouji, J., & Torre, D. (2022). The global pandemic, laboratory of the cashless economy? International Journal of Financial Studies, 10(4), 109.

    Tanha, M., Al Sabahel, M., Amin, M. R., Khandakar, M. S., Bhuiyan, N. M., Masum, M. Y., & Asadullah, J. M. (2022). Trending copy culture of Bangladesh: Brand product perspective. Annals of Management and Organization Research, 4(2), 89-107.

    Uddin, M. S., & Akhi, A. Y. (2014). E-wallet system for Bangladesh an electronic payment system. International Journal of Modeling and Optimization, 4(3), 216.

  1. Abbas, A. E. (2017). Literature review of a cashless society in Indonesia: evaluating the progress. International Journal of Innovation, Management and Technology, 8(3), 193-196.
  2. Abdullah, N., Redzuan, F., & Daud, N. A. (2020). E-wallet: Factors influencing user acceptance towards cashless society in Malaysia among public universities. Indonesian Journal of Electrical Engineering and Computer Science, 20(1), 67-74.
  3. Achord, S., Chan, J., Nardani, S., & Rochemont, S. (2017). A Cashless Society-Benefits, Risks and Issues. London: Institute and Faculty of Actuaries. Search in.
  4. Afifah, T. E., Hasanah, N., & Irfany, M. I. (2023). Testing the efficient market hypothesis with Indonesian Islamic Stocks during the Covid-19 pandemic. Annals of Management and Organization Research, 4(3), 175-191.
  5. Arif, N. M., Nasir, A., Rodrigo, R. S., Bujang, I., & Supar, S. J. (2023). The profit efficiency analysis of malaysian commercial banks: A Data Envelopment Analysis (DEA). Annals of Management and Organization Research, 4(3), 211-224.
  6. Chen, S.-H., Chen, Y.-J., & Leung, W.-C. (2023). Analyzing differences in customer satisfaction on the video streaming platform Netflix. Annals of Management and Organization Research, 4(3), 193-209.
  7. Datta, R. K. (2021). Relationship between Cashless Banking and Bank’s Profitability of Bangladesh. International Journal of Science and Business, 5(7), 21-32.
  8. Fabris, N. (2019). Cashless society–the future of money or a utopia. Journal of Central Banking Theory and Practice, 8(1), 53-66.
  9. Fachrudin, K. A., & Silalahi, A. S. (2022). A Study of the Use of Cashless Payments in Relation to Income, Financial Behavior, and Almsgiving Behavior in Sumatera, Indonesia. Paper presented at the Second International Conference on Public Policy, Social Computing and Development (ICOPOSDEV 2021).
  10. Hidayah, N., Waspada, I., & Sari, M. (2023). The Dynamics Of Cashless Society: A Systematic Review. Advanced International Journal of Business, Entrepreneurship and SMEs, 5(15).
  11. Lai, P. C., & Liew, E. J. (2021). Towards a cashless society: The effects of perceived convenience and security on gamified mobile payment platform adoption. Australasian Journal of Information Systems, 25.
  12. Mahmod, S. (2022). Demystifying work-related outcomes and life satisfaction of Bangladeshi working women during the COVID-19 pandemic. Annals of Management and Organization Research, 4(2), 109-127.
  13. Nirmalasari, L., & Minai, M. (2023). Role conflict and performance of part time students in Indonesia: The effect of burnout, coping behavior and spiritual intelligence. Annals of Management and Organization Research, 4(3), 239-249.
  14. Olayinka, A. A., & Lawan, S. (2023). Assessment of profitability and efficiency analysis of watermelon (Citrullus lanatus) value chain in Yobe State, Nigeria. Annals of Management and Organization Research, 4(3), 225-237.
  15. Ong, H.-B., & Chong, L.-L. (2023). The effect of cashless payments on the internet and mobile banking. Journal of Financial Services Marketing, 28(1), 178-188.
  16. Ravi, P. (2018). A Study Of Cashless System And Cashless Society: Its Advantages And Disadvantages. Indian Journal of Applied Research.
  17. Sharif, M., & Pal, R. (2020). Moving from cash to cashless: A study of consumer perception towards digital transactions. PRAGATI: Journal of Indian Economy, 7(1), 1-13.
  18. Srouji, J., & Torre, D. (2022). The global pandemic, laboratory of the cashless economy? International Journal of Financial Studies, 10(4), 109.
  19. Tanha, M., Al Sabahel, M., Amin, M. R., Khandakar, M. S., Bhuiyan, N. M., Masum, M. Y., & Asadullah, J. M. (2022). Trending copy culture of Bangladesh: Brand product perspective. Annals of Management and Organization Research, 4(2), 89-107.
  20. Uddin, M. S., & Akhi, A. Y. (2014). E-wallet system for Bangladesh an electronic payment system. International Journal of Modeling and Optimization, 4(3), 216.