Effect of Investment in Customer Relationship Management on the
Performance of Mortgage Banks in Nigeria
1KABIR ADENIYI YAGBOYAJU, 2UMARU MUSTAPHA ZUBAIRU,
1UMAR ABBAS IBRAHIM, 3IKWUAGWU HENRY CHINEDU
1Department of Business Administration, Nile University of Nigeria, Abuja, NIGERIA
2Department of Entrepreneurship and Business Studies, Federal University of Technology, Minna,
NIGERIA
3Department of Banking and Finance, Michael Okpara University of Agriculture, Umudike, NIGERIA
Abstract: - Mortgage banks, due to the critical services they render by facilitating the provision of shelter,
which is one of the basic needs of man, can benefit from focusing and concentrating on Customer Relationship
Management as regards competitive advantage and corporate performance. However, the dynamic and
competitive business environment in Nigerian mortgage banking sector has continued to experience stiffer
competition in recent time. This study examined the effect of investment in customer relationship management
on the performance of mortgage banks in Nigeria. It adopted ex-post facto research design and utilized panel
data regression technique for data analysis. Secondary data was sourced from various published financial
statements of the banks. The research study showed a positive impact of investment in customer relationship
management (ICRM) on performance (profit after tax) of the mortgage banking sector in Nigeria. This is
evidenced by the coefficient value of 9.9376; and the p-value of 0.0005 which is lower than the threshold
significance value of 0.05. The study therefore concludes that corporate organizations in the mortgage banking
sector in developing nations of the world such as Nigeria must adopt a balanced CRM strategy to achieve a
desired level of growth in their performance across all regions and geographical locations.
Key-Words: - Mortgage Banks, Investment in Customer Relationship Management, Profit After Tax, and
Banking Sector
Received: October 19, 2021. Revised: July 29, 2022. Accepted: August 22, 2022. Published: September 8, 2022.
1 Introduction
The banking industry especially the mortgage
subsector contributes enormously to the world
economy. Through its forward and backward
linkages with other sectors of the economy,
mortgage related activities contributed about 80
percent of United Kingdom’s GDP, 77 percent of
United States’ GDP, and 31 percent in South Africa
[1]. In recent times, mortgage banking contribution
to global general output has attracted the attention of
more researchers (Hisham, 2017; Siyan et al., 2019).
Provision of housing through mortgage financial
system has further been acknowledged as a critical
economy booster [2], [3]. In responses to this fact,
researchers continue to provide evidence to buttress
the fact that the mortgage banking will continue to
grow in both built-up and emerging nations with a
major portion of the growth to be influenced by
Customer Relationship Management (CRM) driven
plans [4].
CRM is expected to influence the major portion
of the growth of mortgage banking because
achieving greater customer satisfaction increases
loyalty and retention, market share and competitive
advantage as well as improved organizational
performance [3]. Customer dissatisfaction due to
poor quality and unnecessary delays on the other
hand leads to switching, complaints and
consequently reduction in profitability,
competitiveness, and market share [3], [5]. To
continue to retain customers in the mortgage
banking sector, most companies are emphasizing on
maintaining and expanding their customer base by
adopting customer centred marketing strategies for
survival [6]. Furthermore, firms have recognised the
need to create long lasting relationships with the
existing customers; and even make efforts to attract
new customers by providing customized services
preferred by the customers [3]. CRM has been
acknowledged as a corporation’s strategy to enhance
cross-functional activities and revitalize the
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DOI: 10.37394/23207.2022.19.138
Kabir Adeniyi Yagboyaju, Umaru Mustapha Zubairu,
Umar Abbas Ibrahim, Ikwuagwu Henry Chinedu
E-ISSN: 2224-2899
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Volume 19, 2022
marketing operations for profitable customer
relationship development and sustainability [17]. It
embraces a cross-set of functional activities anchored
by both technology and process to effectively lever
customer relationship through
the provision of high-quality operations, products,
and services [7].
Globally, mortgage banks are challenged by
tough competition in their operational environment
as they move from product and sales orientation to
marketing-focused strategy where competition is
anchored on customer satisfaction [4]. The
mortgage banking environment has also undergone
huge transition stages which are caused by the
changes in policy regulations and reforms, and
technological advancement that has heightened the
level of competition [7]. The technological
innovations also increased customer awareness and
caused a demand for higher value for their money,
quality banking services, and continuous
information sharing with their banks. To achieve
sustainable relationships with customers, mortgage
banks have adopted customer relationship
management (CRM) practices [8]. The CRM
practices help banks to create higher quality service
delivery and enhanced customer satisfaction [9].
2 Statement of the Problem
World economy and specific countries are still
recovering from the global financial crisis of 2008
which showed the powerful links between the
housing industry, financial institutions, and the
economy [7]. In the United States of America
(USA), lax underwriting standards and forceful
selling of mortgages to sub-prime and other
borrowers and their conversion into complex
financial products plunged the economy into deep
crisis [4]. Problems in the world’s largest economy
then spilled over to other nations around the world.
Subsequent efforts to revive the economies have
required, in part, a revival of the housing and
financial sectors [7].
In Nigeria, problems in the housing sector upset the
entire economy through its important connection to
the financial sector. A house is one of the most
expensive assets that most families possess [9]. Its
purchase often times requires external financing in
the form of a mortgage. The mortgage market, in
turn, accounts for a significant portion of the funds
intermediated by financial institutions. Thus,
mortgages provide a key source of stable income for
the financial sector [3]. The Central Bank of Nigeria
(CBN) observed that the investible funds available
to the existing primary mortgage banks (PMBs) in
the country was only N36.7 billion, and only N22
billion or 60% of the amount stand a reasonable
chance of being channelled for mortgage loans
origination [3]. Furthermore, the supply of credit by
the Federal Mortgage Bank of Nigeria (FMBN) was
grossly inadequate to meet the demand of the
growing populace. This study therefore focuses to
examine the impact of investment in customer
relationship management on the performance of
mortgage banks in Nigeria.
2.1 Literature Review
2.1.1 Conceptual Framework
Customer relationship management (CRM): There
is no universally agreed definition of CRM. It is an
area that has been viewed from multiple
perspectives (e.g., technology, strategy, philosophy),
sometimes due to different individual’s discipline
and background [10], [11]. Therefore, it means
different things to different people, depending on
context and their different circumstances [12].
Taking from the study by [13], CRM is defined as a
method of understanding the customer attitude
through continuous communication to enhance
performance which is represented in obtaining the
customer loyalty for future patronage and
profitability. It can be noted from the definition
stated above that CRM is regarded as mere
communication on the part of the organization to
understand the customer's attitude.
Corporate performance: The concept of
performance has gained increasing attention in
recent decades, being pervasive in almost all spheres
of the human activity [14]. Performance like most
management concepts has a myriad of definitions
[7], [8] due to the multitude of studies at the
international level in the field of performance
particularly due to the financial crisis that had
devastated the global economy during various
recessions, the last being the 2008 global economic
meltdown [3]. Through the literature, scholars
continuously insist that no standardized or uniform
definition of performance exists, and they argue on
how it is a multidimensional concept [14].
Financial performance: On the contrary, financial
performance measures represent information and
analyses that uses monetary equivalents [15]. In the
literature, commonly applied financial performance
measures used in measuring productivity and
efficiency in companies include return on assets,
return on equity, profit margin, short-term liquidity,
cash position, capital turnover, earnings per share
etc [4], [16]. As a financial institution, mortgage
banks are always engaged in numerical issues
ranging from loans granted to customers, deposits
received as liability from customers, investors’
stakes, and the mortgage banks’ regular reporting
documents are mostly presented in financial terms
[4]. Each financial measure stands for a unique
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DOI: 10.37394/23207.2022.19.138
Kabir Adeniyi Yagboyaju, Umaru Mustapha Zubairu,
Umar Abbas Ibrahim, Ikwuagwu Henry Chinedu
E-ISSN: 2224-2899
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purpose. Therefore, in the general context of the
mortgage banking subsector of the economy, the
following indices can be used as the financial
performance measures i.e., FSS (financial self-
sufficiency), ROE (return on equity), ROA (return
on assets), GLP (gross loan portfolio), EPS (earning
per share), etc. [17].
2.1.2 Empirical Review
[6] investigated the extent to which relationship
marketing (RM) variables predict customers’
satisfaction in a deposit money bank by testing the
hypotheses using a Nigerian bank with international
branches as the case study. Data was collected
through three hundred and sixty respondents (310
were retrieved and only 250 was usable), they were
administered with a structured questionnaire.
Relationship marketing was measured with
organisational competence, trust, and
communication, while the dependent variable was
measured with customers’ satisfaction. Using the
Pearson correlation and multiple regressions to test
the hypotheses of the study, it was found that a
positive and significant relationship exists between
relationship marketing and customers’ satisfaction.
The study therefore recommended that organisations
should enhance the capability of their workforce,
build confidence through the openness of all
material facts relating to all transactions, and ensure
timely and effective communication among
stakeholders. In conclusion, the study showed that
its findings were in harmony with some earlier
empirical studies. It was therefore established that
RM is an essential strategic tool to gain a
competitive advantage in the contemporary global
business environment most especially in service-
oriented organisations.
[18] investigated the effect of customer
relationship management on bank customer loyalty
using satisfaction as mediating variable, in Batam
city of Indonesia. Data was collected through
questionnaire administered using purposive
sampling method. The study used 500 respondents
who are registered customers of 155 bank offices, as
sample. CRM was measured using commitment,
communication, and conflict handling, while the
dependent variable was measured as customer
loyalty mediating through customer satisfaction.
With the causal-comparative research method and
the Multiple regression analysis conducted through
Statistical Package for Social Sciences (SPSS) 21st
Version, the results revealed that CRM has a
positive effect on loyalty of customers through
satisfaction as a mediating factor. Therefore,
organizational commitment, communication, and
speed in conflict resolution in the industry underlie
the reasons for customers to be satisfied.
[19] assessed the impact of customer relationship
management on customer loyalty in Bangladesh
private and public banks. Data was collected to test
the hypotheses. The study had 210 respondents to
unveil the interdependence that subsists among the
dimensions, the customer relationship management
was measured using the three dimensions namely
technology adoption, trust, and customer complaint
handling, while customer loyalty was measured as
the endogenous variable. The study’s result
therefore unveiled the significant relationship of all
the dimensions on the dependant variable, customer
loyalty. The implication of the study supports the
existing works on CRM by showing its contribution
for enhancing loyalty of customers.
[9] examined the relationship between CRM and
organization performance of medium enterprises by
testing the hypotheses in the context of the
Indonesian telecoms industry. Data was generated
through survey involving 82 respondents
(employees of three enterprises) using stratified
sampling technique. CRM was measured using the
factors of top management support, customer
orientation, training orientation, while organization
performance was measured using subjective
perspective of financial performance. The results of
the correlation and regression analysis model found
that the organization factors of CRM (i.e., top
management support, customer orientation, training
orientation) have a positive and significant impact
on organization performance. The study concluded
that CRM is a system that has potentially huge
positive impact on the customers and business
performance which suggested its adoption widely by
the medium enterprises of telecommunication
industry in Indonesia.
[20] investigated the effect of electronic customer
relationship management on electronic service
quality of commercial banks by testing the
hypotheses in the context of Kuwaiti commercial
banks. Data was generated using convenience
sampling to select 541 respondents (customers of
the commercial banks in Kuwait). E-customer
relationship management was measured using
website design, search ability, privacy and security,
delivery time, while e-service quality was measured
using cost, ease of use, accessibility, and usefulness.
The results of the statistical tools of Mean, Standard
Deviation, and Multiple Regression revealed that
there was a significant impact of E-customer
relationship management on e-service quality
provided by the commercial banks in Kuwait.
Consequent to the findings, the researcher
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Kabir Adeniyi Yagboyaju, Umaru Mustapha Zubairu,
Umar Abbas Ibrahim, Ikwuagwu Henry Chinedu
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recommended that managers and decision makers of
the commercial banks in Kuwait should endeavour
to use their website to enhance market services that
will be considered valuable by customers.
[10] examined the impact of CRM on the
performance of organizations, by testing the
hypotheses in the context of tax administrators in
East Azerbaijan. Primary data were collected using
a structured five-point Likert-type scale
questionnaire, administered on the study sample of
East Azerbaijan Tax Administration’s employees in
Iran. The sample size was 155 respondents, but 150
responses were accepted as usable. For testing the
hypotheses, Partial Least Squares Structural
Equation Modeling (PLS-SEM) was adopted. The
study results indicated that the success of CRM is
highly influenced through “information technology
use”, also “customer orientation”, “organizational
capability”, and “customer knowledge
management” are related to CRM success. And, in
addition, the effect of the success of CRM in the
performance of firms also proved to be positive and
significant; hence, the results showed that all the
CRM factors directly influence the organization
performance.
[21] examined the role of customer relationship
management systems (CRMS) on organizational
performance, by testing the hypotheses in the
context of telecommunication companies in Jordan.
Data were collected through the administration of a
structured questionnaire. Using the convenient
sampling technique, 300 questionnaires were
distributed to customer service employees in
Jordanian telecommunication companies. However,
140 questionnaires from the respondents were found
to be usable. The quantitative method of descriptive
analysis and regression models were used as the
hypothesis testing methods. The findings showed
that there is a significant effect of CRMS
dimensions on Jordanian telecommunication
companies’ performance. Moreover, each CRM’s
dimension (system quality, information quality,
system usage, and user satisfaction) has a significant
effect on Jordanian telecommunication companies’
performance.
[6] studied the effect of customer relationship
management on customer loyalty, by the testing the
hypotheses in the context of selected deposit money
banks in Lagos State, Nigeria. The study employed
cross sectional survey research design and a
population of 6,975,037 deposit money bank
customers in Lagos State, Nigeria. The sample size
of 1,019 was determined using Krejcie and Morgan
table. Simple random sampling technique was
adopted to select the respondents. The study adopted
the use of structured questionnaire as the instrument
of data collection and the responses followed the 6-
point Likert-type scale for all measured items. After
collating the questionnaires, 997 copies of
questionnaire were considered usable. Data were
analysed using Regression Analysis to establish the
effect of customer relationship management on
customer loyalty among bank customers in Nigeria.
The study’s findings revealed that customer
relationship management had significant effect on
customer loyalty.
2.1.3 Methodology
The study adopted ex-post facto research design as
secondary data were utilized to fulfil the study’s
aim. The utilization of the existing data (i.e.,
secondary data) provides a viable option for
researchers who may have limited time and
resources [12], [5]. The secondary data was
analysed using the econometrics technique of Panel
Data Analysis. The regression model considered
both Fixed Effect Model and Random Effect Model
to establish the most appropriate regression model.
The population for our study was made up of all
customers of Nigerian primary mortgage banks
licensed by the Central Bank of Nigeria and having
their Head Offices in Lagos and Abuja FCT. There
was a total of 25 (twenty-five) licensed Primary
Mortgage Banks with Head Offices in Lagos and
Abuja FCT; but only 21 (twenty-one) were
functional and those were the ones considered for
this study (CBN, 2019).
Model Specification: Drawing from past related
studies with modifications, the model for the study
was established. As mentioned in previous sections
and in line with recent literature (Mwirigi, 2018),
Panel data regression was used as the research
method for analysing customer relationship
management and its impact on the performance of
mortgage banking sector in Nigeria. Therefore, the
following models were formulated for the study.
PAT = f(ICRM, CSDP) … (1)
Expressing the functional notation in equation (1) in
econometric form;
PAT = ß0 + ß1ICRM + ß2CSDP + εi … (2)
Where;
PAT = Profit After Tax
(A proxy for Performance of Mortgage Banks)
ICRM = Investment in Customer
Relationship Management
CSDP = Customer Deposit
(Moderating Variable)
ß0 = Constant
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Kabir Adeniyi Yagboyaju, Umaru Mustapha Zubairu,
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ß1, ß2 = Coefficients
εi = Error term.
3 Data Analysis
3.1 Panel Result
Sequel to the nature of the study, the researchers
started with diagnostic test to ascertain the
appropriate regression best fit for the study. The
regression model will take the form of Fixed Effect
Model and Random Effect Model to establish the
regression with the highest explanatory power, that
is better suited to the data set employed in the study.
However, consequent to the dichotomy associated
with Fixed Effect Model (FEM) and Random Effect
Model (REM), we will adopt the Hausman’s test
statistics to resolve whether the fixed effect model
estimator is appropriate alternative to the Random
Effect Model as computed.
Therefore, Hausman test hypothesis is
formulated below:
H0: The appropriate model is Random effects.
HA: The appropriate model is Fixed effects.
Table 1. Hausman Test Result
Source: E-views 9.0
From the result of the Hausman test in Table 4.1
above, the researcher observed that fixed effects
model is suggested to be appropriate for the study.
This is supported by the p-value of 0.0000 which is
lower than 0.05 significance level. Based on the
Hausman test above, the null hypothesis is not
retained which implied that the appropriate model is
the fixed effects model. The study rejected the null
hypothesis and therefore accepted the alternative
hypothesis. This implies that there is no correlation
between the error term and the independent
variables in the panel data model. The researcher
therefore chooses the fixed effects regression
analysis.
Table 2. Fixed Effect Model
Source: E-views 9.0
The Table indicated as Table 4.2 shows the result
of Panel Fixed Effects Model of customer
relationship management variable on the
performance of mortgage banks in Nigeria. From
the results, it was observed that investment in
customer relationship management has positive
coefficient and probability values which prove the
significance level. Also, the control variable -
customer deposits showed a positive but
insignificant effect on profit after tax. Hypothesis
testing is then carried out to accept or reject the
various tentative statements established earlier in the
study.
The findings on the effect of Investment in
Customer Relationship Management (ICRM) on
mortgage bank’s performance proxy by Profit After
Panel Data Analysis
Consideration of the Effects
Test Summary
Chi-Sq.
Statistic
Chi-
Sq. d.f.
Prob.
Cross-section random
74.233204
2
0.0000
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
7916961.
1900255.
4.166262
0.0001
ICRM
9.937600
2.759554
3.601162
0.0005
CSDP
0.105227
0.417865
0.251821
0.8018
Effects Specification
Cross-section fixed (dummy variables)
R-squared
0.964686
Adjusted R-squared
0.955211
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Kabir Adeniyi Yagboyaju, Umaru Mustapha Zubairu,
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Tax (PAT) illustrated in table 4.2. It was confirmed
that there exists a positive relationship between
investment in customer relationship management
and profit after tax. This is evidenced by a
coefficient of 9.9376 and a probability value of
0.0005 which is lower than the 0.05 acceptable
significance level. This implies that corporations
take credit for outstanding performance in
maintaining good relations with customers, and over
time initiate programmes and events to support,
educate and empower the customers on products
and brands as a deliberate business strategy. In
addition, the control variable – customer deposit
which tries to mitigate the effect of the omitted
variable bias (OVB) in the model, has positive but
insignificant impact on PAT evidenced by a
coefficient of 0.105227 and a probability value of
0.8018. Indeed, Adom et al., (2018) noted that CRM
programs created by companies bring benefit that
sustains customer patronage to companies.
3.2 Discussion of Findings
Study over the years on the relationship between
CRM and Performance of Corporate Organizations
has aroused the interest of many scholars, even
though the empirical results from a number of these
studies are heterogeneous in terms of uniformity.
The following are the major findings of the study.
The study tested the impact of investment in
customer relationship management (ICRM) on the
profit after tax of mortgage banking sector in
Nigeria. The extracts from the result of the
regression estimate stated in Table 4.2 indicate that
there is a positive impact of investment in customer
relationship management on performance of
mortgage banking sector in Nigeria. This is
evidenced by coefficient value of 9.9376.
Statistically, the p-value of 0.0005 is lower than the
acceptable significance value of 0.05. Following the
empirical result, Investment in Customer
Relationship Management (ICRM) is found to have
positive and significant impact on profit after tax of
mortgage banking sector in Nigeria.
ß1 (Variable of interest – ICRM) and the error
term are uncorrelated; since the study controls the
condition on the control variable (ß2), for ß1 to be
unbiased in effect on the dependent variable – PAT.
Thus, the control variable – customer deposit
(CSDP) which tries to mitigate the effect of the
omitted variable bias (OVB) in the model, has
positive but insignificant impact on PAT evidenced
by a coefficient of 0.105227 and a probability value
of 0.8018. This is line with the common perception
which establishes that if the effect of the control
variable is insignificant, then the resultant effect of
the causal variable on outcome variable is unbiased
[22]. Therefore, the research findings support the
study of [8] which established that investment in
CRM is critical for organizations to improve the
customers’ quality of life.
4 Conclusion
The relevance of CRM in enhancing performance of
corporate organizations particularly through
investment in customer relationship management
(ICRM) which the study has proven from the
positive effect of ICRM on profit after tax of
mortgage banking sector of Nigeria with a
coefficient of 9.9376 and a Sig. value of 0.0005.
Other related studies have equally shown that
increment in the funding of customer relationship
management will bring a desirable performance
enhancement to corporations. Therefore, customer
relationship being fundamental to customer loyalty
is not required to be treated with laissez faire, rather
in-depth CRM should be adequately considered by
corporations, to avoid losing customers to other
competitors in the marketplace i.e., customer
switching.
Corporate organizations in the mortgage banking
sector in developing nations of the world such as
Nigeria must adopt a balanced CRM strategy to
achieve a desired level of growth in their
performance across all regions and geographical
locations. The over dependence of the corporations
on only few active CRM dimensions has hampered
many productive innovations and investment
opportunities of corporations in the time past which
affects the performance level of the corporations.
Sustainability of the market share of customer is
intrinsically tied to CRM practices. Finally, the
positive coefficients of CRM variables such as
Investment in Customer Relationship Management
in relation to the performance of corporate
organizations in mortgage banking sector in Nigeria
is a further indicator that the corporations can
become better through the long-term focus strategy
on these practices to accelerate performance.
4.1 Recommendations
Sequel to the findings of the research study, the
study posits that since Investment in Customer
Relationship Management (ICRM) has shown to be
a positive contributor to the performance of
corporations in mortgage banking sector in Nigeria,
there is need for continuous investment into the
customer relationship management activities e.g.,
subscribing or acquisition of CRM technology
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DOI: 10.37394/23207.2022.19.138
Kabir Adeniyi Yagboyaju, Umaru Mustapha Zubairu,
Umar Abbas Ibrahim, Ikwuagwu Henry Chinedu
E-ISSN: 2224-2899
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solution, training of employees, investing in
research and development programs etc. However,
caution is advocated in the selection of customer
relationship management strategies that will
significantly boost customer loyalty and corporate
performance.
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Kabir Adeniyi Yagboyaju, Umaru Mustapha Zubairu,
Umar Abbas Ibrahim, Ikwuagwu Henry Chinedu
E-ISSN: 2224-2899
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Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
-Kabir Adeniyi Yagboyaju carried out the
conceptualization and manuscript drafting.
-May Ifeoma Nwoye was responsible for the
Statistics.
-Umaru Mustapha Zubairu has implemented the
statistical analysis and supervision.
-Ikwuagwu Henry Chinedu has implemented the
statistical analysis and supervision
-Umar Abbas Ibrahim was responsible for the
conceptualization and methodology.
Conflict of Interests
The Authors have no conflict of interests to declare.
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
This research received no specific grant from any
funding agency in the public, commercial, or non-
for-profit sectors.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.en
_US
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2022.19.138
Kabir Adeniyi Yagboyaju, Umaru Mustapha Zubairu,
Umar Abbas Ibrahim, Ikwuagwu Henry Chinedu
E-ISSN: 2224-2899
1545