ABSTRACT
Technology nowadays has become an important part of our everyday life. Innovations and up-gradation in technology help organizations and businesses to survive the massive global competition. In this paper, the impact of the Internet of things on Customer relationship management (CRM) has been discussed. The paper starts with a purpose to find out the impact of Cost, Convenience, Status, and Privacy on the adoption of the Internet of things (IoT) in banks. Later on, the impact of IoT adoption on CRM has also been checked. The CRM services have been defined with the help of three most important terms, responsible for the smooth CRM in banks, Responsiveness, Satisfaction, and Assurance. The responses of 366 educated customers from public and private banks have been taken for the study through questionnaires comprising 29 items. The Confirmatory Factor Analysis (CFA) and the Structural Equation Modeling (SEM) have been used to test the model fitness, reliability, and validity of the data and to test the hypotheses, respectively. The results reveal that not only Cost and Privacy have a significant impact on the adoption of IoT, but the Adoption of IoT also has a significant impact on CRM of banks. The present paper attempts to help the policymakers and customers who are inclined to know about the 14impact of newer technologies on the application of services in a better and easy way so that these services can be easily adaptable in the public interest.
