Drawing upon the resource-based view and the process-oriented view, we develop a conceptual model to examine the business value of customer relationship management (CRM) systems, using a dataset of 150 U.S. banking firms. The results show that: (1) CRM resources improve firm performance mainly through creating strategic benefits (e.g. increased customer retention, improved product and service), although there are significant operational benefits (e.g. efficiency gains and cost reduction in customer- oriented business processes); (2) in different competitive environments, the same resources play different roles in creating strategic benefits: technological resources have a weaker impact on strategic benefits in more competitive environments, while organizational alignment has a stronger impact in such environments; (3) operational benefits tend to be "competed away", while strategic benefits sustain to generate performance advantage in spite of competition. These findings provide important implications for understanding how CRM value is shaped by various resources in competitive environments.