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Enhancing the Customer Experience: CRM in the US Community Bank Market

Published by: TowerGroup

Published: Sep. 29, 2008 - 11 Pages


Table of Contents


TowerGroup Take-Aways

TowerGroup predicts the number of customer relationship management (CRM) implementations at community banks will accelerate by as much as a 34% compound annual growth rate (CAGR) as these institutions move to defend their turf against larger rivals.

Despite the growing importance of CRM tools in community banks, a definition of the optimal suite for this sector seems elusive, thus creating new opportunities for responsive suppliers of solutions.

Cultural commitment coupled with fully integrated solutions capabilities that include customer management, customer profiling, customer contact management, and marketing management are critical success factors for community banks.

Implementations of software as a service (SaaS) are likely to represent over 70% of all net new CRM installations in the community bank market by 2012.

Community banks' spending for CRM will increase at a 43% CAGR through 2012.

Report Coverage

Background

The Road to Enlightenment

Exhibit 1

Defining CRM for Community Banks

Customer Information Management

Customer Contact Management.

Customer Profiling.

Marketing Management

Exhibit 2

Community Bank CRM Systems Today

Exhibit 3

Exhibit 4

Community Bank CRM Systems Tomorrow

IT Spending Projections

Exhibit 5

Summary





Abstract

Defining customer relationship management (CRM) as a business strategy for US-based community banks is not difficult, although widespread acceptance of a standard definition by bankers has been elusive. TowerGroup predicts that community banks in the United States (those with assets of $500 million to $5 billion) will spend a total of $52.2 million (USD) implementing and maintaining CRM technology in 2012. This Research Note explores the key technology requirements, highlights the opportunties, and discusses the existing gaps in product suites facing community banks that are evaluating vendors' CRM offerings.

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