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eCRM: Critical Strategies for Financial Institutions

Published by: Business Insights

Published: Jul. 1, 2001 - 139 Pages


Table of Contents


Executive Summary

Chapter 1 The nature of CRM

  • Introduction
  • Information Technology and CRM
  • The nature of the customer
  • Definitions of 'the customer'
  • The challenge of knowing the customer
  • Customer segments
  • Lessons from the retail sector
  • Why customers expect their financial institutions to know them
  • Customer pressure in wholesale banking
  • The problem of widespread inadequate embracing of CRM
  • Customers and their attitude towards using financial institutions
  • Convenience
  • Cost
  • Desire for a 'good deal'
  • Available features
  • Good advice
  • Reputation of the financial institution
  • Security
  • Special needs
  • Status
  • Making the most of the service differentiator
  • Failure to provide good customer service
  • Financial resources
  • Legacy systems hamper progress
  • Apathy towards CRM among senior executives
  • Unwillingness to change
  • CRM strategies to gain competitve advantage
  • Selling to the right customer
  • Making the right offer
  • Using the right channels
  • Selling at the right time
  • CRM and customer profitability

Chapter 2 The Internet as a CRM delivery channel for the financial sector

  • Introduction
  • The advantages of the Internet for customers and organisations
  • The drawbacks of the telephone as a CRM interaction medium
  • The Internet - the 'fourth channel' for commercial activity
  • The cost advantage issue
  • The notion of the Internet as one of several channels
  • The notion of the single view of the customer
  • The single view of the customer and the Internet

Chapter 3 The CRM Marketplace

  • Introduction
  • The CRM Market
  • The scale of the CRM Market
  • CRM applications
  • CRM service providers
  • The CRM Mid Market
  • CRM and ASP
  • CRM trends in Europe
  • Personalisation and Customer Intimacy
  • Self Service & Assisted Service
  • Holy Grail Integration
  • CRM & ASP
  • 80% of CRM Implementations will be Outsourced
  • Who's who in CRM
  • Who's who in the global marketplace
  • Who's who in the European marketplace
  • Europe's top 10 performing CRM vendors
  • ATG
  • BroadVision
  • Chordiant
  • Nortel/Clarify
  • Oracle Corporation
  • PeopleSoft/Vantive
  • PrimeResponse
  • Remedy Corporation
  • SAP
  • Siebel Systems
  • Siebel eOrganisation Mid Market, aka Siebel Workgroups
  • Vignette Corporation
  • Sources

Chapter 4 State-of-the-art applications of CRM

  • Introduction
  • CRM analytics
  • High-tech Customer Interaction Centres (CICs)

Chapter 5 Strategies, opportunities and challenges for vendors

  • Introduction

Chapter 6 Vendors in action

  • Teradata
  • Moving into the CRM arena
  • The legacy system challenge
  • Multi-channel CRM
  • What sort of technology, in broad terms?
  • Ten stated reasons for organisations using a Teradata Data Warehouse
  • Product maturity
  • Customer references
  • Quickest time to solution
  • Lowest total cost of ownership
  • Complete support infrastructure
  • Effortless scalability
  • High user concurrency
  • Complex and ad hoc query performance
  • Fast, fail-safe data load utilities
  • Seamless mainframe integration
  • Case study: Union Bank of Norway
  • Case Study - Bank Hapoalim
  • BT
  • BT & CRM
  • The basics
  • The scale ofCRMfor BT
  • Knowledge
  • Targeting
  • Contact
  • Impact
  • Systems architecture
  • BT's CRM and the future
  • bt.com
  • Other plans
  • Case Study: Barclays and BT
  • Business benefits

List of Figures

Figure 1.1: Return on investment versus customer focus

Figure 3.2: eCRM applications

Figure 3.3: Three year cost of ownership

Figure 3.4: ATG: Three year cost of ownership

Figure 3.5: BroadVision: Three year cost of ownership

Figure 3.6: Chordiant: Three year cost of ownership

Figure 3.7: Nortel/Clarify: Three year cost of ownership

Figure 3.8: Oracle Corporation: Three year cost of ownership

Figure 3.9: PeopleSoft/Vantive: Three year cost of ownership

Figure 3.10: PrimeResponse: Three year cost of ownership

Figure 3.11: Remedy Corporation: Three year cost of ownership

Figure 3.12: SAP: Three year cost of ownership

Figure 3.13: Siebel Systems: Three year cost of ownership

Figure 3.14: Siebel Workgroups: Three year cost of ownership

Figure 3.15: Vignette Corporation: Three year cost of ownership

Figure 6.16: CRM drivers in retail financial services

Figure 6.17: Relationship strategies in retail banking

List of Tables

Table 3.1: The leading 20 CRM companies by global revenue, 2000

Table 3.2: The leading 20 CRM companies by European revenue, 2000

Abstract

eCRM is not just about implementing the right technology and software. eCRM is a matter of fundamental change, involving the re-engineering of processes throughout every financial institution. eCRM must be developed as an integrated strategy across all distribution channels. The Internet is providing an additional medium to gather information, analyse customer behaviour and develop relationships with customers who are both fulfilling and profitable. Financial institutions must embrace this web technology and maximise their customer retention capabilities. eCRM: Critical Strategies for Financial Institutions, a new management report, will provide you with the opportunity to assess how you to get the most from your customer relationships, develop lasting customer loyalty and maximise customer lifetime value.

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