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CRM in retail bankingPublished by: Datamonitor Published: Nov. 27, 2001 - 98 Pages Table of ContentsIntroduction Market context Customer focus Competitor dynamics The future decoded Action points INTRODUCTION What is this report about? Who is the target reader? How to use this report MARKET CONTEXT Introduction Key findings CRM is the key area of investment Industry data Inhibitors and drivers Inhibitors Drivers Technology development Single operational database: the linchpin for CRM success Operational technology requirements Analytical technology requirements The problem of the unprofitable customer Segmentation and churn eCRM Branch evolution The human factor/ organizational change Unrealistic expectations? Training Summary CUSTOMER FOCUS Introduction Key findings Why do banks implement CRM? What are the barriers to retail banking CRM adoption? How advanced are retail banks in terms of CRM? How do banks use CRM? Who makes decisions in retail banks about CRM? What are the primary and secondary critical areas of CRM investments? COMPETITOR DYNAMICS Introduction Key findings Critical success factors CRM infrastructure Key opportunities Relative positioning Operational CRM Key opportunities Relative positioning Analytical CRM Key opportunities Relative positioning THE FUTURE DECODED Introduction Key findings Total CRM in retail banking spend CRM as proportion of retail banking CRM spend by source Country data CRM spend by project type Leaders Moderates Late adopters Country data Solution-specific spend eCRM Branch renewal spend ACTION POINTS Introduction Key findings Action point 1: Despite increasing focus on ROI and cost control, retail banks need to continue investing in key areas such as CRM to build competitive advantage and to reap the benefits of previous investments. Action point 2: Banks must treat CRM organizational issues as critical to overall CRM success and of at least equal importance to IT systems implementations. Neglect of the business process issues surrounding CRM implementations has impacted efficiency gains achieved post implementation. Action point 3: The single operational customer database is the starting point of channel integration and creating a seamlessly integrated channel structure and intelligent and consistent customer interaction. Action point 4: Through an increasing analytical capability, banks must shift their focus away from customer volume to customer value. This will only be possible when banks understand the actual value of each relationship as well as have the means to act on this information and design personalized relationships to maximize benefit to customer and bank. Action point 5: Vendors must create flexible offerings enabling banks to benefit from a rapid ROI without having to buy into further vendor architecture or other applications. APPENDIX Sector and market definitions European retail banking CRM eCRM IT spending source definitions Abbreviations Forecasts and assumptions Research methodology Product and services definitions Preparation of first draft data Coverage of secondary and published sources Primary industry interviews Forecast methodology Data finalization, cross-checks and verification Data inconsistencies Financial services technology and eFS: further readings Reports Briefs IMPACT Contact us SPP writing team How to contact experts in your industry (c) Datamonitor 2001. All Rights Reserved. Abstract“CRM technology in retail banking” addresses the major CRM business and technology trends affecting the European retail banking technology marketplace to 2004. This report examines spending patterns by country and identifies key opportunities within the CRM in European retail banking market. It also assesses the market's competitive dynamics, detailing key success factors.Get Full Details About This Report >> |
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