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CRM:evaluating what it is doing for Financial Service InstitutionsPublished by: Datamonitor Published: May. 13, 2002 - 107 Pages Table of ContentsEXECUTIVE SUMMARY INTRODUCTION What is this report about? Who is the target reader? How to use this report MARKET CONTEXT Introduction The CRM phenomenon Why CRM has become a point of focus for FSIs FSIs need to exploit cross-selling opportunities and retain customers CRM can help FSIs achieve these goals Defining CRM What is CRM? Where did CRM orginate? CRM from a technology perspective CRM infrastructure Operational CRM Analytical CRM CRM from a business perspective The move away from being product-centric to being customer-centric Consider CRM in terms of the company’s resources, capabilities, organization and investments Consider the planning element of adopting an integrated CRM strategy Devise key metrics Consider the company-wide implications of adopting a CRM strategy CRM across each of the major financial services verticals CRM for retail banks CRM for insurance companies CRM for financial markets companies Conclusions Data Tables KEY CRM VENDORS Introduction CRM infrastructure Operational CRM Analytical CRM What the vendors say Conclusions MEASURING CRM PERFORMANCE IN FS Introduction Datamonitor’s IT Efficiency in Financial Services 2002 “Efficiency and effectiveness” - the analytical framework Efficiency is to doing the same thing better Effectiveness means being a “better” business Being most “effective” and “efficient” = Holy Grail IT strategic objectives for 2002 Cost control is the dominant strategic driver for IT in 2002 IT strategies can be classed as “efficiency” or “effective” dominat or “balanced” Few companies have both “efficiency” and “effective” drivers “Efficiency” drivers dominate banking, financial markets and insurance Assessment: IT strategic objectives Investment priorities and CRM in 2002 CRM is the top IT investment prioriy of FSIs in Europe in 2002 “Effective” dominant FSIs most likely to increase CRM investment Banks are the big spenders in CRM in 2002 Assessment: IT investment priorities and CRM CRM investment - where are FSIs generating an ROI? Evaluating the impact of centralized customer databases on ROI Assessment: centralized customer databases Evaluating the impact of sales and marketing automation on ROI Assessment: sales and marketing automation Evaluating the impact of analytical tools on ROI Assessment: analytical tools Evaluating CRM’s impact on specific FS products About 20% of banks have increased product profitability via CRM Few insurance companies have seen CRM improve business metrics Financial markets firms use CRM to increase customer profitability Assessment: evaluating CRM’s impact on specific FS products Conclusions Data Tables THE FUTURE DECODED Introduction CRM will remain a priority area of investment CRM priorities in retail banks Retail banks’ investment in CRM spend will continue to grow CRM priorities for insurance companies Operational CRM will remain the point of focus for insurers in the short term Efforts will be made to integrate core functions around the CRM system CRM priorities for financial market companies The focus will be on operational CRM strategies But analytical CRM will allow banks to provide added value to FSIs Data Tables APPENDIX Research methodology Primary and secondary sources Future readings SPP writing team How to contact experts in your industry CHAPTER 8 DO YOU NEED MORE INFORMATION? Datamonitor Financial Services Consulting © Datamonitor 2002. All Rights Reserved. AbstractThis report will provide the reader with a definition of CRM from a business perspective. An analysis of the capabilties of CRM and what it has achieved from the vendors perspective will then be provided, followed by an analysis of what FSIs have actually managed to achieve. It starts with an explanation of why CRM has become important for FSIs. This is followed by a comprehensive definition of CRM from both a technological and business perspective. Then, the constituent parts of CRM are detailed in terms of the technology involved. An analysis of CRM within the three major verticals within financial services (FS) follows. An overview of the CRM vendors relevant for financial services is provided. The most common problems the vendors associate with CRM implementation are then identified. The next chapter (Market Context) begins by developing a framework for evaluating business performance in terms of “efficiency” and “effectiveness”. FSIs are then grouped depending on which of these predominantly drives their overall IT strategy. An analysis of three specific types of CRM investment and the corresponding ROI achieved to date is provided, followed by an analysis of the impact CRM has had on specific FS products. Last, an outlook for the future of CRM is provided. This examination of CRM is broken down into each of the three major verticals within FS, retail banking, insurance and financial market companies.Get Full Details About This Report >> |
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