This 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.
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