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• W2247163590 abstract "Introduction Building customer loyalty and wallet are obviously critical strategic imperatives for financial institutions. Studies have shown that a 5% increase in customer retention increases a bank's profitability by an average of 50%. We also know that it is 5-10 times more costly to acquire a new customer than to retain an existing one. Attrition of a bank's most profitable customers is particularly damaging since the 80/20 rule is perhaps nowhere more evident than in financial services. However, banks are finding it increasingly difficult to build enduring relationships with customers in an evolving competitive landscape fueled by deregulation and the Internet. As evidence, studies have shown that the average customer now has more accounts with a larger number of institutions than ever before. The banks that will grow and prosper in this difficult environment are those that build a base of loyal customers and differentiate themselves through the quality of their customer service and the effectiveness of their sales and marketing efforts. Many banks have recently implemented Customer Relationship Management (CRM) programs to address those areas, but most have not realized the returns they expected on their CRM investments. We believe this is because far too many banks have viewed CRM as a technology solution, not as a fundamental change in how they manage and use customer data. As a result, they have not focused on developing the required Customer Information Management (CIM) capabilities to leverage CRM technology effectively to drive customer loyalty, customer profitability and new customer acquisition. Our experience leads us to believe that banks will not meet their Return on Investment (ROI) objectives from CRM unless they use CIM as the basis for enabling the most fundamental of all CRM principles - treating different customers differently. CIM versus CRM CRM vendors spent much of the past decade selling companies on the idea that implementing new CRM technologies would strengthen their relationships with customers and increase profitability. While vendors dominated the CRM scene during the late 1990s, most consulting firms were still focused on getting the last dollar out of Enterprise Resource Planning (ERP), Y2K and e-Business budgets. It was not until the beginning of this decade that a significant number of consulting firms turned their attention to helping companies develop CRM strategies to leverage those technologies effectively. As an unfortunate result, most banks continue to view CRM as a technology perspective, as evidenced by the fact that CIOs are often given the responsibility for managing CRM programs. CRM technology vendors are now suffering the consequences as more and more reports come out about companies who failed to realize expected returns from their investments in CRM technologies. Meanwhile, many consulting firms are modifying their vernacular, inventing alternative acronyms to avoid the stigma currently attached to the term It is not difficult to see why most banks have not realized the ROI they expected from New contact center desktop, sales force automation or marketing campaign management applications do not inherently drive market share and wallet share. Years of experience in CRM strategy and business intelligence consulting have taught us that CRM succeeds only when those technologies are used to meet the specific needs of a company's most profitable customer segments and to attract new customers who fit those profiles. A bank's ability to identify customer needs, segment customers, and build accurate customer profiles all depend on how effectively it collects, manages and uses customer data. The importance of applying customer data to the development of CRM strategies and the deployment of CRM technology has led us to coin the acronym CIM, or Customer Information Management - our own alternative to the now infamous CRM. …" @default.
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• W2247163590 title "Customer Information Management (CIM): The Key to Successful CRM in Financial Services" @default.
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