CRM
in Financial Services: It's Time to Walk the Walk
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CRM
in Financial Services: It's Time to Walk the Walk
Consolidation and streamlining of the cost structure have been among
some of the quickest and surest ways to produce top and bottom line
growth for financial service providers in the recent decade.
For many providers, short-term gains have overshadowed the need
for longer-term strategy, and Wall Street has inflicted stiff penalties
for not producing the expected result. As a consequence, many institutions
have neglected a thorough examination and overhaul of customer-facing
business processes, even though they publicly speak about how important
relationships are with their customers.
A new report from Meridien Research entitled, "CRM: Objectives
at a Crossroads", examines the current state of CRM initiatives
within financial institutions, and presents strategies that can
greatly enhance customer service and retention as well as introducing
a six-step process to help institutions begin to understand how
behaviors shape profitability and how those behaviors are reflected
in service usage.
"Despite the rhetoric, two out of three CRM programs have
concentrated on workflow improvements designed to streamline business
process and reduce cost," said Tom Richards, Research Director
at Meridien Research.
"While these improvements are important, what the financial
services provider does with the organization and cost structure
that separates revenue from profit before tax affects not only how
much revenue reaches the bottom line, but the attitudes and behaviors
of employees and customers who contribute the revenues to begin
with. There is a direct correlation between the two that many financial
services firms seem to have disregarded."
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