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CRM: Leveraging Relationships
The customer is the king, so goes
the popular adage, describing very aptly the attitude
of most progressive banks today as they try to woo
customers and meet their demands, be it for new products,
personalized service or providing a single view of
financial information across relationships. Customer
Relationship Management (CRM), as the name itself
implies, is a powerful ally in these efforts. Not
only does it help banks gain better insight into customer
behaviour and craft appropriate strategies to meet
each customer’s unique requirements, it also
enables banks to interact with customers in a consistent
manner across delivery channels and products. All
this obviously leads to higher customer satisfaction.
However, while banks have long appreciated the benefits
of CRM, it is only now that they have understood how
best to leverage CRM
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strategies and technologies
to achieve better stickiness and garner a greater share
of the customers wallet.
This issue of FinacleConnect evaluates
recent developments in the field of CRM. The cover story
explores how CRM strategies today call for the right
confluence of culture, process and technology, while
in TechWatch we look at the role of predictive analytics
in unlocking the power of customer relationship management
solutions.
In this issue, we also bring forth
unique insights from National Australia Bank (NAB),
a pioneer in the field of CRM. NAB first deployed a
CRM solution way back in 1988 and is among the few banks
worldwide that had a positive experience with their
early CRM strategy. “For the banking industry
where there is a wealth of
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