PROFITABILITY, CUSTOMER RELATIONSHIP MANAGEMENT AND CONVERGENCE IN THE FINANCIAL INVESTMENT ARENA – WHERE ARE WE REALLY?
Convergence and Customer Relationship Management (CRM) are terms for the millenium. More significant than the rampant Y2K issues we heard so much about prior to 2000, these two concepts will have dramatic affects on a financial institution’s ability to increase profits in the next decade. The drivers behind these concepts are customer demand as well as the pressure for institutions to find new growth opportunities and revenue streams. In the financial services industry there are many separate and diverse definitions for these two terms, however, all of them reference some dynamic of profitability and all embrace a sense of urgency. Most importantly, I would propose that they are not mutually exclusive concepts but rather inseparable. Steve Landberg, a principal with Sibson & Co. summed up the challenge nicely in an April article for the American Banker when he identified seven issues that institutions struggle with when implementing a convergent CRM strategy: 1) Legal and regulatory is
Convergence and Customer Relationship Management (CRM) are terms for the millenium. More significant than the rampant Y2K issues we heard so much about prior to 2000, these two concepts will have dramatic affects on a financial institution’s ability to increase profits in the next decade. The drivers behind these concepts are customer demand as well as the pressure for institutions to find new growth opportunities and revenue streams. In the financial services industry there are many separate and diverse definitions for these two terms, however, all of them reference some dynamic of profitability and all embrace a sense of urgency. Most importantly, I would propose that they are not mutually exclusive concepts but rather inseparable. Steve Landberg, a principal with Sibson & Co. summed up the challenge nicely in an April article for the American Banker when he identified seven issues that institutions struggle with when implementing a convergent CRM strategy: 1) Legal and regulatory is
Related Questions
- Whats driving business intelligence projects these days: better financial reporting or customer relationship management (CRM)?
- PROFITABILITY, CUSTOMER RELATIONSHIP MANAGEMENT AND CONVERGENCE IN THE FINANCIAL INVESTMENT ARENA - WHERE ARE WE REALLY?
- Is a Return On Investment (ROI) Really Achievable for Customer Relationship Management (CRM)?
