Crm in Banking Sector
CRM & the Banking Industry http://www.ehow.com/how_6808577_implement-crm-banks.html
Carl Wolf
Currently residing in Coral Gables, Florida, Carl Wolf has been a banker and financial services professional for the past 41 years. He began to publish online articles about his profession in 2009. Wolf holds an associate degree from Los Angeles City College and a certificate in international banking.
CRM & the Banking Industry
Customer Relationship Management (CRM) helps banks to identify, attract and retain the best and most profitable customer relationships. Banks use technology to develop insights as to the types of products and services that customers are most drawn to and the level of satisfaction that they expect. A good CRM system will allow a bank to perform segmentation analysis of its customer base for purposes of understanding its demographics, behavior and attitudes.
1. Significance * The significance of CRM to a bank is immense because it serves as a plan for future growth.
The CRM system should serve as the method used by a bank to gain insight into their existing and future customer base. It allows the bank to measure the amount of customer business that already exists along with the products and services that need to be offered in order to retain customers. For example, if a current customer maintains his large investment portfolio with a broker dealer, the future value of that customer to the bank is quite great if the customer can be convinced to move his holdings to the bank. 2. Function * The functions of CRM permit a bank to concentrate marketing efforts upon specific identifiable needs.
The functions contained within the CRM system must allow the bank to formulate its overall marketing and business strategy plan. This function is based upon calculations performed by the CRM platform that produces profitability by asset and liability type followed by the complete drill down to all basic components such
Carl Wolf
Currently residing in Coral Gables, Florida, Carl Wolf has been a banker and financial services professional for the past 41 years. He began to publish online articles about his profession in 2009. Wolf holds an associate degree from Los Angeles City College and a certificate in international banking.
CRM & the Banking Industry
Customer Relationship Management (CRM) helps banks to identify, attract and retain the best and most profitable customer relationships. Banks use technology to develop insights as to the types of products and services that customers are most drawn to and the level of satisfaction that they expect. A good CRM system will allow a bank to perform segmentation analysis of its customer base for purposes of understanding its demographics, behavior and attitudes.
1. Significance * The significance of CRM to a bank is immense because it serves as a plan for future growth.
The CRM system should serve as the method used by a bank to gain insight into their existing and future customer base. It allows the bank to measure the amount of customer business that already exists along with the products and services that need to be offered in order to retain customers. For example, if a current customer maintains his large investment portfolio with a broker dealer, the future value of that customer to the bank is quite great if the customer can be convinced to move his holdings to the bank. 2. Function * The functions of CRM permit a bank to concentrate marketing efforts upon specific identifiable needs.
The functions contained within the CRM system must allow the bank to formulate its overall marketing and business strategy plan. This function is based upon calculations performed by the CRM platform that produces profitability by asset and liability type followed by the complete drill down to all basic components such