|
|
 |
|
Viewing report
|
|
|
|
Customer Relationship Management Strategies in Financial Services: Achieving High Performance and Profiting From Innovations in CRM
Business Insights, Oct 2004
Research has shown that over half of CRM projects fail to produce results whilst one in five actually damage long standing relationships. However when accompanied by appropriate training and organisational structure, CRM systems can have a significant impact on revenue. Customer Relationship Management Strategies in Financial Services: Achieving high performance and profiting from innovations in CRM is a new strategic management report providing a practical guide to the steps that are involved in successful CRM in financial services.
Key issues examined in this report include:
- Price competition. Low rate deals are driving switching
contributing to reduced profits for mortgage lenders. This report suggests to how lenders can offer incentives for customer retention whilst avoiding price discounts.
- CRM IT solutions. Many analysts believe that often investment is wasted without adequate expenditure on staff training. In addition many are yet to identify their most profitable customers, those most likely to switch and the key factors driving satisfaction
- Customer ownership. Traditional organization around business lines can prevent an holistic view of customers needs. This report considers a variety of organisational structures and evaluates how they relate to customer satisfaction.
- Distribution strategies. This report examines the changing role of routes such as branch networks for banks and intermediaries for insurance companies in the context of the growth of eCRM.
Customer Relationship Management Strategies in Financial Services: Achieving high performance and profiting from innovations in CRM is a management report that provides a step-by-step guide to customer retention planning and segmentation techniques. This report will provide you with:
- A research method for monitoring and developing CRM strategies
- Case study analysis of switching signals and rescue plans
- Segmentation techniques to identify the most profitable customers to target with retention strategies.
Ensure you acquire and retain the most profitable customers using the most cost effective methods.
This report answers questions such as:
- How can potential defectors be identified, when should they be contacted and what returns can be expected from win-back programmes?
- What are the key benefits associated with the retention of existing customers and the development of long-term satisfying relationships?
- Which factors cause customers to switch suppliers?
- What are the managerial requirements for CRM implementation?
- How do customers evaluate service, and how can satisfactory levels of service quality be achieved both online and offline?
- What are the key benefits of moving online for those marketing financial services?
Key findings of this report:
- Almost half of all mortgagees are looking to change lender because they are unhappy with their existing supplier.
- Customers switching banks cite pricing, service failures and inconvenience as the key factors (90% in a recent survey).
- Many customers prefer face-to-face contact with staff which has implications for those moving towards an online delivery model.
- Relationship marketing requires structures supporting both customers and front-line staff. New research reveals that financial service retailers may not have structures that are supportive in retaining customers and adapting to changes in the marketplace.
- Barclays Platinum banking launch to increase loyalty succeeded with a 70% increase in customer income, 11% increase in customer satisfaction and 80% of customers stating they would strongly endorse Barclays.
|
|
|
|
