How important is CRM becoming for the Financial Services Industry? What are industry analysts saying about CRM and the benefits for the financial services industry? To get a better understanding, read the following excerpts from SearchCRM.com then review the linked articles.
"Most CRM projects in insurance companies have been business-to-business (agents) but most are wondering how they can beef up their business-to-consumer side.” Kimberly Harris-Ferrante, a vice president and distinguished analyst with the insurance industry advisory service at Stamford, Conn.-based Gartner Inc. Read more
An October 2010 report found that the top two reasons corporate customers scale back their business with a bank were a poor access to services and information/insufficient channels (46%) and inconsistent customer service across channels, regions and lines of business (also 46%). Report by Finextra Research and Pegasystems . Read more
"CRM means so many things to different companies, and there's still a lot of confusion, but what I think is emerging -- and financial services is in the lead, along with telecom companies -- is this new term of customer experience management," Richard Snow, global vice president and research director for Ventana Research's customer and contact center practice. Read more
"A lot of financial institutions in the 1990s made big investments, such as for Siebel CRM, or did some internal development. Now they're looking at the results they got and combing around again for more." Jeanne Capachin, research vice president with IDC Financial Insights. With the growth of hosted or software as a service (SaaS) CRM, it has become easier and less expensive to add capabilities. Read more
"I see a deep focus on business process in CRM as an effort to standardize agent actions and to be able to ensure that you meet compliance guidelines, which is especially important in heavily regulated industry of financial services, where huge penalties can be incurred. Incorporating business intelligence into a CRM solution can be one of the more effective ways to gain tangible CRM benefits.” Kate Leggett, a senior analyst of customer service and call center processes for Cambridge, Mass.-based Forrester Research Inc. Read more
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Posted by: share market | May 16, 2011 at 07:12 AM