Keeping Your Money on Their Minds
Volatile economic times dont make a tough job any easier for financial services institutions (FSIs). Customers don't always know how to adjust, costing themselves time and money. As a result, FSIs - traditionally early adopters of CRM - are turning to the technology once again.
"FSIs invested heavily in CRM tools in the mid-to-late 1990s with mixed success", says William Band, vice president and principal analyst with Forrester Research. "But they are sticking their toes in the water once again, either upgrading existing systems or starting from scratch."
The goal this time is differentiation. "The drive for revenue growth is what's causing FSIs to re-evaluate their strategic orientation and refocus on the customer, rather than the products", Band says. So what do FSIs want from CRM suites? Forresters findings indicate they want:
- A common customer experience across channels and lines of business;
- A customer-centric viewpoint; and
- Dynamic marketing abilities.
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