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Financial Insights Releases CRM for Banking Study

November 09, 2007

Research and advisory firm Financial Insights, an IDC company, announced the release of a new report, "Assessing CRM Strategic Initiatives in U.S. Banking: Run after Catch," presenting "a holistic perspective of the re-emergence of CRM initiatives among banks and credit unions in the United States."

The research found that financial institutions are moving to a more customer-centric product and delivery model. Christine Pratt, Research Director, Consumer Banking and Credit and author of the report, will be discussing these findings at the annual BAI Retail Delivery conference in Las Vegas on November 13-15.
The report profiles efforts of several institutions including Commonwealth Bank of Australia , Navy Federal Credit Union and Bank of America that are, in the words of Financial Insights officials, "in the lead for the ideal CRM payback." The report is the culmination of research based on interviews with bankers and credit union executives.
"Active and high-level participation from our surveys allowed us a statistically significant view of the industry's strategic direction with 47 percent of respondents coming from Tier 1 institutions," said Christine Pratt of Financial Insights.
There's been a recent emphasis on CRM for community banking institutions, but as industry observer Edmund Tribue has written, by focusing too much on the technological aspect of CRM, "banks have largely ignored their goal of improving their customers' experience."
For the most part, Tribue says, "banks have focused their technology-related CRM efforts on systems that provide internal measurements, such as the number of customer contacts and average calls per agent hour. While these measurements might be important from an efficiency standpoint, they don't provide focused metrics pertaining to customer experiences and perceptions."
In other words, he writes: "The call center agent who handles 75 calls per hour might be fast, but if most of those customers need a call back, he isn't as efficient as another agent who handles half as many calls but manages to resolve every issue in one call."

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David Sims is a contributing editor for ContactCenterSolutions, covering the customer relationship management (CRM) and call center industries. He also blogs for ContactCenterSolutions here.