BT replies

I have seen many presentations on the subject of CRM where the presenter uses the example of the 'olden days' branch manager/client relationship. It is portrayed as a personal relationship where the manager knows a lot about the client and is able to foresee and recommend financial solutions that meet the needs of that client. In today's banking world, generally speaking, the picture is very different. Despite a wealth of knowledge about their clients, many traditional banking institutions are not utilising and growing this customer knowledge in the way they deal with clients. The combination of marketing and IT skills, using CRM techniques could transform this situation. A good CRM implementation could provide customer insights that will enable you to establish higher customer retention and loyalty over a longer term. The best way to establish the cost effectiveness of applying CRM processes is to do some solid research, pilot something with a small segment of your customers and have a well defined set of measures in place before you start. Many people make the mistake of leading with technology, rather than starting with an implementation designed to deliver a great customer experience. I think one thing is for sure, it is important to get on the CRM curve sooner rather than later.