CRM Grows Up
Taking center stage of previous enterprise approaches were customer relationship management (CRM) solutions. CRM, defined as "...a set of business processes that help manage client relationships and make improved internal company workflows,"5 was once viewed as the panacea for maintaining and growing a bank's share of wallet. Yet, these applications failed to make the leap from the marketing department to the front-line user. So, while banks were capturing more information, they were unprepared for the processing requirements and analyses. "The objectives of a CRM strategy are customer acquisition, development and retention. These must be specific and measurable."
Today, a successful CRM deployment means that data is captured, analyzed, campaigned, distributed, executed and tracked. The process repeats, continuously, as data is collected and customer and account profiles are updated.
At the heart of a new CRM deployment is a multi-channel architecture. Sometimes called customer interaction management or customer-centric technology (CCT) these new strategies focus on providing benefits to the bank and to the customer across all touch points. TowerGroup defines customer interaction management as "the process of first integrating delivery channel technologies and then making customer knowledge work by bringing the products of analysis to the channels where the customers interact with the bank."6
Drivers of change come from many sources. Customer, cost and competitive forces drive the business and technical requirements. From the customer's perspective, improved service means faster responses to their requests and faster engagements in the branches. For the bank, this same vision translates into improved processes that reduce costs and retain customers. Additionally, customers desire consistency of information across all channels. Balance, account and transaction information provided over the phone, VRU (voice response unit) or Internet should match the information provided by the branch. For many institutions, to make this happen requires a fresh approach and change.
Going forward, branch automation and renewal projects must demonstrate measurable success. CFO Research Services reports that, "Many companies have made significant investments in the technologies that support their relationships with customers, but there is a growing sense that much of this investment has been misguided or even wasted."4
To maximize the value of technology investments, success criteria must be defined and measured. "ROI is clearly the most prevalent financial metric used, but it is surpassed by customer satisfaction as a measure of value."4
Other customer measures that drive the change in branch automation include customer behavior such as branch traffic. While the number of branches in the United States has been steadily increasing, the number of visits per customer to the branches is declining. Yet, the branch remains the customers' preferred delivery channel. This impact is real. Financial institutions must take advantage of each branch contact to enhance the customer service experience and cross-sell meaningful products that deepen the relationship.7
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