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Asian Banks Reap Benefits of CRM Investments

Financial Insights, an IDC company, has identified eight Asian banks that have seen benefits of their recent Customer Relationship Management (CRM) investments. Financial Insights believes that these eight banks represent leading CRM capabilities in the region.

Michael Araneta, senior research manager for Financial Insights Asia/Pacific IT Benchmarking Practice says, "The implementation of various CRM initiatives in these eight banks have yielded notable benefits, among them an increase in market share of key products, as well as marked improvements in cross-selling, staff productivity and customer satisfaction. As more CRM programs are implemented in these organizations, and as the discipline of CRM becomes more entrenched in bank operations, we expect more success stories from these eight banks as well as from their peers in the Asia/Pacific region."

Araneta remarks, "A focus on data and analytics is defining the current upsurge of CRM initiatives, which is a shift away from the previous focus on operational CRM priority projects, primarily concerning the bank's contact center. We expect banks to intensify their efforts to get a single customer view of the customer. Initiatives around customer data quality and customer data integration will also increase accordingly."

The following diagram presents four issues that bank executives have identified as key focus areas of their CRM initiatives in the next twelve months, indicating that moving forward, banks will give clear importance to the availability, reliability, and use of data.

Figure 1: Key CRM Areas (courtesy: Financial Insights)


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