Bringing Customer Relationships Back Into CRM Implementations

Bringing Customer Relationships Back Into CRM Implementations
11/12/13
11/12/13
views 12076
comments0

Over the past decade, few banks have seen the rewards promised despite significant investments in CRM systems. A 2009 study by Forrester Research indicated that 47% of CRM project implementations in the U.S. fail in their initial attempt. While specific reasons can be cited, CRM failure is most often tied to a poorly planned strategy. Over the past decade, many organizations grossly underestimated the extent of internal restructuring necessary to reap the full benefits of their CRM solutions. While CRM systems can definitely be a crucial part of the effort to develop and maintain healthy relationships with clients, it is merely a technological enabler. Therefore, designing a CRM system to support a business that is not already customer-centric is unlikely to deliver satisfying results. “In the end, CRM delivered a healthy amount of tactical benefits (improving employee productivity, streamlining processes, reducing cost, etc.) but did not move the needle on customer loyalty and experience,” wrote Bob Thompson of CustomerThink.

https://youtu.be/5rJrJk1VpBc

About The Author, Michael Ruckman

During his career, Michael has worked both as a banker and as a consultant for retail banks in more than 30 countries around the world. He has delivered a variety of successful projects ranging from business strategy to the launch of fully transformed retail institutions.

Michael is known for his experience in retail bank management, distribution network development, alternative channel rollouts, sales development, alliances and ventures, systems implementation, and corporate culture development.

His work portfolio includes large-scale projects for brands such as Abbey National, Alfa-Bank, Atlantico (Millennium BCP), Banco Venezolano, BNP-Paribas, Citibank, ING, Vneshtorgbank, Bank Menatep SPb, Nadra Bank and many others.

11/12/13

Leave a Reply

Popular content
Emerging as a compelling alternative to traditional banking, neobanks place a strong emphasis on providing swift banking services, responsive customer support, fair fee structures, and user-friendly financial products.
The key goal of lifecycle management is to maximize the customer's lifespan with the bank, integrate them into everyday banking services, and increase product penetration, which will enable solving the customer's problems in the long term. In this article, we will discuss the details and practical examples that banks can use in their customer lifecycle management.
In this article, we will analyze a new category of processes designed to cultivate customer relationships. These processes seamlessly integrate into sales and service operations, forming a unified approach that facilitates smooth transitions between products throughout the length of the customer's interaction with the bank.
Voice On Demand Retail Podcast: Part 3 – Leadership in the Retail Market
Michael Ruckman talks about Customer Experiences & Customer Journeys, The three faces of Digital for Retailers and the state of leadership in the retail market today.
Voice On Demand Retail Podcast: Part 2 – The three faces of Digital for Retailers
Michael Ruckman talks about Customer Experiences & Customer Journeys, The three faces of Digital for Retailers and the state of leadership in the retail market today.
Voice On Demand Retail Podcast: Part 1 – Customer Experience & Journeys
Michael Ruckman talks about Customer Experiences & Customer Journeys, The three faces of Digital for Retailers and the state of leadership in the retail market today.
Senteo Rating
The Fifth Discipline: The Art & Practice of The Learning Organization
Senteo Rating
Work Rules!: Insights from Inside Google That Will Transform How You Live and Lead
Senteo Rating
Thinking, Fast and Slow
What is Relationship-Centricity?
This short video explains what relationship-centricity is and how it is different from customer-centricity. Follow the link to see how companies can extract value from their relationships with
How to Build a Business That Lasts 100 Years
Join strategist Martin Reeves as he explains how executives can apply six principles from living organisms to build resilient businesses that flourish in the face of change.
Explanation of What UX, CX and LX is and the Difference Between CEM & CXO
This quick 5-minute video explains the difference between User Experience, Customer Experience and Life Experience, provides examples of each and explains the difference between CEM and CXO.
Last News
On May 28, Ksenia Konstantinova, Senteo's Director for Central Asia and the Middle East, spoke at an international conference at the Management Development Institute on Singapore in Tashkent (MDIS Tashkent).
The main results, excerpts and conclusions in the presentation format on the results of the three-year research of the Customer Experience Index (CEI) in the banking sector of Uzbekistan and other Central Asian countries conducted by Senteo in collaboration with the Marketing Association of Uzbekistan.
Alexey Veretenov, Managing Partner of Senteo Inc., sheds light on the transformative role of the CEI in Azerbaijan’s banking sector in 2023.