CRM has become one of the strongest areas of management focus in financial services companies throughout the world. While it is forecast that this will continue for the next few years, many companies are struggling with their CRM programmes. They have rushed ahead with the purchase of new CRM systems, but have not done the work to ensure that these systems are deployed effectively. "CRM in Financial Services" is devoted exclusively to showing how organizations in this sector can improve their CRM and achieve their desired return on investment. It is based on extensive global consulting and research carried out or commissioned by IBM and its business partners and draws on the authors' extensive experience of working with companies to successfully implement and manage their CRM programmes. Packed with international case studies and examples, the book begins with a detailed analysis of the state of CRM and e-business in the financial services globally, and then goes on to provide comprehensive and practical guidance on: making the most of your customer base; systems and data management; risk and compliance; channels and value chain issues; implementation; strategic implications.
Foreword
About the authors
List of contributors
Acknowledgements
Introduction
Bryan Foss and Merlin Stone
Part 1. Where are we now in CRM?
Chapter 1 The state of CRM in financial services in the UK: promise vs. reality
Ann Rodrigues (Hoggett Bowers) and Merlin Stone
Introduction
Objectives
The survey
Overview of results
What is CRM?
Why do CRM?
People and organization
Data
IT
Obstacles to success
Time-scales
Who do respondents feel do it well?
Financial benefits
The future
Chapter 2. Uncertain directions in Europe and South Africa
Paul Clutterbuck, Rohitha Perera and Merlin Stone
Introduction
The affluent and the mainstream
Looking inward: from mis-selling to brand power
Business, brand and product strategies: the ideal and the reality
Managing the waves of change
Chapter 3. Assessing the quality of customer management in financial services
Michael Starkey, Neil Woodcock and Merlin Stone
The assessment model
Assessment results
Conclusions from CMAT assignments
CMAT financial services research in the USA and Canada
How North American financial services companies compare with the global CMAT R database
How North American and European retail banks compare in customer management Conclusions
Part 2. Where are we now in e-business?
Chapter 4. E-business impact on customer management in financial services: an overview
Alison Spottiswoode and Abdelouahed El Marouani
What is e-business?
E-business customer impact
Critical success factors
E-business states and transformations
The state of e-business in financial services
Banking
E-financial services landscape in the early 21st century
Emerging technologies
Challenges faced by organizations in the financial services sector
What should financial service companies focus on for a sustainable future e-enabled gain?
Conclusion
Chapter 5. Impact of e-business on financial services marketing and marketers
Alan Tapp, Clive Nancarrow, Merlin Stone, John Stubbs and Bryan Foss
Introduction and summary
The role of marketing
The shift of power to customers -- implications for marketers
The direct marketing analogy
New business models for old?
The IT/Marketing interface
The wireless Internet -- real-time marketing?
Measurement and control
Customer insight
Case study -- a bank
Knowledge management
The effect of e-media on marketing communications
Web sites
E-mail
Interactive TV
The impact of new technology on CRM
Appendix: Case studies
Chapter 6. 'E-business strategy or just 'business strategy
Barry Jerome
Introduction
Key issues
Approach
Vision and direction
Positioning
Value proposition
Capabilities required
Implementation plan
Conclusions
Chapter 7. Managing marketing in the e-world
Tess Moffett, Paul Crick, Merlin Stone and Barry Jerome
Introduction -- changing times, changing technologies
Issues -- changing emphasis
The broadening armoury
The marketers dilemma
Outbound versus inbound marketing
Global expectations locally met
Loss of control
Performance measures pose a problem
Knowledge management
Management processes
The role of account managers in marketing to intermediaries
Conclusion
Chapter 8. The implications of e-commerce for strategy: UK case studies
Tim Hughes
Introduction
The case development approach
The significance of e-commerce in financial services
How different companies are approaching e-business
Key factors in developing effective strategies
An integrated or stand-alone approach?
Conclusions
Chapter 9. Branch and virtual CRM -- a Dutch case study: Rabobank
Gerard de Graaf
Introduction
Overview of retail banking in the Netherlands
Porter five forces analysis
The idea behind the Rabobank
The Virtual Rabobank initiatives
The Network Financial Institution
Comparison between Rabobank and NFI model
Rabobank and CRM
Requirements for success
Part 3. Sector situation
Chapter 10. The life and pensions industry: the UK situation compared with other countries
David Taylor, Clare Seah and Christopher Cannon
Chapter 11. Trends in insurance CRM
Bryan Foss, Merlin Stone and Fola Komolafe
Chapter 12. The evolution of CRM in banking
Merlin Stone, Richard Lowrie, Bryan Foss and Fola Komolafe
Chapter 13. CRM in investment banking and financial markets
Genevieve Findlay, Peter Mathias, Paris de LEtraz and Merlin Stone
Part 4. Understanding customers
Chapter 14. Making the most of your customer base
Merlin Stone and Tony Woods
Chapter 15. The meaning and measurement of customer retention
Edward Aspinall, Clive Nancarrow, Merlin Stone and Bryan Foss
Chapter 16. Business-to-business segmentation in financial services
Bryan Foss and Merlin Stone
Part 5. Systems and data
Chapter 17. Strategic IT issues in financial services
John Carter and Bryan Foss
Chapter 18. Achieving RoI from e-business systems in FS
Bryan Foss, Colin P Devonport and Paul McDaid
Chapter 19. Data management -- moving from CRM to e-business customer management
Berenice Winter and Michael Page
Part 6. Risk and compliance
Chapter 20. Managing customers in a world of risk
David La Bouchardière, Maureen Madden, Greg Scorziello and Merlin Stone
Chapter 21. Customer service, complaints management and regulatory compliance
Joy Terentis, Fabian Sander, David Cox, Merlin Stone and Maureen Madden
Chapter 22. Data protection
Genevieve Findlay, Merlin Stone, Matt Leonard, Martin Evans and Barry McEnroe
Chapter 23. Money laundering
Kevin Lacroix
Part 7. Channels and value chain issues
Chapter 24. Managing customers in retail bank branches
Merlin Stone, Chandra Kiran, Tamsin Brew and David Selby
Chapter 25. The impact of e-commerce on UK financial services product-providers and their intermediary relationships
Philip Aitchison
Chapter 26. Deconstructing the value chain: property and casualty insurance servicing
Paul Greensmith, Peter Routledge, Stuart Degg, Cathy Pickering and Merlin Stone
Chapter 27. Direct insurance
Bryan Foss, Merlin Stone and Roy Sheridan
Chapter 28. CRM partnership between banks and insurance in practice -- a case study
Vince Mason and Merlin Stone
Chapter 29. Managing customers with direct mail
Merlin Stone, Brian Scheld and Bryan Foss
Part 8. Implementation
Chapter 30. Managing value in e-business
Emma Cullen, Merlin Stone, Martin Hattenbach and Ted Strader
Chapter 31. Implementing CRM
Merlin Stone, Bryan Foss, Neil Woodcock, Michael Starkey, John Mullaly, Liz Machtynger, Rich Harvey and Brian Scheld
Chapter 32. Motivating people to manage customers -- through their pay
David Port
Part 9. Making the most of your (most valuable?) customers
Chapter 33. Managing wealth? Are you? Really?
Kevin La Croix, Merlin Stone and Rohitha Perera
Chapter 34. Bridging the wealth management gap
Tamsin Brew, Rohitha Perera and Merlin Stone
Chapter 35. Building the private banking customer experience
Rohitha Perera and Tamsin Brew
Chapter 36. Managing wealth -- a new approach in the UK
Merlin Stone
Part 10. Strategic implications
Chapter 37. Competitive advantage analysis
Kevin La Croix and Bryan Foss
Chapter 38. The customer service gap
Kevin La Croix
Chapter 39. Competing for customers in an era of change
Vikram Lund
Chapter 40. Managing change
Kevin La Croix, Merlin Stone and Fola Komolafe
Changes and trends
Are these trends permanent?
Access
The overall result
Managing change
The need for balance
Case study: Changes in the UK financial services industry -- life and pensions
Overall conclusion
