CRM in Financial Services: It's Time to Walk the Walk, Says New Report From Meridien Research.Business Editors NEWTON, Mass.--(BUSINESS WIRE)--Sept. 12, 2002 Consolidation and streamlining of the cost structure have been among some of the quickest and surest ways to produce top and bottom line growth for financial service providers in the recent decade. For many providers, short-term gains Short-term gain (or loss) A profit or loss realized from the sale of securities held for less than a year that is taxed at normal income tax rates if the net total is positive. have overshadowed the need for longer-term strategy, and Wall Street has inflicted stiff penalties for not producing the expected result. As a consequence, many institutions have neglected a thorough examination and overhaul of customer-facing business processes, even though they publicly speak about how important relationships are with their customers. A new report from Meridien Research entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: , "CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. : Objectives at a Crossroads", examines the current state of CRM initiatives within financial institutions, and presents strategies that can greatly enhance customer service and retention as well as introducing a six-step process to help institutions begin to understand how behaviors shape profitability and how those behaviors are reflected in service usage. "Despite the rhetoric, two out of three CRM programs have concentrated on workflow improvements designed to streamline business process and reduce cost," said Tom Richards Tom Richards may refer to:
Please [ improve this article] or discuss the issue on the talk page. provider does with the organization and cost structure that separates revenue from profit before tax affects not only how much revenue reaches the bottom line, but the attitudes and behaviors of employees and customers who contribute the revenues to begin with. There is a direct correlation Noun 1. direct correlation - a correlation in which large values of one variable are associated with large values of the other and small with small; the correlation coefficient is between 0 and +1 positive correlation between the two that many financial services firms seem to have disregarded." More information on purchasing this report can be obtained from sales@meridien-research.com or by calling 617-796-2800. About Meridien Research Meridien Research of Newton, MA, provides analytical research services to users and providers of financial industry technology. Meridien Research targets three technology areas of strategic importance to financial services firms: eFinancial Services, Trading & Risk Management and Customer Relationship Management. Each practice delivers reports detailing new issues and challenges and uses its knowledge to advise clients on technology related decisions. Visit www.meridien-research.com/press to register for announcements as new research becomes available. For media relations, contact Parallax parallax (pâr`əlăks), any alteration in the relative apparent positions of objects produced by a shift in the position of the observer. In astronomy the term is used for several techniques for determining distance. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control at 781.235.7025 or parallax@meridien-research.com. |
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