New Research Reveals Significant Opportunities for Retail Banks to Build Customer Loyalty and Drive Revenue.ARMONK, N.Y. & SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif. -- Datamonitor Research Provides Retail Banks with New Strategies to Increase Sales Effectiveness IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and Siebel Systems Siebel is a brand name of Oracle Corporation. Siebel Systems, Inc., founded by Thomas Siebel in 1993, was principally engaged in the design, development, marketing and support of CRM applications. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SEBL SEBL Siebel Systems, Inc. (stock abbreviation, AMEX) ), a leading provider of business applications software, today revealed findings of Datamonitor's recent "Mystery Customer" research, which illustrated that the world's top 300 retail banks can more effectively align customer-facing employees, business processes, and technology solutions to build customer loyalty, drive revenue growth, and improve customer experiences. As a result, retail banks have significant additional business opportunities to achieve top-line growth. The research was conducted independently by Datamonitor, and co-sponsored by IBM and Siebel Systems, to assess the sales effectiveness and customer service performance of the world's top retail banks when proactively contacted by anonymous customers through Web and phone inquiries. Research Illustrates Multiple Opportunities for Retail Banks to Drive Revenue Growth In its research, Datamonitor found that the challenges facing retail banks include disconnected communications channels Also called a "circuit" or "line," it is a pathway over which data are transferred between remote devices. It may refer to the entire physical medium, such as a telephone line, optical fiber, coaxial cable or twisted wire pair, or, it may refer to one of several carrier frequencies , fragmented customer data, lack of business and customer insight, and inconsistent business processes. Specifically: --93 percent of retail banks surveyed made no attempt to cross-sell/up-sell related banking products during the course of the customer interaction --68 percent did not capture the customer's basic contact details for identification and follow-up purposes --97 percent had no visibility into previous customer interactions from related communications channels --65 percent made no attempt to understand the features of interest to the caller before making product recommendations --32 percent failed to respond to customer email inquiries "High customer turnover and increasing competition are placing enormous pressure on large banks to rethink re·think tr. & intr.v. re·thought , re·think·ing, re·thinks To reconsider (something) or to involve oneself in reconsideration. re current business strategies," said Peter Ryan People named Peter Ryan include:
tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. their businesses to focus entirely on customers, driving revenue growth through customer relationships, positive customer experiences, and customer loyalty." The introduction of online banking and the resurgence re·sur·gence n. 1. A continuing after interruption; a renewal. 2. A restoration to use, acceptance, activity, or vigor; a revival. of branch banking have raised new challenges for retail banks, particularly now that products and services have largely become commoditized across the industry. In this new climate, retail banks must differentiate themselves and drive revenue through customer service -- critical to securing new customers, expanding existing customer relationships, and building overall customer loyalty. Datamonitor research shows that retail banks across the globe can more effectively implement business strategies, supported by sound business processes, well-trained employees, and innovative technology, to increase revenue in this new competitive environment. Karel De Boeck, Chairman of The European Financial Management & Marketing Association (EFMA EFMA European Fertilizer Manufacturers Association (Brussels, Belgium) EFMA European Financial Management & Marketing Association EFMA Evangelical Fellowship of Mission Agencies EFMA Ethernet in the First Mile Alliance ) and managing director of the Fortis group, commented, "Growing revenue from retail operations is the critical challenge for financial institutions over the next three years, and this survey opens important industry dialogue regarding this challenge." Throughout 2005, EFMA will be working in partnership with Siebel Systems to pursue the issues raised in this survey with member institutions. Given the size and scope of creating a business strategy focused on customers, Datamonitor recommends that retail banks start with a baseline evaluation of business performance. Based on this assessment, executives can create a clear vision for creating a customer-centric organization. Only then can executives begin to map out the steps needed to achieve sales and service metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. -- steps that incorporate all parts of customer-facing interactions for the bank, including employees, business processes, and technology systems. Without conducting these initial assessment steps, strategy, people, business processes, and technology cannot effectively align to drive business results. Research Methodology The research was commissioned by IBM and Siebel Systems and was designed, conducted, and analyzed an·a·lyze tr.v. an·a·lyzed, an·a·lyz·ing, an·a·lyz·es 1. To examine methodically by separating into parts and studying their interrelations. 2. Chemistry To make a chemical analysis of. 3. by Datamonitor researchers. Datamonitor researchers posed as "anonymous buyers" inquiring inquiring, v to draw information from a client—whether by verbal questioning or physical examination—to assess the person's state of health. about products and services via Web, email, and phone channels to measure responsiveness to inquiries, performance of call center agents, and follow-up on leads generated from the inquiries. For additional information about the research methodology, specific country data performance, and recommendations for creating customer-centric business strategies, please visit: www.siebel.com/news-events/events/global_bank_study/index.shtm. About IBM and Siebel Systems Since 1999, IBM and Siebel Systems have worked together to deliver proven solutions that have set global standards for business value and return on investment. Together they are enabling customers to realize the benefits of transformational change in their marketing, sales, and service organizations. IBM has helped Siebel customers achieve value from their use of Siebel Systems' customer-facing solutions through more than 2,000 engagements addressing all aspects of the application life cycle, from strategy consulting and implementation to ongoing transformation, management, hosting, outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. , and specialized systems management services. Siebel Systems and IBM continue to advance joint development, testing, and "out-of-the-box" integration projects that optimize Siebel business applications with IBM DB2 Universal Database, eServers, WebSphere Business Integration, Tivoli systems management, business analytics, and many other technologies and services. The two companies jointly develop, market, sell, deliver, and service Siebel CRM OnDemand, specifically designed to meet the growing market demand for fast, easy, and affordable CRM. For more information about IBM, visit www.ibm.com. About Siebel Systems Siebel Systems, Inc. is a leading provider of business applications software, enabling corporations to sell to, market to, and serve customers across multiple channels and lines of business. With more than 4,000 customer deployments worldwide, Siebel Systems provides organizations with a proven set of industry-specific best practices, CRM applications, market-leading analytics products, and business processes, empowering them to consistently deliver superior customer experiences and establish more profitable customer relationships. Siebel Systems' sales and service facilities are located in more than 30 countries. For more information on Siebel Systems solutions and services, please visit our Web site: CRM -- http://www.siebel.com/crm; OnDemand Solutions -- http://www.crmondemand.com; Industry CRM -- http://www.siebel.com/industry-crm; Call Center and Service -- http://www.siebel.com/call-center; Sales Force Automation Automating the sales activities within an organization. A comprehensive SFA package provides such functions as contact management, note and information sharing, quick proposal and presentation generation, product configurators, calendars and to-do lists. -- http://www.siebel.com/sales-force-automation; Marketing Automation -- http://www.siebel.com/marketing-automation; Business Intelligence -- http://www.siebel.com/business-intelligence; Integration Solutions -- http://www.siebel.com/integration-solutions; CRM Services -- http://www.siebel.com/crm-services. Except for the historical information contained herein, this press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risk or uncertainties. Future operating results of Siebel Systems may differ from the results discussed or forecasted in the forward-looking statements due to factors that include, but are not limited to, risks associated with customer relations, such as the availability of Siebel Systems' products and services, customer implementation of products and services, relationships with customers, third-party vendors and systems integrators, concentration of revenues in a relatively small number of customers, existence of errors or defects in products, ability to successfully manage growth, significant current and expected additional competition and the need to continue to expand product distribution and services offerings. Further information on potential factors that could affect the financial results of Siebel Systems are included in Siebel Systems' Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. and its other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Siebel Systems assumes no obligation to update the information in this press release. Siebel is a trademark of Siebel Systems, Inc. and may be registered in certain jurisdictions. All other product and company names mentioned are the property of their respective owners and are mentioned for identification purposes only. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion