ABA Banking Journal 5/08 - (Page 55) SPECIAL ADVERTISING SECTION ABA Banking Journal’s White Paper for May 2008: Retail Banking EXECUTIVE SUMMARY For the full article go to http://www.ababj.com Customer-Focused Banking—the Next Generation of CRM Metavante Corporation Phone #: 800-822-6758 Web: www.metavante.com ast CRM efforts, particularly unsuccessful ones, ignored the synergy required among all the parts. To achieve this synergy and generate financial results melding four key elements is required: 1. Organizational culture 2. People 3. Processes 4. Technologies P People and Processes The People element creates questions that gauge an organization’s starting point. • “People drive the processes but what drives the people?” • “Are the skills necessary to be successful present in our people?” • “Have we provided our people with the training and tools to be successful?” • “Do our people understand how we know when we are successful?” Within the People and Process relationship is profitability. In addition to keeping score, it is critical to measure and analyze the profitability of the bank or branch, each product, customer, and household relationship. Technology Customer-focused efforts can be successful without an iota of technology. In any small community bank in any small town in America you will see the very best in customerfocused banking. Customers are known most likely because the banker has known them all of their lives. And, this level of customer knowledge empowers the banker to act upon sales initiatives. Banks possess natural advantages in the amount of customer information available to them. The mere act of opening an account gathers far more information about a customer than a retailer might gather when selling a piece of clothing. Unfortunately, many banks fail to mine this information. However, technology helps gather this information and promptly route it to the appropriate sales force. Customer-Focused Banking Creates Significant Results Effectively managing and influencing customer relationships helps differentiate your institution, creating a greater share of wallet, increasing customer loyalty and growth, and resulting in improved revenue and bottom-line earnings. Technology is an enabler in creating a customer-focused bank, but it is just one facet of an overall transformational program banks need to consider in order to compete in the 21st century. Figure 1 Organizational Culture Establishing the right culture is the first important component. Figure 2 Changing the culture effect all three elements Culture is an amalgamation of attitudes, beliefs, and behavior. Organizations experiencing issues with any of these components must support and foster change. Subscribe at www.ababj.com ABA BANKING JOURNAL/MAY 2008 55 http://www.ababj.com http://www.metavante.com http://www.ababj.com
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