By Tim Ferguson, 28 February 2007 17:15
NEWS
European banks will invest heavily in customer relationship management tech to combat increasing competition in 2007, according to analyst house Financial Insights.
Banks will focus on CRM projects more than established cost-cutting IT measures in order to retain existing customers and acquire new ones, it predicts.
This would include analytics technology to allow banks to target customers more effectively with services they will be interested in through tailored marketing campaigns.
European research manager, Rachel Hunt, who carried out the study, told silicon.com the harmonisation of European banking - with initiatives such as MiFID and Sepa - will mean customers may be tempted elsewhere in the search for better services. Banks will therefore have to respond to remain competitive.
silicon.com Financial Services
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In the research report - entitled Strategic Initiatives for European Banking Top 10 - customer-centric projects move up to third place, just below security and fraud management, and regulatory compliance.
The top 10 looks at initiatives banks will focus on in the coming year.
Comments
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1. Sarah
Presumambly they are investing so they can improve their chances of being able to hide behind the technology.
When are companies (not just banks) going to realise that tech is only a small part of what CRM is really about. They like most companies need to put people at the heart of their CRM strategy, with tech being used to provide the information at their fingertips. Then we might actually believe that they do really want to provide good service.