Customer Relationship Management in the Financial Industry: by Federico Rajola

By Federico Rajola

An built-in view of IT and company strategies via prolonged IT governance permits monetary associations to innovate operations which enhance company and organizational functionality. in spite of the fact that, monetary associations nonetheless face demanding situations with CRM structures in supplying anticipated effects as a result of loss of whole company integration. elevated trade of data among clients and the volume of such facts to be had is gradually changing into a problem for firms, specifically in extending inner platforms to worldwide info platforms with the aim to assemble and replace facts on a world scale.

In this publication, Prof. Rajola analyses various facets of CRM platforms taking either an organizational and a technological point of view. He adopts a theoretical framework to unpack concerns linked to the necessity for firms to combine operations and company procedures. The emphasis is then attracted to improvement of potent CRM (and CRM 2.0) projects via utilising illustrative case reviews of winning CRM structures implementation within the monetary undefined. The framework followed during this publication can be utilized through either students and bosses to guage the interdependencies among operations, company methods, and CRM systems.

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As mentioned above, while initially the use of the new channels was seen as a possible way of maintaining a continuous relationship with the customer by offering products and services, basic conditions have now changed, and they allow better exploitation of the channels themselves. ). Customer approach is now completely different, and new solutions are required to manage and organize customer relationships (Peppers and Rogers 1997). Besides traditional branches and ATM or POS, customers can now use “new” channels, such as home banking, trading on line, telephone banking, and interactive TV.

CRM projects last several years and can be divided into a number of separate yet coordinated initiatives, based on a consistent design concerning customer-centred processes, communication channels, and all the company’s organizational units. ). The process ends with the updating of the legacy system archives after actions have been carried out and according to changes in the customer’s profile (Decastri et al. 2001). Achievement of CRM goals thus requires an integrated approach, so as to single out and manage each customer’s life cycle, with due consideration for all interaction points with the company.

Day, R. L. (1995). Putting technological innovation into a historical perspective: A quest for better understanding and implementation of the innovation process. In M. W. Lawless & L. R. ), Advances in global high—technology management (Vol. 5, pt. A). USA: Jay Press. Holmqvist, M. (2004). Experiential learning processes of exploitation and exploration within and between organizations: An empirical study of product development. Organization Science, 15(1). , & Boer, H. (2006). A continuous innovation framework: some thoughts for consideration.

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