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Crm – Connecting

CRM – Connecting
People and Business with Information

In order to increase the customer base, according to Dr Martha Rogers
(Peppers & Rogers), "We're going to use information about customer to make each customer more valuable to the company, and we do that by making the company more valuable to each customer". Assuming we are offering the right product and service, we must be able to deliver value to the customer, and this must be done in a way that brings value to our business. This can be enabling by using information to direct the right products and services at the right customers at the right time. It is a two way interaction, where we are trying to communicate messages to our customers and, at the same time, trying to capture useful information about them back.

The current revolution in financial service and customer relationship management (CRM) is as much about changing characteristics of customer communication than anything else here we look at the characteristics of the connection and why so much is changing.

Information is the Main Ingredient
The raw material of the customer relationship is information and the workings of the relationship manifest themselves in how we transact that information. There is information about the customer that, if know by the bank, can provide us with better insight to define a more targeted customer strategy. It is important that we can capture this is customer information effectively and organize it in a way that allows us to understand it, and leverage it later.
There is information describing our own business such as that describing our own business such as that describing our products and services, the actual customer portfolio and transaction history administered in the back office, the general market that we interact with and that affects our business. All of this needs to be managed in an integrated way.

There is no doubt that huge amount of effort are expended by people looking for, analysing and...