Customer Service

Topics: Customer relationship management, Customer service, Marketing Pages: 12 (2798 words) Published: May 18, 2013

Customer Relationship Management Strategies in Financial Services Achieving high performance and profiting from innovations in CRM Financial Services Management Report

The contrasts between transaction and relationship marketing Transaction marketing Focus on single sales Emphasis on product features Short timescales Relationship marketing Focus on customer retention and customer loyalty Emphasis upon product benefits that are meaningful to the customer Long timescales that recognize short-term costs may be higher but so will long term profits Emphasis upon higher levels of service that are possibly tailored to the individual customer High customer commitment High customer contact with each contact being used to gain information to build the relationship The entire organization shares a commitment to

Little emphasis on customer retention

Limited customer commitment Moderate customer contact

Quality is the concern of production and no-one else

Source: CRM Strategies in Financial Services

“There are sound financial reasons for the growing popularity of relationship marketing: research has shown that the cost of attracting a new customer is estimated to be five times the cost of keeping a current customer happy...”

Create successful CRM strategies to improve customer satisfaction and loyalty using this report’s examination of effective techniques for identification of potential switchers, the key causal factors of defection and which customers are most profitably retained...

Business Intelligence for the Financial Services Industry
Business Insights’ portfolio of financial services management reports are designed to help you make well informed, timely business decisions. We understand the problems facing today’s financial services executives when trying to drive your business forward, and appreciate the importance of accurate, up-to-date, incisive product, market and company analysis. We help you to crystallize your business decisions. The strength of our financial services research and analysis is derived from access to unparalleled databases and libraries of information and the use of proprietary analytic techniques. Business Insights reports are authored by independent experts and contain findings garnered from dedicated primary research. Our authors’ leading positions secure them access to interview key executives and to establish which issues will be of greatest strategic significance for the industry. Our financial services portfolio of reports can be used across a wide range of business functions to assess market conditions and devise future strategies. The order form on the back of this brochure lists titles available within the . following categories: Banking, Finance, Insurance, Wealth Management, Investment and Strategy.

Examining the Key Issues
Reasons for customer preference for face-to-face contact

Personal/one-to-one contact Know who I am dealing with Like to see things in black and white Need advice Trust/advice Good relationship with current provider Not treated like a number Don't like the phone 0% 10% 20% 30% 40% 50% 60% 70% 80%

• Price competition. Low rate deals are driving switching contributing to reduced profits for mortgage lenders. This report suggests to how lenders can offer incentives for customer retention whilst avoiding price discounts. • CRM IT solutions. Many analysts believe that often investment is wasted without adequate expenditure on staff training. In addition many are yet to identify their most profitable customers, those most likely to switch and the key factors driving satisfaction • Customer ownership. Traditional organization around business lines can prevent an holistic view of customers needs. This report considers a variety of organisational structures and evaluates how they relate to customer satisfaction. • Distribution strategies. This report examines the changing role of routes such as branch networks for banks and...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Gap Model in Services Marketing Research Paper
  • Customer is King: Evolution of the Retail Food Industry Essay
  • Strategic Management and Customer Service Essay
  • Customer Service Cv Template Essay
  • Implement Customer Service Essay
  • Customer Service Management Chapter 1 Questions Essay
  • Customer Satisfaction Essay
  • customer satisfaction Essay

Become a StudyMode Member

Sign Up - It's Free