Ecrm in Online Banking
SUGI 29
Solutions
Paper 180-29
CRM: Making it Simple for the Banking Industry
Aslam Chaudhry, SAS Institute Inc., Cary, NC
ABSTRACT
Executing Customer Relationship Management (CRM) for the financial and banking industry involves many issues, including the use of unique processes and solutions. To be successful with CRM, financial and banking organizations must define and develop a business strategy as well as a supporting infrastructure for that strategy. SAS® Banking Intelligence Solutions can be used to complete these tasks smoothly and efficiently – even by the non-technical banking business user community. With SAS Banking Intelligence Solutions, banking and financial industry business users can quickly learn how to segment, cross-sell, up-sell, and retain customers. Additionally, the users can monitor customer life-cycle trends to aid customer portfolio management with a “customer equity” assets management focus.
INTRODUCTION
CRM is a business model that aligns product and sales strategies with customer requirements and preferences. Services are then provided in a timely manner using the channels that are preferred by the customers. Effective CRM starts by focusing on the development of business strategies and by aligning an organization to serve customers. These business strategies are then executed using CRM technology solutions. The most successful business strategies are developed only after an organization learns about customers’ behavior patterns and attitudes. Behavior studies show what products or services have been purchased in the past and what products or services are currently being bought. Attitudes studies show what customers are thinking and feeling about future buying decisions. Uncovering customers’ behavior patterns and attitudes involves collecting relevant transactional and survey data, placing the data into a data repository, and then applying analytical techniques. After the information is collected from the data, an
Solutions
Paper 180-29
CRM: Making it Simple for the Banking Industry
Aslam Chaudhry, SAS Institute Inc., Cary, NC
ABSTRACT
Executing Customer Relationship Management (CRM) for the financial and banking industry involves many issues, including the use of unique processes and solutions. To be successful with CRM, financial and banking organizations must define and develop a business strategy as well as a supporting infrastructure for that strategy. SAS® Banking Intelligence Solutions can be used to complete these tasks smoothly and efficiently – even by the non-technical banking business user community. With SAS Banking Intelligence Solutions, banking and financial industry business users can quickly learn how to segment, cross-sell, up-sell, and retain customers. Additionally, the users can monitor customer life-cycle trends to aid customer portfolio management with a “customer equity” assets management focus.
INTRODUCTION
CRM is a business model that aligns product and sales strategies with customer requirements and preferences. Services are then provided in a timely manner using the channels that are preferred by the customers. Effective CRM starts by focusing on the development of business strategies and by aligning an organization to serve customers. These business strategies are then executed using CRM technology solutions. The most successful business strategies are developed only after an organization learns about customers’ behavior patterns and attitudes. Behavior studies show what products or services have been purchased in the past and what products or services are currently being bought. Attitudes studies show what customers are thinking and feeling about future buying decisions. Uncovering customers’ behavior patterns and attitudes involves collecting relevant transactional and survey data, placing the data into a data repository, and then applying analytical techniques. After the information is collected from the data, an
References: [1] Peppers & Rogers Group. 2003. Peppers & Rogers Group white paper. CRM in a Down Economy… Revisited. Weathering the Economic Storm through Customer Relationship Strategies. [2] Griffin, Jill and Lowenstein, Michael W. 2001. Customer Winback – How to Recapture Lost Customers and Keep Them Loyal. JOSSY-BASS. San Francisco, CA. [3] Smith, Sylvana. 2003. SAS Institute white paper. SAS® Banking Intelligence Solutions for Customer Relationship Management. [4] Colvin, Geoffrey and Selden, Larry. 2003. Angel Customers & Demon Customers. Portfolio. NY, NY. CONTACT INFORMATION Your comments and questions are valued and encouraged. Contact the author at: Aslam Chaudhry SAS Institute Inc. SAS Campus Drive Cary, NC 27513 Email: Aslam.Chaudhry@SAS.com 11