Tom Pringle, Call Centers & CRM analyst , Datamonitor You Asked In which CRM technology areas should banks focus and invest in order to realize maximum value?

Many retail banks have already invested in operational CRM (oCRM). These solutions include sales, marketing and service automation. Datamonitor considers analytical CRM (aCRM) to be the logical evolution of the CRM project with enterprises investing in technology to leverage customer data.

aCRM is a branch of the better-known business intelligence group of technologies. It is the active collection, organization and analysis of customer data held across the enterprise from oCRM systems, to financial transaction records.

aCRM delivers value in a number of ways useful for banks:

• aCRM can help leverage prior investment in oCRM solutions by using the customer data stored in them;
• aCRM builds enterprise value. Understanding the buying habits, behaviors and interactions of the customer base means banks can better serve their customers;
• aCRM builds customer value. Better understanding of customers delivers more tailored products, services and offers which can help generate customer loyalty.

In a period of rising competition and product homogeneity banks should be looking for ways to differentiate themselves. More personalized service and products enabled through utilizing aCRM solutions can be one way of achieving this.

It is important to push this information to the right people. Traditionally analytics have been the preserve of a small group of power users, realizing its full value means giving the information a wider audience. Branch and call center employees are prime candidates, granting them access to analysis will allow them to tailor their customer interactions rather than 'flying blind'.

Tom is an analyst in the CRM and call centers technology group. Tom’s projects include management of Datamonitor’s industry-standard Recording Industry Quarterly (RIQ), the global Workforce Optimization Technologies (WOTs) market (including quality monitoring, workforce management, agent analytics and eLearning), global CRM markets and broad exposure to voice business. Datamonitor