More NewsLack of Strategy and Defined Benchmarks Mean Poor Customer Relations

Lack of Strategy and Defined Benchmarks Mean Poor Customer Relations

According to new research from TowerGroup, poor planning and the inability of many financial institutions to measure results is a major problem for customer relationship management (CRM) programmes. The research report, CRM Metrics and the Myth of Benchmarks: How Smart Banks Measure Success, highlighted that: – Banks often did not set clear definitions for success, and lacked adequate ways of measuring their pre-CRM implementation status. Consequently, banks failed to set realistic goals. – There is little consensus from bankers on which combination of internal and external benchmarks are most appropriate. – Banks are poor at measuring the profitability of their customers.

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