Getting on the Right Lines

Many banks have recognised the importance of customer management and implemented some form of customer relationship management CRM system. However, many have not yet realised CRM's full potential, as they have yet to shift from a product-centric to a customer-centric operating model. This shift requires an integrated CRM framework where captured customer data is part of a closed loop decision support mechanism. The data is used to establish customers' lifetime analytics, which changes the marketing mix of price, product, place or distribution and promotion from static to dynamic.

The 'always on' capabilities of modern distribution channels allow institutions to receive instant feedback on their marketing programmes and change their marketing mix quickly to meet...