GartnerG2 Says New CRM Solutions Allow Financial Services Providers to Achieve Next Level of CRM Sophistication

The Latest on CRM In Financial Services Will Be Presented at Gartner CRM Fall Summit 2003, September 8-10

Stamford, CONN., September 3, 2003 — Many financial services firms have taken large financial risks during the past few years by implementing customer relationship management (CRM) technologies before they were mainstream. As other firms start to adopt the proven technologies, the risk-taking, early adopting financial services providers must begin to implement the next level of CRM solutions to retain their competitive advantage, according to GartnerG2, a research service of Gartner, Inc. (NYSE: IT and ITB).

“Financial services providers that already have a solid CRM foundation must take advantage of the new CRM applications and tools now available to bring them to the next level of sophistication and enable them to stay ahead of the mainstream competition,” said Kimberly Collins, research director for GartnerG2. “Firms that fail to do so risk not only their CRM strategies becoming tried-and-true competitive requirements, but also risk being overtaken by mainstream financial firms that can potentially achieve a quicker time to market.”

According to GartnerG2, eight key CRM solutions are emerging for financial services: call center text mining, event-triggering and profiling, lead management, optimization, marketing resource management, scenario planning, dynamic pricing tools and partner relationship management.

“This latest breed of CRM solutions will enable early adopters to improve targeting, empower sales, enhance existing functions, and extend CRM strategies further into the organization and out to channel partners,” said Collins.

Out of the eight new CRM applications available, some are more effective and critical to implement than others, depending on the particular sector within financial services.

In the retail financial services space, GartnerG2 highlights text mining, event-triggering and online profiling as the applications that will produce the best return.

“Text mining, event-triggering and online profiling will provide even greater customer insight that will improve customer relevancy by identifying appropriate opportunities at critical points in time,” said Collins. “However, optimization and cross-functional business process integration — for example, lead management — are essential for execution or the leads will quickly lose their intended value.”

For intermediary-based financial services companies such as insurance and investments, or those with extensive partner networks, partner relationship management (PRM) applications should be a primary focus.

“PRM will enable providers with independent partners to extend CRM beyond the enterprise,” said Collins. “PRM solutions will enable them to finally achieve a holistic customer strategy that extends across the value chain.”

Finally, corporate financial services providers should be concentrating on scenario planning and pricing tools, which will empower relationship managers to handle corporate clients? portfolios more profitably while mitigating risk.

“Those tools will be important to corporate financial services providers, enabling them to drive greater customer value through the empowerment and accountability of the relationship manager,” said Collins.

This information is taken from a research note by Kimberly Collins titled Eight New CRM Solutions Are Emerging for Financial Services. The report details the eight new solutions available for financial services firms and how best to implement them. The report is available for purchase at

Further research on CRM within financial services will be presented at the Gartner CRM Fall Summit 2003, being held September 8-10 at the Century Plaza Hotel and Spa in Los Angeles, California. During the summit, 30 Gartner analysts will lead more than 60 sessions that will focus on a wide range of timely CRM topics, including vendor ratings, return-on-investment measurement, contract negotiation and best practices for revitalizing a CRM project.

About GartnerG2

GartnerG2 is a research service from Gartner that helps business leaders guide and grow their businesses. It offers a steady stream of relevant data and insights related to companies, markets, and the external forces affecting businesses today, and in the future. For more information about GartnerG2 services, please visit

About Gartner, Inc.

Gartner, Inc. is a research and advisory firm that helps more than 10,000 clients leverage technology to achieve business success. Gartner’s businesses are Research, Consulting, Measurement, Events and Executive Programs. Founded in 1979, Gartner is headquartered in Stamford, Conn., and has more than 3,800 associates, including approximately 1,000 research analysts and consultants, in more than 75 locations worldwide. Revenue for calendar year 2002 totaled $888 million. For more information, visit

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