Celent estimates that IT spending on customer relationship strategy by North American banks will reach US$1.9 billion in 2005. This figure will rise to US$2.2 billion in 2007 as banks pursue their journey to becoming customer-centric.
Over the years, North American business culture has proven time and again that the customer is king. Customers have become accustomed to owning, directing and controlling the relationships they forge with suppliers. Successful businesses in all industries, have grown to understand that their top priority is the customer. Failure to recognize this priority is a grave mistake that could lead to imminent demise.
The banking industry is no exception to this cardinal rule. In fact, given the competitive nature and complexity of the industry and its operations, prioritizing the customer must be a top concern. Building, enhancing and nurturing relationships is very much in the best interest of banks�satisfied customers are loyal customers. Loyal customers drive future bank revenues and can be excellent sources of opportunity down the road.
In a new report, A Fresh Start To Customer-Centricity, Celent will take a look back at bank CRM initiatives and analyze what went wrong. The report will offer solutions for banks that will assist in overcoming challenges and avoiding pitfalls. In addition to charting a roadmap, Celent will explore the current state of sales, marketing and customer service initiatives at banks today. The report will also identify best practices and strategically analyze trends and growth areas for 2005 and beyond.
“By focusing on the epicenter of business processes, people and technology, banks will proudly travel down the path to building, nurturing, solidifying and growing customer relationships and interactions,” says Jacob Jegher, senior analyst in Celent’s banking group and author of the report. “This intersection represents the lifeblood and direction of a strategic, forward-thinking customer-centric bank.”
This 26-page report contains 6 figures and 1 table.
A Table of Contents is available online.