CRM in Financial Services: A Practical Guide to Making Customer Relationship Marketing Work - Softcover

Stone, Merlin; Foss, Bryan

Softcover

ISBN 10: 0749436964 ISBN 13: 9780749436964

Publisher: Kogan Page, 2002

Synopsis

CRM in Financial Services gives a whole host of suggestions as to how companies can improve their CRM and achieve the anticipated return on investment. It shows how to avoid the main problems and challenge some of the conventional wisdom about what is happening in the financial services market.

About this title

About the Authors

<p><b>Professor Merlin Stone </b>is one of the UK's top specialists in changing organisational capability to meet the needs of customers and stakeholders. His experience covers many sectors, and he also trains, coaches and mentors senior managers. He is Research Director and Director responsible for the Customer, Citizen and Stakeholder Management Practice at WCL, specialists in change management and customer/stakeholder management.<br><br><b>Merlin Stone</b> is author or co-author of many articles and thirty books on transforming marketing, sales and customer service capabilities, including <i>Customer Relationship Marketing</i>, <i>Consumer Insight</i>, <i>Marketing Revolution</i> and <i>Business Solutions on Demand</i>. The UK's Chartered Institute of Marketing listed him in 2003 as one of the world's top 50 marketing thinkers, while NOP World nominated him in 2004 as one of 100 most influential individuals for their input and influence on the development and growth of e-commerce and the internet in the UK over the previous 10 years. He is an Fellow of the Chartered Institute of Marketing and an Honorary Life Fellow of the UK's Institute of Direct Marketing. He is also on the editorial advisory boards of several academic journals and writes for several trade publications.<br><br><b>Merlin Stone</b> has a first class honours degree and doctorate in economics from Sussex University, UK. In parallel to his business career, he has also pursued a full academic career. He has held senior academic posts at various universities. He is now a part-time professor at Bristol Business School and a visiting professor at several others.</p>

<b>Bryan Foss</b> is an independent non-executive director (NED), board level adviser, mentor and Visiting Professor. The majority of his work is in board governance and risk management (including operational, systems and data risks), also Business-to-Business marketing and sales, including international Key Account and partner management, SMB marketing and through-the-value-chain distribution management to employees and consumers. Bryan has a combination of commercial, regulatory, academic and professional roles, he is also an active board mentor for a very wide variety of organisations and individuals.

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<p>Introduction<br><br> Bryan Foss and Merlin Stone<br><br> Part 1. Where are we now in CRM?<br><br> Chapter 1 The state of CRM in financial services in the UK: promise vs. reality<br><br> Ann Rodrigues (Hoggett Bowers) and Merlin Stone<br><br> Introduction; Objectives; The survey; Overview of results; What is CRM?; Why do CRM?; People and organization; Data; IT; Obstacles to success; Time-scales; Who do respondents feel do it well?; Financial benefits; The future<br><br> Chapter 2. Uncertain directions in Europe and South Africa<br><br> Paul Clutterbuck, Rohitha Perera and Merlin Stone<br><br> Introduction; The affluent and the mainstream; Looking inward: from mis-selling to brand power; Business, brand and product strategies: the ideal and the reality; Managing the waves of change<br><br> Chapter 3. Assessing the quality of customer management in financial services<br><br> Michael Starkey, Neil Woodcock and Merlin Stone<br><br> The assessment model; Assessment results; Conclusions from CMAT assignments; CMAT financial services research in the USA and Canada; How North American financial services companies compare with the global CMAT R database; How North American and European retail banks compare in customer management; Conclusions<br><br> Part 2. Where are we now in e-business?<br><br> Chapter 4. E-business impact on customer management in financial services: an overview<br><br> Alison Spottiswoode and Abdelouahed El Marouani<br><br> What is e-business?; E-business customer impact; Critical success factors; E-business states and transformations; The state of e-business in financial services; Banking; E-financial services landscape in the early 21st century; Emerging technologies; Challenges faced by organizations in the financial services sector; What should financial service companies focus on for a sustainable future e-enabled gain?; Conclusion<br><br> Chapter 5. Impact of e-business on financial services marketing and marketers<br><br> Alan Tapp, Clive Nancarrow, Merlin Stone, John Stubbs and Bryan Foss<br><br> Introduction and summary; The role of marketing; The shift of power to customers -- implications for marketers; The direct marketing analogy; New business models for old?; The IT/Marketing interface; The wireless Internet -- real-time marketing?; Measurement and control; Customer insight; Case study -- a bank; Knowledge management; The effect of e-media on marketing communications; Web sites; E-mail; Interactive TV; The impact of new technology on CRM; Appendix: Case studies<br><br> Chapter 6. 'E-business strategy' or just 'business strategy'<br><br> Barry Jerome<br><br> Introduction; Key issues; Approach; Vision and direction; Positioning; Value proposition; Capabilities required; Implementation plan; Conclusions<br><br> Chapter 7. Managing marketing in the e-world<br><br> Tess Moffett, Paul Crick, Merlin Stone and Barry Jerome<br><br> Introduction -- changing times, changing technologies; Issues -- changing emphasis; The broadening armoury; The marketer's dilemma; Outbound versus inbound marketing; Global expectations locally met; Loss of control; Performance measures pose a problem; Knowledge management; Management processes; The role of account managers in marketing to intermediaries; Conclusion<br><br> Chapter 8. The implications of e-commerce for strategy: UK case studies<br><br> Tim Hughes<br><br> Introduction; The case development approach; The significance of e-commerce in financial services; How different companies are approaching e-business; Key factors in developing effective strategies; An integrated or stand-alone approach?; Conclusions<br><br> Chapter 9. Branch and virtual CRM -- a Dutch case study: Rabobank<br><br> Gerard de Graaf<br><br> Introduction; Overview of retail banking in the Netherlands; Porter five forces analysis; The idea behind the Rabobank; The Virtual Rabobank initiatives; The Network Financial Institution; Comparison between Rabobank and NFI model; Rabobank and CRM; Requirements for success<br><br> Part 3. Sector situation<br><br> Chapter 10. The life and pensions industry: the UK situation compared with other countries<br><br> David Taylor, Clare Seah and Christopher Cannon<br><br> Introduction; Trends; The 1 per cent world; Alliance management; Depolarization; Rationalization; Effective IFA distribution; Direct; Alternative market access -- worksite marketing; channel of opportunity?; Integrated multi-channel distribution; Regulation; Know where you are; Strategic evaluation<br><br> Chapter 11. Trends in insurance CRM<br><br> Bryan Foss, Merlin Stone and Fola Komolafe<br><br> Customer value management analysis; What insurance customers want; Current marketing strategies; The way forward -- some strategies for success; Using these concepts to develop a successful insurance marketing strategy<br><br> Chapter 12. The evolution of CRM in banking<br><br> Merlin Stone, Richard Lowrie, Bryan Foss and Fola Komolafe<br><br> Changing industry structure; Customer value management; The view from customers<br><br> Chapter 13. CRM in investment banking and financial markets<br><br> Genevieve Findlay, Peter Mathias, Paris de L'Etraz and Merlin Stone<br><br> Introduction; The CRM challenge; What clients want from their banks; Core providers; Non-core providers; The technology trap; Seeing real return on CRM investment; Case study: Implementing and maintaining a global CRM strategy<br><br> Part 4. Understanding customers<br><br> Chapter 14. Making the most of your customer base<br><br> Merlin Stone and Tony Woods<br><br> The problem; The general situation of CRM in financial services; Cross-selling; The problem with generalized cross-selling; The mirage of cross-selling; Conclusion; Appendix: The algebra of cross-selling<br><br> Chapter 15. The meaning and measurement of customer retention<br><br> Edward Aspinall, Clive Nancarrow, Merlin Stone and Bryan Foss<br><br> The importance of customer retention; The meaning of customer retention in a database environment; The concept of loyalty; The research programme; Research findings; Conclusions<br><br> Chapter 16. Business-to-business segmentation in financial services<br><br> Bryan Foss and Merlin Stone<br><br> Introduction; Why are segmentation and targeting important in both B2C and B2B?; Which companies should be interested in B2B segmentation?; Requirements for success; Some ways in which e-commerce changes the financial services value-chain rules; The developing role of e-markets in B2B; Turning B2B segmentation and targeting into business cases and profit; Checklist for action<br><br> Part 5. Systems and data<br><br> Chapter 17. Strategic IT issues in financial services<br><br> John Carter and Bryan Foss<br><br> Introduction; Beyond 2; Beyond 21; The status of IT in financial services; Priorities for financial services IT<br><br> Chapter 18. Achieving RoI from e-business systems in FS<br><br> Bryan Foss, Colin P Devonport and Paul McDaid<br><br> The Networked Financial Institution (NFI) business solution components; Gaining a good return on investment from e-business project actions; E-business integration drives ROI; Accelerating ROI achievement in e-business projects; Pulling it all together on the screen -- the integrated portal; EBI -- e-business infrastructure; Critical success factors and conclusions; Case study: Inside Big Blue's CRM transformation<br><br> Chapter 19. Data management -- moving from CRM to e-business customer management<br><br> Berenice Winter and Michael Page<br><br> Introduction; Building better relationships; Data capture; Data systems; Data quality and maintenance; Data analysis; Data security; Conclusion<br><br> Part 6. Risk and compliance<br><br> Chapter 20. Managing customers in a world of risk<br><br> David La Bouchardière, Maureen Madden, Greg Scorziello and Merlin Stone<br><br> Introduction; Issues; Solutions; Present problems; Case study; Conclusion<br><br> Chapter 21. Customer service, complaints management and regulatory compliance<br><br> Joy Terentis, Fabian Sander, David Cox, Merlin Stone and Maureen Madden<br><br> Introduction; Impact of the FSA complaints requirements; Other financial services complaint standards and requirements; Customer Service and Complaints Management Survey; Centralization vs. decentralization of customer service; Channels of communication for inbound customer contacts; Customer service and complaints handling processes; Compliance and data protection; Customer service and complaints handling -- personnel issues; Customer services and complaints handling technology; Functionality provided by systems; Use of new media; Customer service -- improvement and strategic goals; Best-case scenario; Worst-case scenario; Recommendations; Overall conclusion<br><br> Chapter 22. Data protection<br><br> Genevieve Findlay, Merlin Stone, Matt Leonard, Martin Evans and Barry McEnroe<br><br> Introduction; Overview; Resolving the problems; Current trends in data protection; How do customers feel about this?; How to improve the quality of customer data management; Managing the customer experience; Managing customer data internally; Internal data audits should be undertaken at regular intervals; How to become compliant -- an example; Conclusions; Appendix: Expert opinion<br><br> Chapter 23. Money laundering<br><br> Kevin Lacroix<br><br> What is money laundering?; The customer proposition from the criminal's point of view; The impact of organized terrorism; The effect of money laundering; The 'chokepoints' in the money laundering process; Implications for financial services systems involving customers; Appendix; Role of national legal systems in combating money laundering: scope of the criminal offence of money laundering; Provisional measures and confiscation; Role of the financial system in combating money laundering; Customer identification and record-keeping rules; Increased diligence of financial institutions; Measures to cope with the problem of countries with no or insufficient anti-money-laundering measures; Other measures to avoid money laundering; Implementation and role of regulatory and other administrative authorities; Strengthening of international cooperation: administrative cooperation/exchange of general information; Exchange of information relating to suspicious transactions; Other forms of cooperation; Focus of improved mutual assistance on money laundering issues<br><br> Part 7. Channels and value chain issues<br><br> Chapter 24. Managing customers in retail bank branches<br><br> Merlin Stone, Chandra Kiran, Tamsin Brew and David Selby<br><br> Cycles of change; The requirements of the branch portal era; Branch strategy and business models; Initiatives for distribution re-engineering; Success stories; Conclusion<br><br> Chapter 25. The impact of e-commerce on UK financial services product-providers and their intermediary relationships<br><br> Philip Aitchison<br><br> Introduction; UK product-providers in evolution; The independent financial adviser marketplace; Our research; Recommendations and conclusions<br><br> Chapter 26. Deconstructing the value chain: property and casualty insurance servicing<br><br> Paul Greensmith, Peter Routledge, Stuart Degg, Cathy Pickering and Merlin Stone<br><br> Introduction; Will value chain deconstruction emerge?; Current forces driving the economic rationale; Application to insurance servicing; Structural profitability pressures and options for P&C carriers<br><br> Chapter 27. Direct insurance<br><br> Bryan Foss, Merlin Stone and Roy Sheridan<br><br> The direct insurance value chain; The nature of the insurance value chain; The advent of outsourcing and sharing data; Innovative techniques for obtaining customer feedback; Issues raised by the success of direct insurance; Conclusions from the direct insurance experience<br><br> Chapter 28. CRM partnership between banks and insurance in practice -- a case study<br><br> Vince Mason and Merlin Stone<br><br> Introduction; Company background; Role of the customer database; The insurer's database initiative; Improving customer profitability; Making use of the analysis; Case study of a specific bank partner portfolio; The core issue -- gaining cooperation; Conclusion<br><br> Chapter 29. Managing customers with direct mail<br><br> Merlin Stone, Brian Scheld and Bryan Foss<br><br> Introduction; Background; Improving the situation -- where should companies start?; Using mail stage by stage; Relationship policies; Recommendations<br><br> Part 8. Implementation<br><br> Chapter 30. Managing value in e-business<br><br> Emma Cullen, Merlin Stone, Martin Hattenbach and Ted Strader<br><br> The nasty questions; Current lack of strategic focus; Achieving sustainable benefits from IT investment; Developing the business case; Why develop a business case?Business case planning approach; The critical path for a business case; Some final thoughts; Conclusion; Appendix: A case study<br><br> Chapter 31. Implementing CRM<br><br> Merlin Stone, Bryan Foss, Neil Woodcock, Michael Starkey, John Mullaly, Liz Machtynger, Rich Harvey and Brian Scheld<br><br> Introduction; CRM programmes do fail!; Project sponsorship; Work planning; Communication; Encouraging change; The role of staff and customer research; The change implied by customer management; Measurement; People issues; Structuring the organization for customer management; Programme management and people; The CRM team and its management; Knowledge management; The five key elements of success revisited; Adapting the CMAT model for people management; Case study: Global CRM programmes in insurance; Summary of implementation essentials<br><br> Chapter 32. Motivating people to manage customers -- through their pay<br><br> David Port<br><br> Introduction; Increased competition and market segmentation; Case study 1: Global investment bank drives more business, more profitably; The need for efficient multi-channel distribution; Case study 2: Delivering integrated multi-channel distribution; Current compensation schemes are inadequate; Case study 3: Driving performance through the branch network; The enterprise incentive management approach; Case study 4: Influencing product mix within targeted market segments delivers value; Conclusion<br><br> Part 9. Making the most of your (most valuable?) customers<br><br> Chapter 33. Managing wealth? Are you? Really?<br><br> Kevin La Croix, Merlin Stone and Rohitha Perera<br><br> Chapter 34. Bridging the wealth management gap<br><br> Tamsin Brew, Rohitha Perera and Merlin Stone<br><br> Introduction; Definition; The market; The response of suppliers; The economics of wealth management; The wealth management gap; Looking more closely at customer needs; The family office; The 'wealth management loop'; Essential wealth management capabilities; Case study: A South African private bank; New competitors and potential threats to financial services organizations; Lifestyle managers; Product and account aggregators; The revised wealth management market map; The future of wealth management?; Conclusion<br><br> Chapter 35. Building the private banking customer experience<br><br> Rohitha Perera and Tamsin Brew<br><br> Introduction; The market -- attractive but demanding and expensive to serve<br><br> Challenges facing private banks; The hierarchy of customer experiences; Conclusion<br><br> Chapter 36. Managing wealth -- a new approach in the UK<br><br> Merlin Stone<br><br> Introduction; Who are the new 'mid-worth' customers?; What do mid-worth customers do with their money?; Risks and returns; The first wealth management principle -- looking into the future; The second wealth management principle -- understanding financial assets; Assessing risk; Demystification -- and why have we had to wait so long?; The conceptual basis of the CWM proposition; The roles of advisers and investment managers; Simplifying wealth management; Assessing the quality of CWM's approach to customer management; Overall conclusion<br><br> Part 10. Strategic implications<br><br> Chapter 37. Competitive advantage analysis<br><br> Kevin La Croix and Bryan Foss<br><br> Beating the others; How competitive advantage analysis works; Competitive advantage analysis -- the five-step method; Step 1: Differences are neither good or bad -- they are just differences; Step 2: From many differences a few advantages may be born; Step 3: Dominant, important and useful competitive advantages; Step 4: The characteristics of competitive advantage; Step 5: The competitive advantage horizon; Fixing the problems of the enterprise<br><br> Chapter 38. The customer service gap<br><br> Kevin La Croix<br><br> The weakness in the customer proposition; Service gaps start at the top -- Service Gap 1; Service gaps are closed by sensible standards -- Service Gap 2; Company resources must be obsessively focused on service standards -- Service Gap 3; Bragging about the right things -- Service Gap 4; The common element in customer service<br><br> Chapter 39. Competing for customers in an era of change<br><br> Vikram Lund<br><br> Introduction; Where do you stand today?; Where will you stand tomorrow?; Four 'centric' business models; The customer-centric model; Production-centric model; The market-centric model; The fulfilment-centric model; Are you ready?; Preparing for the future<br><br> Chapter 40. Managing change<br><br> Kevin La Croix, Merlin Stone and Fola Komolafe<br><br> Changes and trends; Are these trends permanent?; Access; The overall result; Managing change; The need for balance; Case study: Changes in the UK financial services industry -- life and pensions; Overall conclusion</p>

Edition details

• Publisher: Kogan Page
• Publication date: 2002
• Language: English
• ISBN 10: 0749436964
• ISBN 13: 9780749436964
• Binding: Paperback
• Edition number: 1
• Number of pages: 480