CRM | Challenges in Financial Services
| As a financial service provider, you face challenges repeatedly. Increasing globalization requires maximum flexibility with individual solutions and services, which must always be transparent for the customer. In addition, new legal regulations demand expensive adjustments for those in the banking, insurance or leasing business. |  |
This was stated by Forrester in a recent study (Driving Product Cross-Sell At European Banks. Cliff Condon, Forrester Research, December 2005) about European banking, where only one third of those in the study felt they were treated fairly by their financial institution. Banks therefore need a new strategy for building and improving customer relations.
Challenges
- New acquisition
The sales, marketing, service departments must work in concert to serve the customer,
regardless as to whether direct with an account manager, via online banking, or receiving “customized” information as part of a marketing campaign. - Customer relations and increasing yields
- legal requirements
- compliance management
- data protection
- user rights and audit trails
“The speed of changes will clearly increase in the next 10 years. Current rising costs will accelerate industrialization in the insurance industry. The field sales force will bear the brunt of these changes. “ (Source: Insurance 2015: Approaches to Success in a Changing Market. Accenture and University of St. Gallen)
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MiFID meets CRM MiFID (Markets in Financial Instruments Directive) is implemented since November 1st 2007. It includes wide-ranging regulations for the establishing of a legal framework for the provision of trading services and alternative trading centres as well as the performing of trading transactions. Read on in our  MiFID Special. |
