Bringing Customer Relationships Back into CRM Implementations

Bringing Customer Relationships Back into CRM Implementations

Over the past decade, few banks have seen the rewards promised despite significant investments in CRM systems. A 2009 study by Forrester Research indicated that 47% of CRM project implementations in the U.S. fail in their initial attempt. While specific reasons can be cited, CRM failure is most often tied to a poorly planned strategy. Over the past decade, many organizations grossly underestimated the extent of internal restructuring necessary to reap the full benefits of their CRM solutions. While CRM systems can definitely be a crucial part of the effort to develop and maintain healthy relationships with clients, it is merely a technological enabler. Therefore, designing a CRM system to support a business that is not already customer-centric is unlikely to deliver satisfying results. “In the end, CRM delivered a healthy amount of tactical benefits (improving employee productivity, streamlining processes, reducing cost, etc.) but did not move the needle on customer loyalty and experience,” wrote Bob Thompson of CustomerThink.

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About The Author, Michael Ruckman

During his career, Michael has worked both as a banker and as a consultant for retail banks in more than 30 countries around the world. He has delivered a variety of successful projects ranging from business strategy to the launch of fully transformed retail institutions.

Michael is known for his experience in retail bank management, distribution network development, alternative channel rollouts, sales development, alliances and ventures, systems implementation, and corporate culture development.

His work portfolio includes large-scale projects for brands such as Abbey National, Alfa-Bank, Atlantico (Millennium BCP), Banco Venezolano, BNP-Paribas, Citibank, ING, Vneshtorgbank, Bank Menatep SPb, Nadra Bank and many others.