Authors: George J. Siomkos, Ioannis S. Tsiames
Addresses: Athens University of Economics and Business, Patission 76, 104 34 Athens, Greece. ' Athens University of Economics and Business, Patission 76, 104 34 Athens, Greece
Abstract: The once familiar and distinct territories known as the banking industry, insurance industry and securities industry are quickly disappearing. Deregulation, technology, changes in legal systems and global competition are blurring the lines that traditionally used to define the financial services markets – geography, product offerings, financial barriers, time differences and distribution channels. Instead of going to the bank or an insurance company, people are more likely to visit an automated teller machine (ATM), a kiosk, or a website, where they can also check their stock portfolio or compare insurance rates online. Faced with an increasing array of financial products and services, customers are expecting more from providers in terms of customised offerings, value, ease of access and personalised service. It is now difficult for financial institutions to differentiate their products solely based on price. This paper discusses the changing financial services industry, the evolution of customer relationship management (CRM) services and outlines the way in which analytical CRM can help financial organisations build customer and channel loyalty, enhance customer relationships and increase customer, channel and product profitability and market share.
Keywords: customer relationship management; analytical CRM technologies; financial services institutions; financial services marketing; marketing tools; customer loyalty; channel loyalty.
International Journal of Financial Services Management, 2006 Vol.1 No.2/3, pp.215 - 231
Available online: 03 May 2006 *Full-text access for editors Access for subscribers Purchase this article Comment on this article