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Tables of Contents for Crm in Financial Services
Chapter/Section Title
Page #
Page Count
About the authors
xi
 
List of contributors
xiii
 
Foreword from the Industry General Managers of IBM's Financial Services Sector
xv
 
Acknowledgements
xvi
 
Introduction
1
8
Bryan Foss
Merlin Stone
PART 1. WHERE ARE WE NOW IN CRM?
9
48
The state of CRM in financial services in the UK: promise vs reality
11
9
Ann Rodrigues
Merlin Stone
Introduction
11
1
Objectives
11
1
The survey
12
1
Overview of results
13
1
What is CRM?
13
1
Why do CRM?
14
1
People and organization
15
2
Data
17
1
IT
17
1
Obstacles to success
17
1
Time-scales
18
1
Who do respondents feel does it well?
18
1
Financial benefits
18
1
The future
19
1
Uncertain directions in Europe and South Africa
20
11
Paul Clutterbuck
Rohitha Perera
Merlin Stone
Introduction
20
2
The affluent and the mainstream
22
3
Looking inward: from mis-selling to brand power
25
2
Business, brand and product strategies: the ideal and the reality
27
1
Managing the waves of change
28
3
Assessing the quality of customer management in financial services
31
26
Michael Starkey
Neil Woodcock
Merlin Stone
The assessment model
31
3
Assessment results
34
4
Conclusions from CMAT assignments
38
2
CMAT financial services research in the USA and Canada
40
10
How North American financial services companies compare with the global CMAT R database
50
4
How North American and European retail banks compare in customer management
54
1
Conclusions
55
2
PART 2. WHERE ARE WE NOW IN E-BUSINESS?
57
98
E-business impact on customer management in financial services: an overview
59
15
Alison Spottiswoode
Abdelouahed El Marouani
What is e-business?
59
1
E-business customer impact
60
2
Critical success factors
62
1
E-business states and transformations
62
2
The state of e-business in financial services
64
1
Banking
65
4
E-financial services landscape in the early 21st century
69
1
Emerging technologies
70
1
Challenges faced by organizations in the financial services sector
71
1
What should financial service companies focus on for a sustainable future e-enabled gain?
72
1
Conclusion
73
1
The impact of e-business on financial services marketing and marketers
74
21
Alan Tapp
Clive Nancarrow
Merlin Stone
John Stubbs
Bryan Foss
Introduction and summary
74
3
The role of marketing
77
2
The shift of power to customers -implications for marketers
79
1
The direct marketing analogy
79
1
New business models for old?
80
2
The IT/marketing interface
82
1
The wireless Internet - real-time marketing?
82
2
Measurement and control
84
1
Customer insight
85
1
Case study - a bank
85
3
Knowledge management
88
1
The effect of e-media on marketing communications
89
1
Web sites
90
1
E-mail
91
1
Interactive TV
91
1
The impact of new technology on CRM
92
1
Appendix: Case studies
92
3
'E-business strategy' or just 'business strategy'
95
15
Barry Jerome
Introduction
95
1
Key issues
96
1
Approach
96
1
Vision and direction
97
2
Positioning
99
4
Value proposition
103
3
Capabilities required
106
1
Implementation plan
107
1
Conclusions
108
2
Managing marketing in the e-world
110
13
Tess Moffett
Paul Crick
Merlin Stone
Barry Jerome
Introduction - changing times, changing technologies
110
1
Issues - changing emphasis
111
2
The broadening armoury
113
1
The marketer's dilemma
114
1
Outbound vs inbound marketing
115
1
Global expectations locally met
116
1
Loss of control
117
1
Performance measures pose a problem
117
1
Knowledge management
118
1
Management processes
119
1
The role of account managers in marketing to intermediaries
120
1
Conclusion
121
2
The implications of e-commerce for strategy: UK case studies
123
13
Tim Hughes
Introduction
123
1
The case development approach
124
1
The significance of e-commerce in financial services
125
3
How different companies are approaching e-business
128
2
Key factors in developing effective strategies
130
3
An integrated or stand-alone approach?
133
1
Conclusions
133
3
Branch and virtual CRM - a Dutch case study: Rabobank
136
19
Gerard de Graaff
Introduction
136
1
Overview of retail banking in the Netherlands
137
3
Porter `five-forces' analysis
140
3
The idea behind the Rabobank
143
2
The virtual Rabobank initiatives
145
4
The Network Financial Institution
149
1
Comparison between Rabobank and NFI model
150
2
Rabobank and CRM
152
1
Requirements for success
153
2
PART 3. SECTOR SITUATION
155
70
The life and pensions industry: the UK situation compared with other countries
157
17
David Taylor
Clare Seah
Christopher Cannon
Introduction
157
1
Trends
158
1
The 1 per cent world
158
7
Alliance management
165
1
Depolarization
165
2
Rationalization
167
1
Effective IFA distribution
168
1
Direct
169
1
Alternative market access - worksite marketing channel of opportunity?
169
1
Integrated multi-channel distribution
170
1
Regulation
171
1
Know where you are
172
1
Strategic evaluation
173
1
Trends in insurance CRM
174
25
Bryan Foss
Merlin Stone
Fola Komolafe
Customer value management analysis
176
3
What insurance customers want
179
6
Current marketing strategies
185
9
The way forward - some strategies for success
194
3
Using these concepts to develop a successful insurance marketing strategy
197
2
The evolution of CRM in banking
199
11
Merlin Stone
Richard Lowrie
Bryan Foss
Fola Komolafe
Changing industry structure
202
1
Customer value management
203
2
The view from customers
205
5
CRM in investment banking and financial markets
210
15
Genevieve Findlay
Peter Mathias
Paris de L'Etraz
Merlin Stone
Introduction
210
1
The CRM challenge
211
1
What clients want from their banks
212
1
Core providers
213
3
Non-core providers
216
1
The technology trap
216
2
Seeing real return on CRM investment
218
4
Case study: Implementing and maintaining a global CRM strategy
222
3
PART 4. UNDERSTANDING CUSTOMERS
225
44
Making the most of your customer base
227
17
Merlin Stone
Tony Woods
The problem
227
1
The general situation of CRM in financial services
228
2
Cross-selling
230
4
The problem with generalized cross-selling
234
2
The mirage of cross-selling
236
1
Conclusion
237
1
Appendix; The algebra of cross-selling
238
6
The meaning and measurement of customer retention
244
17
Edward Aspinall
Clive Nancarrow
Merlin Stone
Bryan Foss
The importance of customer retention
244
1
The meaning of customer retention in a database environment
245
2
The concept of loyalty
247
2
The research programme
249
1
Research findings
250
9
Conclusions
259
2
Business-to-business segmentation in financial services
261
8
Bryan Foss
Merlin Stone
Introduction
261
1
Why are segmentation and targeting important in both B2C and B2B?
262
1
Which companies should be interested in B2B segmentation?
262
1
Requirements for success
263
3
Some ways in which e-commerce changes the financial services value-chain rules
266
1
The developing role of e-markets in B2B
267
1
Turning B2B segmentation and targeting into business cases and profit
268
1
Checklist for action
268
1
PART 5. SYSTEMS AND DATA
269
50
Strategic IT issues in financial services
271
9
John Carter
Bryan Foss
Introduction
271
1
Beyond 2000
272
2
Beyond 2001
274
2
The status of IT in financial services
276
2
Priorities for financial services IT
278
2
Achieving ROI from e-business systems in financial services
280
22
Bryan Foss
Colin P Devonport
Paul McDaid
The Networked Financial Institution business solution components
280
2
Gaining a good return on investment from e-business project actions
282
3
E-business integration drives ROI
285
1
Accelerating ROI achievement in e-business projects
286
6
Pulling it all together on the screen - the integrated portal
292
1
EBI - e-business infrastructure
293
3
Critical success factors and conclusions
296
2
Case study: Inside Big Blue's CRM transformation
298
4
Data management - moving from CRM to e-business customer management
302
17
Berenice Winter
Michael Page
Introduction
302
1
Building better relationships
303
1
Data capture
303
5
Data systems
308
4
Data quality and maintenance
312
2
Data analysis
314
2
Data security
316
1
Conclusion
317
2
PART 6. RISK AND COMPLIANCE
319
66
Managing customers in a world of risk
321
10
David La Bouchardiere
Maureen Madden
Greg Scorziello
Merlin Stone
Introduction
321
1
Issues
322
2
Solutions
324
3
Present problems
327
1
Case study
328
1
Conclusion
329
2
Customer service, complaints management and regulatory compliance
331
21
Joy Terentis
Fabian Sander
David Cox
Merlin Stone
Maureen Madden
Introduction
331
1
Impact of the FSA complaints requirements
332
1
Other financial services complaint standards and requirements
333
1
Customer service and complaints management survey
334
1
Centralization vs decentralization of customer service
335
2
Channels of communication for inbound customer contacts
337
1
Customer service and complaints handling processes
337
2
Compliance and data protection
339
1
Customer service and complaints handling - personnel issues
339
2
Customer services and complaints handling technology
341
1
Functionality provided by systems
342
2
Use of new media
344
1
Customer service - improvement and strategic goals
345
1
Best-case scenario
346
1
Worst-case scenario
346
1
Recommendations
347
4
Conclusion
351
1
Data protection
352
17
Genevieve Findlay
Merlin Stone
Matt Leonard
Martin Evans
Barry McEnroe
Introduction
352
1
Overview
353
2
Resolving the problems
355
1
Current trends in data protection
356
2
How do customers feel about this?
358
1
How to improve the quality of customer data management
359
1
Managing the customer experience
360
1
Managing customer data internally
361
1
Internal data audits should be undertaken at regular intervals
362
3
How to become compliant - an example
365
1
Conclusions
366
1
Appendix: Expert opinion
367
2
Money laundering
369
16
Kevin La Croix
What is money laundering?
369
2
The customer proposition from the criminal's point of view
371
1
The impact of organized terrorism
371
1
The effect of money laundering
372
1
The `chokepoints' in the money laundering process
372
1
Implications for financial services systems involving customers
373
2
Appendix
375
10
PART 7. CHANNELS AND VALUE CHAIN ISSUES
385
124
Managing customers in retail bank branches
387
15
Merlin Stone
Chandra Kiran
Tamsin Brew
David Selby
Cycles of change
388
1
The requirements of the branch portal era
389
1
Branch strategy and business models
389
2
Initiatives for distribution re-engineering
391
1
Success stories
392
8
Conclusion
400
2
The impact of e-commerce on UK financial services product providers and their intermediary relationships
402
32
Philip Aitchison
Introduction
402
1
UK product providers in evolution
403
3
The independent financial adviser marketplace
406
5
Our research
411
13
Recommendations and conclusions
424
10
Deconstructing the value chain: property and casualty insurance servicing
434
14
Paul Greensmith
Peter Routledge
Stuart Degg
Cathy Pickering
Merlin Stone
Introduction
434
1
Will value chain deconstruction emerge?
435
2
Current forces driving the economic rationale
437
2
Application to insurance servicing
439
4
Structural profitability pressures and options for P&C carriers
443
4
Overall conclusion
447
1
Direct insurance
448
20
Bryan Foss
Merlin Stone
Roy Sheridan
The direct insurance value chain
450
1
The nature of the insurance value chain
451
8
The advent of outsourcing and sharing data
459
2
Innovative techniques for obtaining customer feedback
461
4
Issues raised by the success of direct insurance
465
1
Conclusions from the direct insurance experience
466
2
CRM partnership between banks and insurers in practice -a case study
468
16
Vince Mason
Merlin Stone
Introduction
468
1
Company background
469
1
Role of the customer database
470
1
The insurer's database initiative
471
1
Improving customer profitability
472
4
Making use of the analysis
476
1
Case study of a specific bank partner portfolio
477
2
The core issue - gaining cooperation
479
3
Conclusion
482
2
Managing customers with direct mail
484
25
Merlin Stone
Brian Scheld
Bryan Foss
Introduction
484
1
Background
485
2
Improving the situation - where should companies start?
487
3
Using mail stage by stage
490
1
Relationship policies
491
9
Technical issues
500
7
Recommendations
507
2
PART 8. IMPLEMENTATION
509
58
Managing value in e-business
511
16
Emma Cullen
Merlin Stone
Martin Hattenbach
Ted Strader
The nasty questions
511
1
Current lack of strategic focus
512
1
Achieving sustainable benefits from IT investment
512
1
Developing the business case
513
1
Why develop a business case?
514
1
Business case planning approach
514
1
The critical path for a business case
515
6
Some final thoughts
521
1
Conclusion
522
1
Appendix: A case study
522
5
Implementing CRM
527
29
Merlin Stone
Bryan Foss
Neil Woodcock
Michael Starkey
John Mullaly
Liz Machtynger
Rich Harvey
Brian Scheld
Introduction
527
1
CRM programmes do fail!
528
5
Project sponsorship
533
2
Work planning
535
1
Communication
536
1
Encouraging change
537
1
The role of staff and customer research
538
1
The change implied by customer management
539
1
Measurement
539
1
People issues
540
1
Structuring the organization for customer management
541
4
Programme management and people
545
2
The CRM team and its management
547
1
Knowledge management
548
1
The five key elements of success revisited
549
2
Adapting the CMAT model for people management
551
1
Case study: Global CRM programmes in insurance
552
3
Summary of implementation essentials
555
1
Motivating people to manage customers - through their pay
556
11
David Port
Introduction
556
1
Increased competition and market segmentation
557
1
Case study 1: Global investment bank drives more business, more profitably
558
1
The need for efficient multi-channel distribution
559
1
Case study 2: Delivering integrated multi-channel distribution
560
1
Current compensation schemes are inadequate
561
1
Case study 3: Driving performance through the branch network
562
1
The enterprise incentive management approach
563
1
Case study 4: Influencing product mix within targeted market segments delivers value
564
1
Conclusion
565
2
PART 9. MAKING THE MOST OF YOUR (MOST VALUABLE?) CUSTOMERS
567
70
Managing wealth? Are you? Really?
569
6
Kevin La Croix
Merlin Stone
Rohitha Perera
Bridging the wealth management gap
575
22
Tamsin Brew
Rohitha Perera
Merlin Stone
Ica Van Eeden
Introduction
575
1
Definition
575
1
The market
576
1
The response of suppliers
577
2
The economics of wealth management
579
2
The wealth management Gap
581
2
Looking more, closely at customer needs
583
1
The family office
583
2
The `wealth management loop'
585
2
Essential wealth management capabilities
587
1
Case study: A South African private bank
587
3
New competitors and potential threats to financial services organizations
590
2
Lifestyle managers
592
2
Product and account aggregators
594
1
The revised wealth management market map
595
1
The future of wealth management?
596
1
Conclusion
596
1
Building the private banking customer experience
597
8
Rohitha Perera
Tamsin Brew
Introduction
597
1
The market - attractive but demanding and expensive to serve
597
1
Challenges facing private banks
598
1
The hierarchy of customer experiences
599
5
Conclusion
604
1
Managing wealth - a new approach in the UK
605
32
Merlin Stone
Introduction
605
1
Who are the new `mid-worth' customers?
606
2
What do mid-worth customers do with their money?
608
3
Risks and returns
611
1
The first wealth management principle - looking into the future
612
1
The second wealth management principle -understanding financial assets
613
7
Assessing risk
620
1
Demystification - and why have we had to wait so long?
621
2
The conceptual basis of the CWM proposition
623
2
The roles of advisers and investment managers
625
2
Simplifying wealth management
627
7
Assessing the quality of CWM's approach to customer management
634
2
Conclusion
636
1
PART 10. STRATEGIC IMPLICATIONS
637
58
Competitive advantage analysis
639
17
Kevin La Croix
Bryan Foss
Beating the others
639
1
How competitive advantage analysis works
640
1
Competitive advantage analysis - the five-step method
641
1
Step 1: Differences are neither good nor bad - they are just differences
641
1
Step 2: From many differences a few advantages may be born
642
2
Step 3: Dominant, important and useful competitive advantages
644
1
Step 4: The characteristics of competitive advantage
645
8
Step 5: The competitive advantage horizon
653
2
Fixing the problems of the enterprise
655
1
The customer service gap
656
10
Kevin La Croix
The weakness in the customer proposition
656
1
Service gaps start at the top - Service Gap 1
657
2
Service gaps are closed by sensible standards - Service Gap 2
659
2
Company resources must be obsessively focused on service standards - Service Gap 3
661
1
Bragging about the right things - Service Gap 4
662
1
The common element in customer service
663
3
Competing for customers in an era of change
666
12
Vikram Lund
Introduction
666
1
Where do you stand today?
667
1
Where will you stand tomorrow?
668
1
Four `centric' business models
668
2
The customer-centric model
670
1
The production-centric model
671
2
The market-centric model
673
1
The fulfilment-centric model
674
2
Are you ready?
676
1
Preparing for the future
676
2
Managing change
678
17
Kevin La Croix
Merlin Stone
Fola Komolafe
Changes and trends
678
1
Are these trends permanent?
679
2
Access
681
4
The overall result
685
1
Managing change
685
2
The need for balance
687
2
Case study: Changes in the UK financial services industry - life and pensions
689
3
Conclusion
692
3
Index
695