Financial institutions should 'boost trust' with CRM

A new report has outlined some of the most important industries in which customer relationship management (CRM) and business management software could be used to great effect.

According to European-based research distributed this week by Atos Worldline and the European Financial Management & Marketing Association (EFMA), banks should push towards impressing former, current and possible clients with a more personal approach to finance.

As a result, these financial institutions must rethink their CRM approach and reposition to put the consumer "at the heart of their global strategy" in order to win customers back.

The report added that by finding the optimum balance between financial investments and satisfying customers' needs, maximum profit will be generated.

The pair continued: "In this context, going back to finance basics seems inevitable, but not without following a 'customer-centric' approach leading to a more meaningful relationship with the clients."

As a result, businesses must go about improving customer understanding by retaining behavioural and relational characteristics while also identifying the customer's favourite channels of service and repositioning others depending on profitability.

The EFMA was formed in 1971 and gathers over 2,000 different brands in financial services worldwide, including 80 per cent of Europe's largest banking groups.

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