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Financial institutions urged to improve best practice in customer data management
Jul 6 2009, 13:08 PM
Banks and financial institutions are urged to do more to improve best practice in the way they collate and analyse their customer data.
Lindsay James, writing for onwindows.com, highlighted the importance of customer data management and in particular enhancing your data for marketing purposes.
Customer data management can be one way in which banks are able to establish the needs of consumers and adapt or target their services accordingly, she argued.
Max Fatouretchi, Microsoft's Dynamics Industry Manager for Microsoft Business Solutions told the website: "This [lack of consolidated customer information] can prevent banks from understanding their customers' needs and values.
"Not knowing how customers interact with a company is a liability: it decreases the ability to retain the best customers, deploy effective sales strategies and minimise risk through preventative outreach."
According to the Institute of Customer Service, despite the financial crisis, customer satisfaction with the banks has risen by 2% since July 2008, reports the Times.
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