Bankers use CRM to determine revenue

technology report

This year, according to a recent report, companies are using customer relationship management tools to improve their bottom line.

The findings of a recent Harte-Hanks survey of 464 North American businesses, revealed that companies with CRM systems are more focused

Gary Skidmore, president of CRM for Harte-Hanks, said, "To justify the expense of CRM projects, even in phases, a variety of metrics will be important to ensure continuation of CRM programs, engage users, and determine overall success." Other studies found similar results.

Sedona Corp., a provider of CRM solutions for small and mid-sized financial firms, took a closer look at how this specific group enlists CRM tools to measure profits.

Among banks that have already implemented a CRM solution, nearly seven out of 10 said they depend on additional methods of profitability analysis to determine their future success, according to the Sedona study, released in April.

While 92 percent of respondents said that customer retention was their top priority in using CRM tools, 55 percent of institutions said determining customer profitability factored heavily into their decisions. -K.E.H.