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Customer intelligence is key to boosting profits

Customer intelligence is key to boosting profits

By SMBWorld Asia Editors | Aug 5, 2010

A new report entitled 'Maximizing Profitability through Increased Customer Intelligence in Retail Banking', states that banks have been saddled with multiple, overlapping systems providing glimpses of insight into their often customers.

In addition, research by Ovum’s parent company Datamonitor has revealed, many consumers have lost trust in their banks and are more willing since the credit crunch to shop around for financial products.

Avoid the 'hard sell'

Ovum believes banks must actively embrace service improvement activities; whether through improved targeting of the “right” customers, greater emphasis on providing a better integrated experience by synchronising contact channels, or recommending appropriate financial products without taking an obvious ‘hard sell’ approach.

“All these improvements aim at greater customer understanding which will ultimately translate into improved trust and maximised profits”, said Jaroslaw Knapik, senior analyst at Ovum and report co-author.

“Banks must attract new customers who will stay active not for a few months, but for years. Additionally, providers must reassess their approach to retaining existing customers; they must not simply retain but further monetise existing customers through gaining a better understanding how to more effectively cross-sell and up-sell their products and services.”

Customer intelligence furthers the CRM proposition
The Ovum report states that the growth of multi-channel propositions presents banks with the opportunity to gain a more complete understanding of core customers.

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