Subscribe
“You want fries with that?”
Author: Bill Cusick
February 10, 2005
In the last ten years or so, we’ve seen an explosion of CRM products and innovations. There are millions of dollars being spent on software and initiatives to better and more profitably manage the customer relationship. So…let’s look at the results!
Research done by Haberfield and Associates, as described in latest ABA Banking Journal, looked at household penetration by product (checking accounts, cds, IRAs, etc.) from 1982, and then again in 2003. I’ll spare you all the stats and just give you the bottom line: with the exception of home equity lines of credit, there was no appreciable gain in household penetration. Meaning: for the bluster and all the cash expended, banks are no closer to successfully cross-selling customers than they were over twenty years ago.
Fairly amazing, isn’t it? It seems that banks might want to get back to the fundamentals regarding customer experience and cross-sell activity. Start with asking tellers to smile and say hello. You can get to the enterprise-wide CRM platform after learning to crawl. Baby steps…
No Comments »
No comments yet.
RSS feed for comments on this post.
