TechnologyAccounting SoftwareBanks set to invest in CRM

Banks set to invest in CRM

A new report by Datamonitor reveals that European retail banks will spend $2.4bn on customer relationship management by 2003. The report notes, “as competition in banking intensifies and the margin spread between borrowing and lending is on a cyclical decline, banks can no longer be certain that growth of future revenue will come from customer acquisition.

Instead, future market share will depend on building and strengthening added value relationships with existing customers – the key goal of customer relationship management strategy.”

The report demands that external service providers seize opportunities in the CRM market before the year 2000, while internal IT resources are tied up in Y2K and EMU. A full copy of the report is available from www.datamonitor.com.

Related Articles

5 key tech innovations helping accountants transform their businesses

Accounting Software 5 key tech innovations helping accountants transform their businesses

3w Heather Darnell, Founder of Ask the BOSS
Finance and the tech foundation: what’s needed to deliver impactful business insights?

Accounting Software Finance and the tech foundation: what’s needed to deliver impactful business insights?

3m Workday | Sponsored
Best accounting software for businesses in the UK

Accounting Software Best accounting software for businesses in the UK

3m Accountancy Age, Reporters
Making sense of enterprise tech concepts for finance teams

Accounting Software Making sense of enterprise tech concepts for finance teams

4m Workday | Sponsored
Open Banking: what you need to know

Accounting Software Open Banking: what you need to know

4m Edward Berks, Xero
Accountancy in the digital age: Flexibility, agility, efficiency

Accounting Software Accountancy in the digital age: Flexibility, agility, efficiency

6m Pegasus Software | Sponsored
Sage purchases Intacct in its largest ever acquisition

Accounting Software Sage purchases Intacct in its largest ever acquisition

10m Alia Shoaib, Reporter
5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

10m Alia Shoaib, Reporter