Banks use CRM to automate critical processes

Customer relationship management (CRM) is not so much the cure-all for banks out to attract and retain profitable customers as the means to automating critical business processes, according to a regional study of private banking executives.

The study, The New Face of Banking in the Asia Pacific, by business rules software maker Pegasystems, shows that while most banks -- from large private operations to smaller ones in retail financial groups -- were implementing CRM projects, many were considering investing in automating workflows and managing business rules in order to increase their profitability. Conducted in February the survey studied the business impact of IT on wealth management services.

Respondents to the questionnaire said that while their organisations gave customers "hands-on access" through the Internet and online aggregration services, banks were seeking more value-add information tools to hook and retain their most profitable customers.

Banks found that value-add tools could be developed by automating business processes. Typical processes they improved in order to create value-added service were securities trading workflow tools, integrating customer data from legacy and third-party systems, and providing secure online messaging services.

Pegasystems Asia Pacific vice president Bruce Quick said of the results: "With more than 80 private banks in this region and in the face of ever-increasing competition, it's clear that organisations are thinking smarter to stay ahead of the market."

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