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CRM Metrics and the Myth of Benchmarks: How Smart Banks Measure Success

Product Type: Market Research Report
Published by: TowerGroup
Published: June 2004
Product Code: R301-1072
Description
This Research Note investigates the current state of CRM metrics in leading commercial banks around the globe, including the use of balanced scorecards and the challenges inherent in competitive benchmarking. Additionally, the Research Note reviews the difficulties that banks have had in building a CRM business case and the appropriate role of return on investment (ROI) measurements in the business case. The purpose of the research is to discuss some of the metrics currently in use for measuring CRM by forward-thinking institutions and to determine if there is a common set of metrics being used across regions - a superset of metrics that can be standardized for the banking industry.
Table of Contents
TowerGroup Take-Aways




Report Coverage




Addressing the ROI Issue

Building the Business Case for CRM




CRM Metrics


Exhibit 1: CRM Metrics Vary from Bank to Bank (2004)


The Role of Balanced Scorecards




Benchmarking CRM Results

Going Public with CRM Results


Exhibit 2: Wachovia Reports on Customer Satisfaction and Customer Attrition in the US (1999-2003)




Smart Banks/Good Data

Bank of America


Exhibit 3: Bank of America Improves Revenue and Earnings in Consumer and Small Business Segment (2003-04)

Exhibit 4: Bank of America s Key Consumer Metrics (2004)


PNC Bank


Exhibit 5: PNC Reports on Acquisition Success in Traditional Manner (2004)

Exhibit 6: Acquiring Primary Checking Accounts in Multi-Service Households (2004)


RBC Royal Bank


Exhibit 7: RBC Royal Bank: Zeroing In On Meaningful Opportunities (2004)


Standard Chartered


Exhibit 8: Standard Chartered's Evolution Toward a Renewed Sales and Service Focus (1994-2001)

Exhibit 9: Standard Chartered Bank s Balanced Scorecard Framework (2004)

Exhibit 10: Standard Chartered Bank s KPIs (2004)


U.S. Bank


Exhibit 11: US Bank Reports Consumer Bank Sales Productivity to Investors (2001-03)


Wachovia


Exhibit 12: Wachovia Reports on US Household Gains vs. Losses in Its General Banking Group (2002-03)




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