To the Editor:
According to an article on page 12 of the Sept. 26 issue, "
I submit that it is more accurate to say that a number of firms in the financial services industry have discovered that customer relationship management technology is not a silver bullet. These organizations have realized that to gain the full benefits of CRM, they have to address a number of complex issues, organizational as well as technological.
Organizationally, successful CRM involves the buy-in and active participation of senior management coupled with the collaboration of multiple departments across the enterprise. Success may even require reengineering business processes and steering the corporate culture in a new direction. Technologically, CRM involves the integration of diverse applications and databases, many of which are legacy systems that resist integration.
It is important for financial institutions to understand that implementing CRM successfully is by no means a trivial undertaking. The rewards, however, are compelling. There is a common thread of critical success factors that runs though successful CRM implementations.
Organizations can position themselves for success if they establish measurable business goals, align business and information technology operations, get executive support up front, let business goals drive functionality, use a phased rollout schedule, and track the CRM system's effectiveness.
Although CRM technology is not a silver bullet, it is a powerful weapon. By implementing CRM within the framework of a sound business strategy, banks can avoid the common pitfalls of CRM implementations and position themselves to reap a significant return on their CRM investments.
Nicholas H. Ward
General manager
Siebel Financial Services
Siebel Systems Inc.
San Mateo, Calif.
Editor's Note: The writer represents a major vendor of CRM technology.
