In the era of customer, sprouting out of the frenzy to focus on the customer, financial companies have understood the importance of Customer Relationship Management (CRM), and heavily invested into building the required technology infrastructure more than ever; however CRM has often been overused as just catch phrase. Therefore, this study mainly focus on analyze all the current CRM activities, based on framework of Relationship Building stage & Database Marketing Development Hierarchy stage and also that of Database Marketing Strategy in order to help financial companies develop CRM environment successfully.
For close investigation, four companies --A investment trust, B, C, D bank,-- are selected. Regarding Database Development Hierarchy dimension, one of the most basic challenges inherent in CRM is to accumulate, integrate and manage customer information properly. This is not just because of lack of technology infrastructure but because of ability to integrate customer information from all the customer channel. And in terms of relationship building stage, most companies demonstrated that they build relationship with monetary incentive rather than structural relationship.
To gain competitive advantage, these companies need to be committed to understand their customer more to find out who have the potential value and to recognize the significant changes of customer. Then true CRM implementation will help banks and other financial institutions move to more of a sales culture away from product and closer to the customer.
