Effectively managing and utilizing data is one of the primary obstacles that financial institutions face in their transformation initiatives. Lines of businesses are often siloed in the data they generate and receive, resulting in an incomplete view of the overall scope and performance of each relationship, particularly for complex and interrelated primary banking relationships that can span deposits, lending, wealth, and commercial. Banks simply have a messy array of technologies. Some business lines use one solution for relationship management, while another might use email/spreadsheets, for example. These disparate systems create data silos which, across the entire organization, have adverse effects on customer experience and significantly reduce the ability to harness valuable data insights.

Relationship management systems are central to data collection, customer engagement, and analytics. Yet many financial institutions struggle to adopt and implement these solutions in ways that drive their digital transformations forward. Though CRMs have been around for decades, the banking industry has been relatively slow to adopt these technologies. This resource will provide a brief history of CRM systems, their benefits in banking, and explore the root causes behind adoption and implementation challenges.

Why it matters

Over 85% of revenues in an average customer portfolio come from the 25% of relationships they know best.

Source: Mckinsey & Company, “Special Edition on Advanced Analytics in Banking,” August 2018

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