Challenges in Marketing Financial Services

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CRM and The Financial Industry

An Overview: Implementation Challenges

and Lessons Learned

Prepared by Wally Khalifa

Wability Knowledge Center

Table of Contents

Section I.............................................................................................................................. 4

1.0 Overview: CRM and the Financial Services Industry ........................................ 4

1.1 Why is CRM Important to FSPs? ............................................................... 4

1.2 CRM Strategy Guidelines ........................................................................... 4

1.3 The Building Blocks of a Successful CRM Strategy .................................. 5

1.4 How can the Building Blocks of CRM be used to Support the Strategy .... 6

1.5 Challenges in Implementing an Enterprise-Wide CRM Strategy ............... 6

1.6 Vendors and Solutions that are Best Suited to Drive Technology.............. 7

2.0 CRM in Banks................................................................................................... 10

2.1 Preferred Banking Channels ..................................................................... 11

2.2 CRM Functionality Rankings In Banks (Survey Conducted by Gartner) 11

2.3 CRM Integration Priorities in Banks ........................................................ 11

2.4 CRM Evaluation Metrics in Banks ........................................................... 11

2.5 Why CRM Deployment Initiatives Fail in the Banking Environment ..... 12

3.0 CRM in Brokerages .......................................................................................... 13

3.1 Why CRM is Important to Brokerage Houses .......................................... 13

3.2 Preferred Brokerages Channels ................................................................. 14

3.3 CRM Evaluation Metrics in Brokerages (Gartner) ................................... 14

3.4 CRM Inhibitors in Brokerages (Gartner) .................................................. 14

3.5 CRM Functionality Rankings in Brokerages (Gartner) ............................ 14

4.0 CRM in Insurance ............................................................................................. 15

4.1 What will effect the adoption of CRM in the Insurance Industry? ........... 15

4.2 Insurance Industry Ranking of the Important Elements of CRM ............. 15

4.3 Why CRM is Important to the Insurance Industry.................................... 15

4.4 Channels in Insurance ............................................................................... 16

4.5 Preferred Insurance Channels ................................................................... 16

4.6 CRM Integration Plans ............................................................................. 16

4.7 CRM Evaluation Metrics in Insurance ..................................................... 16

4.8 Inhibitors to CRM Initiatives in the Insurance Industry (Gartner) ........... 16

4.9 CRM Functionality Ranking in the Insurance Industry ............................ 17

Section II .......................................................................................................................... 18

5.0 Siebel Implementation Methodology: Challenges and Lessons Learned. ........ 18

5.1 Overview ................................................................................................... 18

5.2 The Siebel Implementation Approach ...................................................... 18

5.3 Suggested Siebel Project Structure ........................................................... 18

5.4 Potential Siebel Implementation Obstacles .............................................. 19

5.5 Why Siebel? Benefits ............................................................................... 20

5.6 CRM Solutions From ERP Software Vendors.......................................... 21

5.7 CRM Vendors- Criteria of Evaluation: Sales ........................................... 23

5.8 CRM Vendors- Criteria of Evaluation Marketing .................................... 24

5.9 CRM Products- Criteria of Evaluation: Customer Support ...................... 25

6.0 Siebel Implementation Challenges and Lessons Learned ................................. 27

Challenge 1 Real-Time Recognition of Siebel Events ......................................... 27

Challenge 2 Batch Data Loading into Siebel........................................................ 30

Challenge 3 Scalability and Integration Design ................................................... 31

Challenge 4 Error Notification/Activity Assignments ......................................... 31

Challenge 5 Data Insertion and “Update Logic”--- Standardize .......................... 32

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CRM and The Financial Industry An Overview: Implementation Challenges and Lessons Learned Prepared by Wally Khalifa Wability Knowledge Center Table of Contents Section I 4 1.0 Overview: CRM and the Financial Services Industry 4 1.1Why is CRM Important to FSPs? 4 1.2CRM Strategy Guidelines 4 1.3The Building Blocks of a Successful CRM Strategy 5 1.4How can the Building Blocks of CRM be used to Support the Strategy 6 1.5 Challenges in Implementing an Enterprise-Wide CRM Strategy 6 1.6Vendors and Solutions that are Best Suited to Drive Technology 7 2.0 CRM in Banks 10 2.1Preferred Banking Channels 11 2.2 CRM Functionality Rankings In Banks (Survey Conducted by Gartner) 11 2.3 CRM Integration Priorities in Banks 11 2.4CRM Evaluation Metrics in Banks 11 2.5Why CRM Deployment Initiatives Fail in the Banking Environment 12 3.0 CRM in Brokerages 13 3.1 Why CRM is Important to Brokerage Houses 13 3.2 Preferred Brokerages Channels 14 3.3 CRM Evaluation Metrics in Brokerages (Gartner) 14 3.4 CRM Inhibitors in Brokerages (Gartner) 14 3.5 CRM Functionality Rankings in Brokerages (Gartner) 14 4.0 CRM in Insurance 15 4.1 What will effect the adoption of CRM in the Insurance Industry? 15 4.2 Insurance Industry Ranking of the Important Elements of CRM 15 4.3 Why CRM is Important to the Insurance Industry 15 4.4 Channels in Insurance 16 4.5 Preferred Insurance Channels 16 4.6 CRM Integration Plans 16 4.7 CRM Evaluation Metrics i ...
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