CRM: you could if you wanted to
I speak with many financial institutions about the potential for real CRM (customer relationship management) via Web 2.0 techniques and technologies. Often, nearly too often, the reply is that 'there is no money there' or 'that their business processes for security and privacy (I think that they mean control) prevent taking advantage of such capability to get to know their customers better.'
Last week I needed a cabinet hinge of an age and quality that would never be located in a big box hardware store (where CRM is 'find it yourself'). I searched on the web and my first hit led me to a supplier in San Diego. The website offered such a variety of hinges and descriptions that I did not trust my judgement for picking the correct model. Good news is that this vendor offered a service: email them 2 photos of the existing hinge, one with door open and the other with the door closed, and they will recommend the correct replacement. All of this service for a order that would not exceed $15.00 including shipping.
So how come my financial institution, with over $300,000 of my money, doesn't provide anything so personal in advising me about my retirement plans or savings plans for college?! I think it more a matter of desire than capability. Certain am I that if financial institutions of all sizes and types do not grasp the essence of Web 2.0, which is 'putting those who know in direct contact with those who need to know,' then they may be surprised by what sorts and sizes of competition will furnish these desired services. cperrien