Customer Relationship Management in the Financial Industry: Organizational Processes and Technology Innovation

Companies and financial institutions are using legacy systems efficiently. They have consolidated knowledge of management information systems. Academics have elaborated solid theoretical frameworks and methodologies for the development of information systems. Nonetheless, companies and financial institutions are experiencing enormous problems in carrying out customer relationship management initiatives. Lack of knowledge is still perceived in both technological and business areas. Most companies hardly consider how customer relationship systems can allow them to achieve the expected results and to meet the business requirements. Moreover, they are not able to measure the return on investments or even the clear direct payback. It seems that the best consolidated theories on information systems management are no longer applicable. In recent years researchers and practitioners have written various books and papers on customer relationship management (CRM), some focusing on technological and others on marketing issues. Few of them have been able to deal with organizational and technological topics in a systematic way. In this book the author analyses the different aspects of CRM from both an organizational and a technological perspective. Using an organizational theoretical framework, he tries to explain the basic foundations of CRM systems and technologies. He also attempts, through reference to the best known theories, to understand how effective CRM initiatives could be developed, with his focus on technological and organizational variables. Under such perspectives, several case studies illustrate the technologies employed and the change management and organizational issues that financial companies have to deal with. In addition, having identified the main components of a CRM system, the author presents an in-depth analysis of the most important technologies and systems integration activities that should be undertaken by organizations planning to adopt CRM systems.