Forrester: Bank of NY Uses CRM Best PracticesTechnology research company Forrester Research Inc. found that the Bank of New York uses best practices for CRM implementation that companies should adopt, the securities servicing company said yesterday.
The study, "People Plus Technology Determines CRM Success," released earlier this year said that "companies must take measures to make sure business users feel ownership and rapidly adopt new capabilities. The Bank of New York demonstrates best practices with its high user involvement approach that enabled the bank to achieve widespread adoption of unified global sales processes ... Organizations implementing CRM should follow The Bank of New York's lead and make user involvement, training and user-focused benefit messaging central to every project."
The Bank of New York's customer relationship management application, Global Sales Force Automation, is used by 1,650 client executives, country managers, sales officers and product relationship managers to manage and track customer contact and sales activities.
The study said that "Bank of New York demonstrates the right way to get users involved and eager to adopt new customer-facing processes and supporting technologies. It addressed three critical success factors: 1) Involve users very early in the process; 2) Use a streamlined implementation approach to deliver benefits quickly; 3) Maintain a commitment to deliver new processes that benefit frontline users, not just management."
"Increasing revenue is critical at the bank, and this can only be done if we continue to deepen our relationships with customers and provide the benefit of our full range of solutions in meeting their needs," said Bruce Miller, Bank of New York's managing director of the Strategic Sales Division and the force behind the company's CRM initiatives.
Forrester surveyed nearly 100 executives and found that the majority of respondents were not satisfied with their CRM applications. Forrester then interviewed more than 20 companies with large CRM projects and found that user adoption was the key factor distinguishing between satisfactory and unsatisfactory CRM deployments.
Melissa Campanelli covers postal news, CRM and database marketing for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters