Relationship Marketing in Private Banking

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I am searching for resources on the usage of Relationship Marketing in Private Banking, for my MS Thesis. Especially, I am looking for surveys done on current or potential clients of Private Banking in order to understand the role of relationship marketing in Private Banking . So, how is the usage of Relationship Marketing and CRM Strategies in Private Banking?
What can be asked in a survey to clients in order to create strong and long lasting relationships?
Any other info is also useful for me.... Thanks
Aysun

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02nd Nov 2003 20:43

Hi Aysun (and Silvia too)
I am a business student at Wolverhampton Univeristy and I too am doing project looking at CRM in banking.

I know how hard it is to get information from the banks so if you have any pointers you could give me - books, websites etc I would be most grateful. You can reach me at [email protected]

As for my contribution I only have general info at present - book - 'Business' The Ultimate Resource (2002) London. Bloomsbury (ISBN 0747559783) pp.65, 289, 584, 667, 676.

Thanks,
Paul

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avatar
03rd Nov 2003 12:05

This is a free document. You will need to submit information about yourself and then you can access these articles. Hope they are of use. Cut and paste the link into your browswer.

http://crm.insightexec.com/cgi-bin/library.cgi?action=detail&id=2709

Thanks (0)
avatar
22nd Oct 2002 10:16

Long before CRM became a popular acronym, it was... a job description . At traditional private banks this is what the 'tellers' were called: Customer Relationship Managers. By the very nature of this industry it was much more customer-focused, with one-to-one relationships between banker and clients. Most of the time PBs were ahead of other financial institutions in customer centricity (and for that reason, in profitability, too).

Ironically, for that same reason they were left behind: when the CRM wave came in the mid-90s, they thought they 'know it all', as they had 'invented' CRM. They didn't realise that it takes a lot more than service culture (strategy, information architecture, performance measurement). They were late to notice that markets (and their Clients!) change - globalisation and technology made them much more informed and demanding.

Now PBs are catching up: reviewing strategies, re-defining rtarget markets and even (God forbid!) investing in technology to manage better the customer data, until recently held on paper in leather-bound volumes.

In the meantime mainstream banks, who had been segmenting their customers with technology for years, noticed an important trend. The 'cream of the cream' segment grew rapidly in the boom years of bubbles and bull markets. The 'not-so-rich' became rich enough to deserve special attention, and grew in numbers. Too busy to make money, senior executives and professionals didn't have the time to manage their newly acquired wealth - giving birth to the wealth managementindustry.

One-to-one relationships are not easy with the sheer numbers of the 'mass affluent'. This is where technology comes in, and large retail institutions smartly deployed it in their wealth management practices to re-create the intimacy and personalise their services.

The dividing line is getting fuzzy and, while traditional PBs are to remain with us for more than a while, they are seeking to expand and diversify their customer base and meet the growing diversity of needs by using technology. Mainstream institutions all have Private Client and/or Wealth Management divisions, and are increasingly targeting the same individuals as the PBs.

To your practical questions - there are plenty of answers in the resource libraries and discussions at this Forum: not necessarily on Private Banking: the fundamental principles of Customer Centricity apply everywhere - even where.. CRM was 'invented' ;o)

For a specialised discussion you may join the Wealth Management Forum (www.wmforum.ch), just launched to address this industry's issues - and post your questions there.

Thanks (0)
avatar
By admin
19th Oct 2002 00:41

Dear Aysun,

I am actually looking for these precise information to improve my knowledge in a more emotional level regarding a private banking client relationship with the PB environment. Do you any books I could read or sites?
Thank you very much
Sílvia

Thanks (0)
avatar
22nd Oct 2002 10:16

Long before CRM became a popular acronym, it was... a job description . At traditional private banks this is what the 'tellers' were called: Customer Relationship Managers. By the very nature of this industry it was much more customer-focused, with one-to-one relationships between banker and clients. Most of the time PBs were ahead of other financial institutions in customer centricity (and for that reason, in profitability, too).

Ironically, for that same reason they were left behind: when the CRM wave came in the mid-90s, they thought they 'know it all', as they had 'invented' CRM. They didn't realise that it takes a lot more than service culture (strategy, information architecture, performance measurement). They were late to notice that markets (and their Clients!) change - globalisation and technology made them much more informed and demanding.

Now PBs are catching up: reviewing strategies, re-defining rtarget markets and even (God forbid!) investing in technology to manage better the customer data, until recently held on paper in leather-bound volumes.

In the meantime mainstream banks, who had been segmenting their customers with technology for years, noticed an important trend. The 'cream of the cream' segment grew rapidly in the boom years of bubbles and bull markets. The 'not-so-rich' became rich enough to deserve special attention, and grew in numbers. Too busy to make money, senior executives and professionals didn't have the time to manage their newly acquired wealth - giving birth to the wealth managementindustry.

One-to-one relationships are not easy with the sheer numbers of the 'mass affluent'. This is where technology comes in, and large retail institutions smartly deployed it in their wealth management practices to re-create the intimacy and personalise their services.

The dividing line is getting fuzzy and, while traditional PBs are to remain with us for more than a while, they are seeking to expand and diversify their customer base and meet the growing diversity of needs by using technology. Mainstream institutions all have Private Client and/or Wealth Management divisions, and are increasingly targeting the same individuals as the PBs.

To your practical questions - there are plenty of answers in the resource libraries and discussions at this Forum: not necessarily on Private Banking: the fundamental principles of Customer Centricity apply everywhere - even where.. CRM was 'invented' ;o)

For a specialised discussion you may join the Wealth Management Forum (www.wmforum.ch), just launched to address this industry's issues - and post your questions there.

Thanks (0)
avatar
By admin
19th Oct 2002 00:41

Dear Aysun,

I am actually looking for these precise information to improve my knowledge in a more emotional level regarding a private banking client relationship with the PB environment. Do you any books I could read or sites?
Thank you very much
Sílvia

Thanks (0)
avatar
02nd Nov 2003 20:43

Hi Aysun (and Silvia too)
I am a business student at Wolverhampton Univeristy and I too am doing project looking at CRM in banking.

I know how hard it is to get information from the banks so if you have any pointers you could give me - books, websites etc I would be most grateful. You can reach me at [email protected]

As for my contribution I only have general info at present - book - 'Business' The Ultimate Resource (2002) London. Bloomsbury (ISBN 0747559783) pp.65, 289, 584, 667, 676.

Thanks,
Paul

Thanks (0)
avatar
03rd Nov 2003 12:05

This is a free document. You will need to submit information about yourself and then you can access these articles. Hope they are of use. Cut and paste the link into your browswer.

http://crm.insightexec.com/cgi-bin/library.cgi?action=detail&id=2709

Thanks (0)