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Collaborative Customer Management in Financial Services Alliances
Type
conference paper
Date Issued
2004-08-06
Author(s)
Research Team
IWI4, C>K>P
Abstract
The integration of the financial services industry and many financial services companies' focus on core competencies have led to the emergence of financial services alliances. These alliances face a variety of challenges regarding an integrated approach to customer relationship management (CRM) by the partner companies.In this paper we describe the challenges derived from an analysis of five financial services companies that formed different financial services alliances. The main inhibitors of a consistent approach towards customers are found in business processes and information systems that are not sufficiently integrated. Some partner companies' customer-oriented business processes only have an incomplete knowledge of their customers, which is especially conspicuous in after-sales service management and complaint management processes. The limitations of the information systems infrastructure are the source of most challenges in collaborative CRM processes. The partial standardization of CRM systems in financial services alliances inhibits the exploitation of economies of scale as well as the integration of systems. Consequently, obtaining a comprehensive view of a customer relationship becomes complicated if the integration of systems containing knowledge of customers, such as operational and analytical CRM systems as well as transaction systems, is limited.We derive four recommendations from our analysis. First, CRM competencies should be distributed disjunctively among partners of a financial alliance. Secondly, a single-point-of-entry should be established for customers of an alliance. Thirdly, regarding customer knowledge, transparency should be established between partners of an alliance. Fourthly, CRM systems of different partner companies should be integrated. To detail the last recommendation, we propose a CRM application architecture in loosely coupled financial services alliances.
Language
English
Keywords
Business Networking
Customer Knowledge Management
System
Customer Relationship Management
HSG Classification
not classified
Refereed
Yes
Book title
Proceedings of the 10th Americas Conference on Information Systems (AMCIS 2004)
Publisher
Association of Information Systems (AIS)
Start page
3805
End page
3817
Pages
13
Event Title
10th Americas Conference on Information Systems (AMCIS 2004)
Event Location
New York City, NY
Event Date
06.-08.08.2004
Official URL
Subject(s)
Division(s)
Eprints ID
213822