'CRM the way' for big money firms

Financial Services Institutions, specifically retail banks, that have not implemented customer relationship management systems are lagging behind rivals.

A European survey, commissioned by PeopleSoft, revealed a gap between those who have implemented CRM and those who have not, with 90 per cent of the respondents who have CRM systems in place saying they now respond faster to customer needs.

Ravi Chauhan, financial services technology analyst at Datamonitor, said: "There remains a clear opportunity for technology vendors and CRM vendors in particular to help FSIs that do not have a full CRM capability in place to catch up with their rivals."

The survey interviewed 342 decision-makers in 11 European countries in the FSI market.