The challenges of implementing CRM in the financial services industry
Name
53983399-MIT.pdf
Description
Full printable version
Size
9.16 MB
Format
Adobe PDF
Checksum (MD5)
0286816c6a8c68d61698160922a6082e
Author(s)
Bittencourt, Luis Guilherme M. O., 1973-
Bueno, Johann Sellmeister de O., 1968-
Advisor(s)
Gabriel R. Bitran.
Alternative Title
Challenges of implementing Customer Relationship Management in the financial services industry
Date Issued
2003
Publisher
Massachusetts Institute of Technology
Abstract
Customer Relationship Management means great opportunities and great challenges for those who want to pursue a broad implementation. Despite investing millions of dollars in CRM initiatives, many companies are facing the frustration of failure. After considerable efforts, many financial services companies are simply not getting back the return they expected when they initiated CRM projects. We believe that blaming technology, project managers or simply characterizing CRM as "treacherous illusions" is not the answer. We discuss the challenges of implementing CRM under a strategic and managerial approach, focusing on relevant issues and showing that CRM can deliver value to financial services companies. After analyzing some reasons for CRM failures, we provide some recommendations to increase chances of implementation success. Technology plays a secondary role when it comes to finding reasons for CRM failures. Strategic alignment, organizational change and clear understanding of CRM goals seam to play a much important role to guarantee the success of CRM initiatives. The study was based on the experience of the authors, who had considerable experience in the financial services industry and with CRM implementations, on literature reviews and interviews with professors and professionals from the financial services industry.
Description
Thesis (S.M.M.O.T.)--Massachusetts Institute of Technology, Sloan School of Management, 2003 [first author]; and, (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2003 [second author].
Includes bibliographical references (leaves 124-126).
Subjects
Sloan School of Management.
MIT Department
Sloan School of Management
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