Notwithstanding the above, the is ample evidence to suggest that the concentrated growth strategy, through strategic customer relationship management, had substantial merit and was an appropriate response to the precarious position that the organization found itself in 1999.
The bank set out deliberately to re-engineer the business, making promises to shareholders relating to earnings, and achieved that which it promised to deliver. Indeed, the CEO was bold in his promise to stakeholders, and the message was clear that the bank was serious about being the best financial services provider in the industry. If consistently good earnings, analyst comments, and market sentiment is a measure of success, then the organisation was successful.
With the implementation of the new technology to support the strategic customer relationship management initiative, it is vital that this be followed through in the months ahead to ensure that it is firmly bedded down and that the desired goal of growth through better penetration of the client base is achieved. The process has been characterised by commitment from executive management, and this arguably is the first step to success. That this
commitment filters to every part of the organisation has been the purpose of the intense communication initiatives around the project. The cost has been immense and the returns must justify that cost so as to ensure that the cost- revenue ratio remains aligned to or is better than the industry norm.
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Journals
Winning CRM Strategies. ABA Banking Journal, October 1999.
Cutting Through the CRM Hype. U.S.Banker, June 2001.
Learning from Experience: Making CRM a Success at Last. International Journal of Customer Relationship Management, March/April 2002.
CRM Unravelled. Treasury Management International, December 2000.
Ignore CRM at your Peril. The Banker, March 2001.
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Everyone Wants CRM ... Maybe! The RMA Journal, October 2000.
Internet References
http://www.crmproject.com/documents.asp?grI0=173&d 10=1376
http://www.crmproject.com/documents.asp?grI0=186&d 10=1465
http://www.crmproject.com/documents.asp?grI0=173&d 10=1435
http://bluematter.scmb.co.za/crm/mot what.asp
http://news.com.com/2100-1012
Other Publications
2002 Annual Financial Statements, Standard Bank Investment Corporation 2002 Annual Financial Statements, Nedcor
2002 Annual Financial Statements, ABSA Bank Standard Bank in -house publications.