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Norway bank - Essay Example

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The Union bank of Norway, in the early 90s, realized that it was not in step with its clients. It realized that it needed to implement customer relationship management, as well as change how its employees did their work. …
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Norway Bank The Union bank of Norway, in the early 90s, realized that it was not in step with its It realized that it needed to implement customer relationship management, as well as change how its employees did their work. The bank had been able to withstand the losses that its competitors sustained during the early 90s by providing its clients with additional automated services for their banking. Automation resulted in lower costs and limited losses incurred compared to their competitors. As the bank’s clients, became more acquainted to automation, starting with ATMs followed by web based technology; they used the bank’s branches less for transaction purposes. However, as this resulted in lower costs, it also gave rise to a bigger problem regarding the loss of customer dialogue, which, in turn, resulted in no one being aware of what the client wanted (Dyché 145).
One major problem was the different systems that had the customer data. In order to obtain a client’s basic information, the bank needed to firstly, find and gather, and then consolidate information from the systems (Dyché 145). This process took too long and was referred to by insiders as an information labyrinth. The bank was of the idea that in order to obtain and utilize client data, they would need to view the customers across the entire system that contained this data. This, they found, extended also to customer demographics and sales channels. If they could track the behaviours of their clients, then they had a better chance at comprehending and predicting their preferences and future behaviour. Union Bank began acquiring a data warehouse that aimed at consolidating data on its clients and giving them a centralized platform for analyzing their customer’s identity, their interests, and their buying patterns.
The Teradata data warehouse became the heart of the bank as it aided in making data available to a cross-section of its organizations including auditing, finance, and accounting (Dyché 146). Most users of this data use it for financial and sales reporting, as well as client portfolio analysis. Union Bank can now react faster to market opportunities by using the client information in order to increase its market share. For example, by focusing on their most profitable customers, the bank started the customer loyalty program where the clients gave personal information that was used to determine the best type of communication to carry on with the client in the future. By adding CRM functionality in their data warehouse infrastructure, they were able to supplement classic marketing programs and optimize client communication based on timely and relevant occurrences across its distribution channels.
The new customer data was also used to aid in channel optimization (Dyché 147). Customers using bill payment services, which did not suit them, were advised to change via customized promotions on the amount they could save if they moved to a better payment service. The process of creating a data warehouse has seen Norway bank evolve in terms of data and its applications that give business owners critical information. The challenge arose from building Union Bank of Norway around the data warehouse, as most of the skills needed were new to them. These jobs had to be institutionalized in order to provide support for the intelligence environment around the bank’s newfound business.
This integration has as much to do with business processes and systems as it has to do with data. Communicating with clients needs to be on target, effective, and seamless. The perception of the client is everything, and thus the client needs to perceive that the organization applies intelligence standards of service regardless of the client’s service request, desired product, or preferred channel.
Work Cited
Dyché, Jill. The CRM Handbook: A Business Guide To Customer Relationship Management. Boston: Addison Wesley, 2002. Print. Read More
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