| bottom-link"> | | | | difficulty arises due to the fact that data within most |
| | | | financial institutions is stored and processed on a |
| As more and more financial institutions embrace the | | | | product-by-product basis. |
| concept of CRM, are they really improving their | | | | In the 1996 Annual Report of Capital One, it was |
| relationships with their customers, and is that | | | | stated that - "Many of our business opportunities are |
| improvement equating to dollars on the bottom line? | | | | short-lived. We have to move fast to exploit them and |
| At the same time, while preparing for T+0, many | | | | move on when they fade". This means that |
| financial institutions are attempting to provide better | | | | companies that managed to abstract their data |
| access to their stakeholders through Portals. How | | | | requirements from the applications that deliver |
| many of these eBusiness initiatives are really using the | | | | customer centric services have a huge advantage. |
| all of the data stored across the entire enterprise in a | | | | They can deliver new products rapidly to suit market |
| truly integrated way that yields valuable data? Are | | | | conditions, and tie those products to the customers |
| banks getting value for money on their applications? | | | | that would benefit greatest from them. |
| According to Gartner Group - the average Enterprise | | | | As financial institutions strive to create more value |
| has 14 different databases, and spends 60-70% of its | | | | from their activities, they are collecting increasing |
| Application development creating ways to access that | | | | amounts of electronic data on a number of different |
| data. Financial Services companies have more, and | | | | data systems - compounding the difficulty of deriving a |
| their demands are greater. They also require the ability | | | | single, comprehensive view of their business. In order |
| to combine real-time data with information they should | | | | to make better business decisions, many banks are |
| already know, to make real-time decisions. | | | | installing business intelligence systems. Their key to |
| Particularly in financial markets, customers are | | | | success is creating a unified view either through a data |
| demanding direct access to such systems, for | | | | warehouse, or through manual, hard-coded integration. |
| example to check portfolio performance or make | | | | Most currently available solutions are expensive to |
| transactions. | | | | undertake, time consuming and leave the company |
| Customers of financial institutions are also increasingly | | | | with a single, inflexible answer, and still much valuable |
| demanding access to information relating to all | | | | data is still left outside of this process. |
| products and services held with the financial institution | | | | Banks have long differentiated themselves on the |
| via online channels. This information needs to be | | | | value add services they are able to provide their |
| tailored to their needs. In the case of Institutional | | | | customers. This is derived form the information built up |
| customers or high net worth individuals, they want the | | | | from many years experience. Is it not time that one of |
| choice of portal access or a financial advisor, but they | | | | the most valuable assets currently locked within most |
| expect both channels to share the same data. The | | | | enterprises was put to use? |