Oracle's CRM in the financial services industry

CRM is the abbreviation of Customer relationship management, which means client relationship management. CRM is a new management mechanism that is being developed to improve the relationship between enterprises and customers, and it is implemented in the areas of customer related to enterprise marketing, service and technical support. The goal of CRM is to attract and maintain more customers by providing faster and more considerate service, on the other hand, reduce the cost of enterprise through the overall management of business process. CRM is deployed and implemented through CRM software and supporting system. With a CRM system, companies can collect, track, and analyze every customer, understand their needs, and deliver what their customers want. CRM also can observe and analyze the customer behavior and its impact on the profit of the enterprise, so that the relationship between the enterprise and the customer and the profitability of the enterprise are optimized.

     CRM is the product of the high development of information technology in today's society. Known as ERM (Enterprise Resource Planning), which is the management software system of ERP, has been popular in developed countries for more than more than 10 years, as the development and continuation of CRM, it is also made by computer software manufacturers and through its software products. Oracle Corporation is a software company that started to develop CRM products earlier, and its CRM software has three characteristics: Customer intelligence, unified channel of communication with customers and application architecture based on internet technology. Customer intelligence is the ability of Oracle's CRM solutions to have robust information processing and business analytics capabilities to identify who is the most profitable customer and to conduct a comprehensive analysis of customer behavior to enable decision makers to make more informed and timely business decisions A unified channel of communication with customers is the integration of multiple customer communication channels in Oracle's CRM solution, such as the Web or telephone center, so that the information in various channels is integrated to ensure that both the enterprise and the customer can get complete, accurate and consistent information The application architecture based on Internet technology refers to the full support of the Web in the Oracle Company's CRM solution, and the user can access the information as long as the standard browser software is used. These characteristics, especially the comprehensive support to the Internet, represent the thinking and development direction of the modern CRM system.

    oracle CRM is comprised of five functional components, which are integrated sales, marketing, service, ecommerce and telephony center applications. Oracle sales applications are used to help policymakers manage their sales operations. Oracle market applications can help market professionals plan, analyze, and monitor marketing campaigns and policies. Oracle Service applications are used to automate and optimize processes such as Customer support, Field Service, and warehouse management. Oracle e-commerce applications enable businesses to extend their business to the Internet. Oracle Telephony Application software provides a platform for telemarketing, telemarketing, telephony, and more, specifically, Oracle also provides a dedicated telephony center solution for telephony, utilities and financial services.

    CRM is inseparable from the information revolution represented by the Internet, and e-commerce based on internet technology has revolutionized the relationship between enterprises and customers. With the Internet, customers can easily find dozens of competing companies with just a few mouse clicks, and with the Internet, businesses can access virtually unlimited customers, identify and differentiate each customer, and meet their needs to the fullest. All of these require companies to shift from “ product-centric ” to “ customer-centric ” mode. In other words, the focus of corporate focus should be shifted from internal operations to customer relationships. In the global informatization today, CRM as a system software, not only for the enterprise sales, customer service, support and other fields to provide a solution for automation and improve the process, more importantly, it is the foundation of successful implementation of e-commerce, has a CRM this face customer's forefront, Enterprises can smoothly realize the transformation from the traditional enterprise model to the modern enterprise model based on e-commerce.

     Although the current CRM in China has not been widely used, but some based on the idea of CRM or related projects have emerged, such as the beginning of the implementation of the Bank call center is an important application area of CRM. In the Oracle CRM solution, the telephone center, as a part of CRM, is not only connected with the computer system that holds the customer's account, not connected with the whole CRM system, while the staff is talking to the customer and conducting services such as consulting, inquiry, transfer, etc. The screen in front of them shows the customer's information and records of the bank's dealings, which not only makes the customer service more rapid, accurate and thoughtful, but also enables the staff to remain active in the engagement with the customer. At the same time, with the use of a unified channel of communication with customers, the customer regardless of telephone inquiries, web or sales representative information obtained exactly the same. This is just one example of how Oracle CRM is used in the financial services industry, and it's a far more common application. For example, Oracle CRM can help banks improve profitability and avoid risk by accounting for and evaluating the profitability of banks on each customer, or by intelligently analyzing customer behavior. Profitability analysis and management of customers is one of the great advantages of Oracle CRM Customer intelligence solutions in the financial sector. A bank in Australia has restructured its business based on its enhanced customer benefit capabilities. Direct profit includes $4 million in annual savings from market use, and a 250% increase in Rol in credit card marketing. In addition, in the first year of implementing the new Customer Retention fund, the bank broke the $7 million mark in improving the mortgage retention fund.

Since 1997, the CRM market has been in explosive rapid development, Oracle CRM to meet the requirements of an effective CRM solution. The use of concepts such as customer intelligence, unified channels for communication with customers, and application architectures based on Internet technology provide strong support for businesses to improve customer relationships and enhance competitiveness in the internet age.

This article from the "Financial Industry Project Case" blog, declined reprint!

Oracle's CRM in the financial services industry