Pivotal CRM : Analyst Report - The Trust Factor

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					                                       The Trust Factor
                                       Growing business in volatile times requires a client-
                                       centric approach.

It’s no big surprise that there’s been a loss of trust in                 need to focus on building up their client knowledge
the institutions that provide financial services to the                   and profiles, and then they have to work to apply that
country’s businesses, citizens, and institutions.                         knowledge to delivering the products and services their
                                                                          customers really want and need. Personal, relevant
But all is not lost, and it’s time for financial services
                                                                          interactions build trust and loyalty, but they’re just not
organizations to step up and start repositioning
                                                                          possible without the core client data in place.
themselves as the trusted advisors they can be.
                                                                          Trust is a very human value, but that doesn’t make
It’s only natural. In times of economic uncertainty,
                                                                          technology any less relevant to building it. There are
people are concerned about their finances and start
                                                                          two different levels on which a company can build
to view their financial choices and partners with
                                                                          trust: there’s person-to-person trust, where the client
increased scrutiny. It’s a scenario that breeds mistrust,
                                                                          trusts a certain individual within the firm, and then
unfortunately. This is certainly not helped by events of
                                                                          there’s person-to-company trust, where the client trusts
the past several years—people start to wonder whether
                                                                          the firm more broadly. While both are important, it’s
financial services firms can be trusted to make the
                                                                          the latter that a financial services firm really needs to
right choices and protect their best interests. And this
                                                                          cultivate—otherwise, the trust and the relationship as a
is not just true of retail consumers—businesses and
                                                                          whole are at risk should an employee leave. Companies
institutions have the same concerns.
                                                                          need to create a technology infrastructure that supports
Trust is earned, and it takes time to build. But it’s the                 trust at the personal and corporate level, where clients
critical foundation of a profitable client relationship. And              receive informed, personalized service regardless of the
without this trust, without this relationship, client loyalty             individual they interact with and where the relationship
is elusive. Failing to take adequate measures to build                    and customer knowledge gained through these
and maintain client trust in times like these can result in               interactions accrues to the firm, not just the individual.
firms rapidly losing what they’ve taken pains to build up.                This requires a CRM backbone that supports consistent
Not only can this erode their client base, but it can injure              customer-facing processes, ensuring customer insight
overall brand perception, which impedes the firm’s ability                is both collected and applied at every stage, from
to attract new customers.                                                 wishing a client a happy birthday to selling them new
Financial services firms have a lot of different issues                   products based on life events such as a new home or
to tackle right now, but they can’t afford to see the                     child. Consistency equates to reliability, which inspires
trust issue as separate or secondary. It’s actually                       trust—the key to loyal and profitable relationships and to
fundamental to their ability to survive the current                       thriving in a tough market.
economic challenges. In tighter economic times, firms
need to get closer to their clients, finding ways to deliver
                                                                                            Jason Rushforth is President of Front Office
more services and products to them and grow share                                           Solutions-overseeing sales and marketing
of wallet. Most firms recognize that this is much more                                      for CDC Software’s CRM and complaint
costeffective than focusing on attracting new clients in                                    management solutions. He is known for
times like these, which is more costly and challenging.                                     his keynote speaking engagements for
First and foremost, financial services firms have to ask                                    such events as the Wealth Management
themselves how well they really know their customers.                         Forum and webcasts with Wall Street & Technology and
It’s a frightening question, because most will have                           TowerGroup, and he frequently contributes to industry articles
to acknowledge they don’t know their customers all                            in publications such as CRM Magazine.
that well. But how can you build trust and nurture a                          To learn more visit: www.cdcsoftware.com
relationship with someone you hardly know? Firms

Copyright © CDC Software 2011. All rights reserved. The CDC Software logo is a registered trademark of CDC Software.


CDC Software | The Customer-Driven Company™                                                                   The Trust Factor Article | 1

				
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Description: "Trust is earned, and it takes time to build. But it’s the critical foundation of a profitable client relationship. And without this trust, without this relationship, client loyalty is elusive. This requires a CRM backbone that supports consistent customer-facing processes, ensuring customer insight is both collected and applied at every stage, from wishing a client a happy birthday to selling them new products based on life events such as a new home or child. Consistency equates to reliability, which inspires trust—the key to loyal and profitable relationships and to thriving in a tough market."