Campaign management solutions that support financial institution competency in customer management and sophisticated sales and marketing initiatives are rapidly evolving from database marketing to behavioral-based interactive marketing and beyond to a new discipline, called “enterprise customer management,” according to the most recent report from Meridien Research. In this report, “Campaign Management Solutions,” Meridien examines advances in campaign management solutions, as well as how financial institutions will use these solutions to optimize the profit potential in delivery channels, such as ATMs, homebanking and call centers.
“As scalar complexity increases with the number of contacts to be managed, this is one business arena where size is not necessarily and advantage,” notes Bill Bradway, Meridien’s research director and author of the report. “We foresee that only a few of the largest institutions will successfully implement enterprise-level customer acquisition and retention initiatives by the turn of the century. However, mid-size institutions enjoy a more manageable scale of data and the resources necessary to develop the best examples of enterprise customer management over the next few years.”
This Meridien Research report provides an overview of the campaign management marketplace, concentrating on 500 large, global financial institutions that represent commerical banks, insurance companies, securities and investment firms, and non-bank financial companies. Global spending on campaign management solutions is examined and reported by industry segment. Meridien Research expects global campaign management spending to increase from $505 million in 1998 to $708 million in 2003.
Campaign management solutions are comprised of six distinct solutions elements, which are used to differentiate the various types of campaign mangement applications from each other. According to Meridien Research, campaign management applications will be addressed by five types of vendor solutions — stand alone solutions, marketing and decision automation vendors, database marketing vendors, call center and enterprise customer management vendors, customer data warehouse vendors.
Case studies of financial institutions that have implemented campaign management solutions in this report include Lloyds TSB General Insurance (UK), Trans Financial Inc. (USA) and Standard Life Group (UK).
Meridien Research of Newton, MA provides analytical research services to users and providers of financial technology. Meridien Research currently targets three technology sements of strategic importance to financial services firms: Electronic Delivery, Risk Management and Customer Management Systems. Each practice delivers quarterly reports and monthly briefs, detailing new issues and challenges in these areas, while keeping the realities of legacy core systems in mind. For more information about Meridiean Research, call Kristen Keane at 1-617-796-2800 or visit the Meridien Research Web site at [www.meridien-research.com].