24 February 2018
visit www.ebaday.com

CRM spending curbs imminent, says Meridien

03 January 2002  |  4655 views  |  0 Meridien Research

Financial services firms will curb their spending on customer relationship management technology over the next five years, according to a new report from Meridien Research.

The report, "CRM Spending Update: Hitting the Wall or Taking a Time-Out?", suggests significant further market consolidation among suppliers will take place as financial institutions' spending flattens through 2003.

The study predicts global retail CRM spending in 2002 will stay level compared to 2001 at $6.7 billion, with no significant expansion expected until 2004. This is in part due to financial institutions struggling to master the complexity of channel integration and deal with the cost of building and maintaining an effective data warehouse infrastructure.

Corporate CRM spending, influenced mostly by commercial banks, will remain at $3.0 billion in 2002, and is also not expected to grow significantly until 2004, as many institutions examine their ROI from less-than-successful CRM investments, says Meridien.

Tom Richards, Meridien's research director for CRM, says: "We foresee that top management at financial institutions that 'get CRM' will carefully seize upon the market confusion to quietly strengthen their arsenal of capabilities, often at bargain terms."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Wells Fargo selects e-Bank for CRM initiative

Wells Fargo selects e-Bank for CRM initiative

20 December 2001  |  2877 views  |  0 comments
Technology sound investment for custodians, says Celent

Technology sound investment for custodians, says Celent

18 December 2001  |  3032 views  |  0 comments
Microsoft names AIT as preferred CRM partner

Microsoft names AIT as preferred CRM partner

10 December 2001  |  3492 views  |  0 comments
Bisys and Compushare forge CRM alliance

Bisys and Compushare forge CRM alliance

04 December 2001  |  2807 views  |  0 comments
Point prepares for European CRM expansion

Point prepares for European CRM expansion

29 November 2001  |  2248 views  |  0 comments
US retail banks set to increase CRM investment

US retail banks set to increase CRM investment

26 November 2001  |  3151 views  |  0 comments
Suncorp Metway selects Onyx for customer relationship management

Suncorp Metway selects Onyx for customer relationship management

20 November 2001  |  3125 views  |  0 comments
Fineco selects MicroStrategy for customer relationship management

Fineco selects MicroStrategy for customer relationship management

16 November 2001  |  2729 views  |  0 comments
Nationwide to implement AIT customer relationship software

Nationwide to implement AIT customer relationship software

14 November 2001  |  3704 views  |  0 comments
Riggs & Co. chooses Pegasystems for customer relationship management

Riggs & Co. chooses Pegasystems for customer relationship management

07 November 2001  |  2821 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit https://www.capgemini.comVisit www.vasco.com

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
11605 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10271 views 3 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8387 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
7943 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7659 views comments | 10 tweets | 14 linkedin

Featured job

Six-Figure-Base, Double OTE, Benefits Package
London, UK

Find your next job