10 December 2016
Visit aciworldwide.com

CRM spending curbs imminent, says Meridien

03 January 2002  |  3556 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  |  2564 views  |  0 comments
Technology sound investment for custodians, says Celent

Technology sound investment for custodians, says Celent

18 December 2001  |  2786 views  |  0 comments
Microsoft names AIT as preferred CRM partner

Microsoft names AIT as preferred CRM partner

10 December 2001  |  3255 views  |  0 comments
Bisys and Compushare forge CRM alliance

Bisys and Compushare forge CRM alliance

04 December 2001  |  2510 views  |  0 comments
Point prepares for European CRM expansion

Point prepares for European CRM expansion

29 November 2001  |  2055 views  |  0 comments
US retail banks set to increase CRM investment

US retail banks set to increase CRM investment

26 November 2001  |  2864 views  |  0 comments
Suncorp Metway selects Onyx for customer relationship management

Suncorp Metway selects Onyx for customer relationship management

20 November 2001  |  2805 views  |  0 comments
Fineco selects MicroStrategy for customer relationship management

Fineco selects MicroStrategy for customer relationship management

16 November 2001  |  2556 views  |  0 comments
Nationwide to implement AIT customer relationship software

Nationwide to implement AIT customer relationship software

14 November 2001  |  3500 views  |  0 comments
Riggs & Co. chooses Pegasystems for customer relationship management

Riggs & Co. chooses Pegasystems for customer relationship management

07 November 2001  |  2572 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit VocaLink.comVisit capgemini.com

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
8542 views comments | 39 tweets | 31 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
8133 views comments | 37 tweets | 48 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
8006 views 12 comments | 15 tweets | 27 linkedin
PSD2 will transform the payments landscapePSD2 will transform the payments landscape
7061 views comments | 23 tweets | 13 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6832 views comments | 20 tweets | 23 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job