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Who owns the customer? Who owns the data?

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Abstract

Much has been written about Customer Relationship Management (CRM) and its myriad of hybrids. Indeed, many organizations are already encountering CRM fatigue as they struggle to successfully use customer data to deepen relationships and increase share of wallet. However, the reality is that from a financial services perspective CRM has often been associated with a misplaced arrogance about the importance and quality of the customer relationship, overlooking the fact that people do not want to buy financial services products, they are just a means to a more compelling end (a house not a mortgage, a car not a loan, a happy retirement not a pension).

Suggested Citation

  • MacDonald, Keith & Mark Dynes, Mark Dynes, 2004. "Who owns the customer? Who owns the data?," Journal of Financial Transformation, Capco Institute, vol. 11, pages 96-99.
    • Handle: RePEc:ris:jofitr:1368
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    More about this item

    Keywords

    Customer Relationship Management; customer data; financial institutions;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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