The Bank of New York has earned recognition from Forrester Research Inc for using best practices during the implementation of its customer relationship management (CRM) platform across its global operations.
The bank earned this acknowledgement following a comprehensive, two-pronged research effort by Forrester. It first surveyed nearly 100 executives about their satisfaction with CRM technology initiatives and found that the majority of respondents were not satisfied with their CRM applications. Forrester then interviewed more than 20 leading companies with large CRM projects to learn the reasons for CRM dissatisfactions and found that user adoption was the key factor distinguishing between satisfactory and unsatisfactory CRM deployments.
According to the Forrester study, “The Bank of New York demonstrates the right way to get users involved and eager to adopt new customer-facing processes and supporting technologies. It addressed three critical success factors: 1) Involve users very early in the process; 2) Use a streamlined implementation approach to deliver benefits quickly; 3) maintain a commitment to deliver new processes that benefit frontline users, not just management.”
The Bank of New York’s CRM application, named Global Sales Force Automation (SFA), is used by 1,650 client executives, country managers, sales officers, and product relationship mangers to manage and track all customer contact and sales activities.