A CRM initiative has helped FleetBoston Financial grow its non-credit product sales with its over 500,000 customers.
At DCI’s Customer Relationship Management Conference here yesterday, FleetBoston’s Dean Athanasia, executive vice president, strategic marketing told attendees that the company’s cross-sell revenue has increased from $870 million in 2000, to $1.02 billion in 2001, to a projected $1.11 billion this year thanks to CRM.
The number of products sold per customer has also increased, from 4.6 in the first quarter of 2001 to 5.7 in the first quarter of 2002. Forty percent of the bank’s revenue is currently generated by credit-related products; the goal is for only 30% to come from credit, and 70% from non-credit products, said Athanasia.
As part of the bank’s CRM solution, the company’s database was integrated with its backend systems, so up-to-date customer information could be accessed across the institution by all users, including the relationship manager and call center representatives.
The CRM conference continues through Friday at the Hynes Convention Center.
