Maybank has won the CRM Excellence Award 2010 for its high performance, high-ROI customer relationship management (CRM) programme. The Bank emerged tops under the ‘Growth' category, for successfully launching the country's first Event Based Marketing (EBM) initiative.
The Award ceremony was held in London recently, co-sponsored by Gartner, Inc., a leading information technology analyst firm and 1to1 Media, a consulting and news organization honour corporations implementing CRM in their organisations. The winner was selected after a review by a panel of judges who evaluated CRM initiatives of nominees against Gartner's eight CRM Building Blocks which include CRM vision, strategy, valued customer experience, organizational collaboration, CRM processes, CRM information, CRM technology and CRM metrics.
"Our database analytics-driven EBM solution has enabled us to have better understanding of our over 8 million customer base and identify their needs to design customised products and services for segmented customers. The CRM model has significantly improved our cross-selling, up-selling and alert system giving us a remarkable annualised return on investment of 164% since implementing it in 2007," said Lim Hong Tat, Senior Executive Vice President and Head of Consumer Banking Maybank in a statement today.
Lim said that the award is an affirmation of Maybank's approach to adopting best practices in its transformation process. "This award brings a new milestone by Maybank in enhancing its business capability harnessing technology as part of its vision to support the Bank drives towards a customer centric organisation.
"With the CRM solution we are able to implement timely and targeted marketing, contributing to an increase of 141% in our target customer marketing activities last year over the previous year. We have also been able to increase our customer contact response rate by 30 percent since 2007 resulting in a significant increase of conversion rate from 3% to as high as 30% from our data base marketing campaigns ," added Lim.
In 2009, Maybank also won an international award for its CRM initiatives, the IDC's Financial Insight Innovation Award for Innovation in Analytical CRM.
Maybank's CRM EBM programme is built around the Teradata CRM solutions. Teradata Corporation is the world's largest corporation solely focused on data warehousing and enterprise analytics.