The Bank of New York Earns CRM Recognition from Independent Research Firm
NEW YORK, September 7, 2005 - The Bank of New York, a global leader in securities servicing, has earned recognition from Forrester Research Inc., a leading independent technology research company, 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.
As part of this analysis, Forrester found that The Bank of New York used several best practices for CRM implementation that should be adopted by other companies. (See: People, Plus Technology Determines CRM Success, Forrester Research, Inc.,
The Forrester study stated, "To succeed, companies must take measures to make sure business users feel ownership and rapidly adopt new capabilities. The Bank of New York demonstrates best practices with its high user involvement approach that enabled the bank to achieve widespread adoption of unified global sales processes...Organizations implementing CRM should follow The Bank of New York’s lead and make user involvement, training, and user-focused benefit messaging central to every project."
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.
Bruce Miller, managing director of the Strategic Sales Division and the driving force behind the company’s CRM initiatives, explains, "CRM is a key pillar of the bank’s business strategy. Increasing revenue is critical at the bank, and this can only be done if we continue to deepen our relationships with customers and provide the benefit of our full range of solutions in meeting their needs."
About Forrester:
Forrester is an independent research company that provides pragmatic and forward-thinking advice about technology’s impact on business. Business, marketing, and IT professionals worldwide collaborate with Forrester to align their technology investments with their business goals. Established in 1983, Forrester is headquartered in Cambridge, Massachusetts. Copies of the study can be found at: www.forrester.com.
About The Bank of New York:
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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