Last updated at: (Beijing Time) Thursday, April 11, 2002
Bank of East Asia, NCR Teradata Forge Partnership on Customer Relationship Management
The Bank of East Asia (BEA), Hong Kong's largest independent local bank, signed an agreement with NCR Teradata Division, the world's leading decision support and analytic solution provider, Thursday in Hong Kong on development of customer relationship management (CRM) solution.
The Bank of East Asia (BEA), Hong Kong's largest independent local bank, signed an agreement with NCR Teradata Division, the world's leading decision support and analytic solution provider, Thursday in Hong Kong on development of customer relationship management (CRM) solution.
This strategic, enterprise-wide project aims to provide BEA with the capability to better understand its customers' needs, deliver more personalized services, increase revenue income through cross-selling to targeted segments and, most importantly, boost the bank's profitability.
The two companies announced Thursday the completion of the first stage of the CRM implementation, which provides BEA with a "single view" of customers.
With a comprehensive picture of its customer profiles, BEA can provide tailor-made services that best suit the different needs ofdifferent customer segments.
According to the contract signed Thursday, the two companies will implement the second stage of the project, under which, BEA will create a Relative Value Model of each customer by using the details of every transaction that the customer has made with the bank through any data source.
This detailed information, which will be stored in the bank's enterprise data warehouse, will provide BEA's staff with in-depth understanding of customers' true value.
It will also enable the bank to price its products and servicesdifferently to suit individuals or different demographic groups.
"We are proud to have NCR Teradata as our partner," said David K. P. Li, BEA's chairman and chief executive. "With the aid of CRMtools to analyze customer preferences, we will be better able to provide services and products tailored for individual needs."