Customer Relationship Management or CRM, is a very effective tool in predicting and helping customers especially in the banking industry. Lets look at some examples to see how CRM can help you in certain situations:
Lets suppose that you are a family with your spouse and two children. You have a home mortgage, two car loans, you're building up a retirement account, and you're putting away money for the college education of both your children, all with the same bank. How would a CRM use it's information if:
You and your spouse decide to have a another child.
The bank would most likely set up another account with which you could put away funds for the third child's education.
You lose your job.
With a home mortgage and two car loans the bank might decided to offer you another loan to tide you over till you land another job. Perhaps lowering your payment for your retirement account.
One of your parents is stricken with a severe and long term illness, and has no medical insurance, leaving you to pay the bill.
You consistently incur transaction fees for using an ATM not in your bank's ATM network.
Although i don't know what the bank would do... this defianately seems like an invasion of privacy to me.
Your identity is stolen.
You decide to build an addition on your home.
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