Correspondence: Andy Wood, 147 Scudamore Road, Leicester, LE3 1UQ, UK. E-mail: Andy.wood@gi-solutionsgroup.com

¹is Managing Director of GI Insight, a company that provides a complete database marketing approach covering database building, strategy and analysis, campaign execution and fulfilment. He has over 14 years experience in the analysis of data and its application to improving customer communication, turnover and ultimately profit. Andy has created and managed more retail loyalty programmes than anyone in the United Kingdom.

Received 10 February 2009; Revised 10 February 2009.

Abstract

The competitive nature of the financial services sector means that financial organisations have to work harder than many other sectors to communicate with customers, to retain their business and to cross-sell additional products or services. This paper addresses the current state of Customer Relationship Management in the sector and the public perception of how well it targets its customer communications. It suggests that an improvement in targeted marketing standards could lift the sector out of its worsening record on customer retention.