Union Bank of Norway Essay Example | Topics and Well Written Essays - 250 words

Union Bank of Norway - Essay Example This would enable the bank’s management to investigate past trends in consumers’ behavior towards prediction of possible changes in customers’ behavior and needs. This could identify avenues towards improved sales and revenues. The centralized data bank would also facilitate cheaper, time efficient and procedurally efficient data retrieval and analysis towards understanding customers. The data bank was successful as both top personnel in the organization and customers testified of its significance in improving customer relations towards cost-effective processes and improved revenues. The head of the bank’s customer relations management, for example, testified that the databank became essential to the organization leading to 70 percent response from customers. The customers also appreciated the project’s significance towards meeting their needs. The project, however, faced the challenge of change in organizational structure as it dictated establishment of new offices and roles. Based on the experience from the project, the bank’s customer relations manager noted that organizations should develop a clear goal of what they want to achieve and strive towards it step by step, and customer relations initiatives are a series of continuous process. The study also noted identified an increase in investments in and application of data analysis among organizations. (Dyche, p. 144- 148).