BoV awarded for world’s best CRM strategy

Bank of Valletta has been awarded the 2003 Financial Innovation Award for the world’s Best Customer Relationship Management Strategy by the UK’s Institute of Financial Services.
In winning the prestigious accolade, Bank of Valletta beat out a number of world-leading competitors such as Primeline, Barclays Private Clients, Fortis Bank Asia and Allianz Cornhill of Germany.
The award was presented to Bank of Valletta Chairman Joseph FX Zahra during the Sixth Annual Financial Innovation Awards ceremony held at the end of November at City Guildhall in London. The BOV delegation, led by the Chairman, included officials from the Bank’s Strategy, Management and IT Departments.
Speaking at the award presentation, Mr Zahra commented how the award was an extremely important achievement for Bank of Valletta: "This prestigious award is an endorsement of the Bank’s heavy investment in its IT systems aimed at delivering a professional service to our customers. Our CRM strategy that won the award is based on a highly advanced IT system developed entirely by BOV employees.
"Winning such an award on a global platform only goes to confirm the aptitude, creativity, motivation and professionalism of Bank of Valletta’s people. Moreover, this award underlines the Bank’s commitment to employ cutting edge technology in support of its strategic orientations."
BOV’s CRM strategy is directed at providing a cost-effective value proposition. A three-phased approach was adopted through the in-house development of a data warehouse, a customer profitability module and a CRM front-office system. Through the implementation of a Datawarehouse project, strategic analysts are able to model and analyse functions pertaining to activity-based costings, customer contribution, data mining and CRM.