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back to article How not to steer a business

The mainstream media generally portrays the financial services industry as being in a total mess, with customers failing to be served and management often apparently serving themselves. Against this background, a recent Reg Reader study looking at the way information is captured and used in the financial services sector provides …

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That result should not have been a surprise,

and I sincerely doubt changing BI will change the result even if "done properly" whatever "properly" turns out to be. Governments have made compliance the most important aspect of running a financial institution. Investors USE to be the most important aspect, now they are #2. When you are done managing those two aspects, there's not much left from which to focus on customer service. Or, to make it short and sweet: it isn't a technical problem, it's a management issue, and one where management actually has limited input to boot.

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Stop

reality check

The media might think the financial services industry is a mess but I assure you the guys pulling 6-7 figure bonuses know better. It is also charmingly naive to assume that businesses that operate in a cutthroat world of high octane math and survive on their ability to clip as many pennies as often as possible, have somehow managed to completely ignore some huge untapped well of potential profit that would be magically revealed by some garden variety BI incantations.

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T J
FAIL

Psychopaths

The problem is psychopaths. Pure and simple. And yes despite the ad-monkeys jumping on the spin wagon here in the forum - yes its a mess. The US Economy collapsed, but nobody wants to use those frightful words..... since it happened to the USSR only 2 decades or less before. Massive regulation and a proper psych profiling approach is the only thing that can save this, frankly, rather primitive part of our 'civilised' society.

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BI orientation

As early as 1995 Harry and David policies were that they only wished to retain 45% of their consumer customerbase because it was simply "too expensive" to provide ideal customer service. Oddly enough, they had and have little interest as well in business interests, probably because a laissez faire model of this type just won't work.

Oddly enough analyses have never examined this portion of their odd industry, which is the delivery of specialty foods of various sorts and at one time stood the chance of resounding success. As it is, because of this "BI" attitude, they're going out of business, having suffered bankruptcy twice and verging on it again (this latter is my opinion only, mind).

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