Banks are Banking on PRM Strategies

The reason why various industries are implementing different partner relationship management strategies in their business is because they are evidently effective and beneficial. Based on my research online, forming strong business alliances or partnerships and creating a channel distribution network is trending well in the global market, and the use of partner portals is becoming a valuable strategy. I recently learned (although I’m not surprised to find out about it) is that even the banking industry is ‘banking’ on PRM and web based portals.

Presently, banks are steadily growing organically and inorganically. The use of PRM and collaborating with different business partners are starting to play a vital role in their individual growth strategies. In an industry that is strongly linked with economy, it is obviously inevitable that they look to partners to expand their business and enhance their efficiency especially since the economic climate of the global market is not showing any signs of much coveted stability.


channel management solutions

There are a lot of possible specific reasons why banks are flocking towards web based portals. Portals act as entry points into the vast World Wide Web and typically offer search engines and/or links to relevant pages and maybe some news and other related services. In channel management, these play very important roles in fostering strong and committed productive partnerships which is the key to a successful channel distribution network. To me, their most significant role is ensuring effective communication and collaboration across channels.

A partner portal in the case of banks provides them with a common eco system which enables them to extend their once limited reach to strong partners. It likewise provides them with a medium to conduct streamlined and efficient transactions to ensure quality negotiations and business processes. Aside from easier access to pertinent applications, bank partners get to benefit from access to important information to help them perform optimally.

I think banks did the right thing by joining the bandwagon of channel management. Thinking outside the box and trying new alternatives are characteristics of channel stewardship, and I am glad that banks are practicing this considering that it is one of the best strategies out there right now.