Financial institutions will spend no more on customer relationship management software in 2002 than in 2001, despite a predicted increase of 2.7% in spending on other types of software, according to Meridien Research, a US research consultancy.

Customer relationship management (CRM) software allows financial institutions to build databases containing their clients' details. By using the software, a firm will be able to instantly know where clients' trades must be cleared and settled, or to send reports to clients at a pre-specified time and location.