CRM in Banking

Implementing a CRM in banking industry can be very challenging. CRMnext optimizes existing customer strategies and makes them future-proof without affecting your bank's flexibility, unlike other banking CRM systems. Our banking solution helps to increase customer satisfaction and boost revenues by streamlining processes on a powerful technology platform which enables transformation from a product centric to a customer centric organization.

Banks can no longer rely on customer inertia in order to retain customer loyalty. Customers are drifting away from inherited relationships to managed relationships, from face-to-face to virtual banking and from branch specific to anywhere banking.

Background

Banks continue to face stiff revenue targets spread across too many stakeholders without banking CRM systems. Banks' stakeholders struggle to deal with a vast number of departments, systems and geographies. While the growth strategy of most banks relies on a cross-selling infrastructure, there is an apparent lack of it. Large investments are made to enable marketing intelligence, yet dismal infrastructure exists to execute and complete the feedback loop. Absence of visibility has created a reporting overload, directly resulting in huge efficiency drags. Unable to sling intelligence to front ends, marketing continuously generate campaigns, targeting a mind boggling number of customers and prospects. To meet these growing numbers, product teams take to direct strategies, with parallel ownerships, dismissing possible synergies.

Manual reporting is the primary source of performance analysis for most banks.

Challenges

How to create an intelligent, unified view of customers and their needs? Identify and cross-sell products, from multiple repositories & systems. How to assist workforce in achieving higher targets, reduce non-core workloads, minimize coordination efforts and provide actionable intelligence? A single window to view end-to-end processes that spans across systems and enforce TAT/SLA adherence? How to converge multiple, disjoint, independent campaigns across products, while providing visibility across channels? How to reliably coordinate, collaborate and action customer complaints, across channels to ensure fast & accurate resolutions? Reduce process cost and wastage while conforming to compliance and audit standards. Real-time insights into processes with intelligent reports & dashboards for pro-active actions.

Solution

CRM in banks has evolved from a customer facing application to a customer-centric strategy that manages the complete cycle from customer interactions to branch operations through central operations. CRMnext's consultants are experts in banking CRM systems. Our CRM solution helps banks to create a single window to view up-to-date customer data, manage end-to-end processes (product sales, fulfillment, etc.), enforce TAT/SLA and access intelligent reports. This "unified desktop" boosts workforce efficiency by eliminating inter-department coordination efforts, reducing application hopping and ensuring downstream action using escalations.

Salesforce CRM Implementation at Citibank

A Financial Services Industry Case Study

Aptaria helped the Citibank Wealth Management unit replace a fragmented CRM system with a unified Saleforce.com solution that offered an easy-to-access 360 degree view of the customer. This was the largest-ever Salesforce implementation to date.

Problem: CRM Fragmentation & Inefficiency

One of 3 divisions in Citi's consumer banking sector, Citibank Wealth Management has hundreds of advisors helping clients manage their investments and personal wealth. Along with much of the financial services industry, this unit has had a tumultuous recent past, including a number of acquisitions and mergers. This resulted in complex web of 4 disconnected customer relationship management (CRM) solutions, leading to some critical challenges:

These on-premise solutions were expensive to operate, both in terms of infrastructure dollars and IT staff salaries. Each CRM system gave wealth management advisors only a partial view of their clients' financial information and interactions with Citi. To access all data needed for a client call, advisors often logged into multiple CRM tools, wasting valuable time andfrustrating customers. Some sensitive wealth data lacked adequate security while other data was overprotected, preventing access from appropriate team members. Advisors could not access CRM information on mobile devices, further hampering their performance and client satisfaction.

Action: Salesforce.com CRM Implementation & Customization

Aptaria developed and implemented a custom Salesforce CRM solution for Citibank Wealth Management that integrated and replaced its fragmented system of on-premise software. The new CRM provided:

A central 'dashboard' of key client data including all contact with Citibank and relevant financial information that advisors could access easily in one place.

A comprehensive yet granular security solution within Salesforce that ensured sensitive client financial data was accessible only to those entitled to it. A Salesforce.com mobile CRM solution that gave advisors secure access to client data on Blackberries. A hybrid or "mashup" solution that allowed Citibank to maintain sensitive account balance data on-premise while preserving a cloud-like experience for customers.

Result: More Productive Advisors, Happier Clients

By implementing a tailored Salesforce.com CRM, Aptaria helped Citi greatly increase its wealth management advisors' productivity and the customer experience. Specific benefits to the company include:

Hours and hours saved per week per advisor Increased advisor focus on client investments and growth Robust security for sensitive client financial data Greater client satisfaction

Citibank cut back on custom coding when it installed Siebel's customer relationship management (CRM) software. The move is paying off.
Companies such as Citibank, looking for good software to manage their relationships with customers, are caught in a dilemma: to customize or not to customize? Businesses need to tailor software to meet specific needs and distinguish themselves from their competitors. But customized code can lead to problems when it's time to implement new releases of customer relationship management (CRM) applications especially with major upgrades, such as Siebel Systems' Siebel 7. So, what's a company to do?

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At Citibank's Global Corporate and Investment Bank's e-business unit, which serves midsize and Fortune 2000 corporations, the answer was: curb the customization urge. Susan Andros, vice president of Citibank e-business, managed to hold customization to 5% of the Siebel code implemented in her division. The result: The e-business unit completed the fastest and most economical Siebel deployment of all of Citibank's divisions, according to Andros. At the same time, the ebusiness unit still produced more detailed and accurate sales reports and forecasts, using standard Siebel e-finance modules, Andros says. Citibank is banking on the benefits. Andros has committed to the following:

Customer time: In 2001, Citibank e-business staff spent only 50% of its time interacting with corporate customers. Goal in 2002: increase this to 75%. This means more opportunities to cross-sell other bank products such as trading systems, e-commerce systems and services. Revenue per sales rep: In 2001, the unit was generating an average of $10 million in revenue per sales rep in North America. Goal for 2002: at least a 10% increase in this number. Reporting efficiencies: In 2000, administrative staffers took 21 days apiece to generate historical reports. In 2001, after Siebel 6.2, North American staffers each spent only 20 minutes per month on this. Goal for 2002: more reports with a wider scope in those same 20 minutes.
And that's before the Web-enabled Siebel 7 arrives, which Andros plans to have in use in her division by June 16.