CRM Solution for Banking

CRM Solution for Banking Focus on Customer Centricity

CRM Challenges in Banking The financial services industry is undergoing a period of sweeping changes driven not only by the fallout of the economic and financial crisis, but also by a confluence of cultural, social and technological shifts leading to changing customer expectations. Despite the challenges posed by this uncertainty, it is also a period of huge opportunity for financial services companies that can address them. Banks that are able to capitalize on the right technologies to support their business strategies will be the ones that gain the competitive advantage as we move further into the 21st century. The best way to attract and retain customers is to deliver an outstanding customer experience. RealDolmen helps banks transform from the transaction-centric model that s been the mainstay for many years to a customer-centric model. Our goal is to enable banks to differentiate themselves from the competition by optimizing their customer interactions and extracting more value from their customer relationships. In short, it is focused on delivering amazing customer experiences. Whether you specialize in commercial banking, retail banking, private banking, wealth management, corporate banking, Investment Banking, Branch Operations, Mass Affluent, Asset Management..., RealDolmen can help you enable your people to develop meaningful and enduring relationships with your customers, while helping to improve profitability and operational efficiency. RealDolmen s CRM solutions for the banking industry integrate existing core banking systems and data to deliver a complete 360 view of customers to help all bank team members market, sell, and service efficiently and effectively. RealDolmen can help you address the challenges inherent with the major changes affecting banks today. Changing customer expectations and demographics Changes in the customer landscape are having a profound impact on financial services institutions. Traditional customer satisfaction and loyalty initiatives, while important, are not enough in the current environment. As a result, financial firms are going beyond traditional measures of customer loyalty and satisfaction to focus on the customer experience as a whole. Challenges in maintaining growth and increasing profitability Even as we move into a recovery phase, achieving sustainable growth remains a challenge for financial companies. Multiple factors have had a negative impact on the bottom line, including low interest rates, shrinking margins, cost pressures, and increased competition, particularly from players outside the traditional financial services sphere. Customer experience management, profitability analytics, targeted offers and personalized service are some examples of key areas where financial firms can use technology to increase profitability and attain growth. Growing social and mobile technologies The emergence of social networks, huge advances in mobile access, and the proliferation of mobile devices have driven a sea change both in how companies work internally and engage with customers. Younger workers and customers in particular expect a seamless multi-channel experience in the workplace and outside it. Increasing and changing regulatory compliance needs Regulation and compliance remain top themes in practically every survey of financial services trends and priorities. There s a huge need for core technologies to facilitate compliance across systems, including the ability to audit interactions across channels, touch points, and repositories; streamlining regulatory-required processes for consistency and speed; role-based security and auditability of security and administrative activities; more unified data storage, search, and retrieval functions. 37% Are unsure if they will stay with their bank long term 59% Say quality of service is a key deciding factor Customer loyalty challenges in the banking industry only 39% reported positive customer experiences with their bank 50% are more likely to stay with a bank offering social media experience 73% of Gen Y customers with positive experiences are likely to stay with their bank versus 78% for other age groups 2 Source: world Retail Banking Report 2014 (Capgemini & Efma)

CRM for Banking solution To serve the Banking industry, RealDolmen partnered with VeriPark, a leading global provider of multi-channel delivery, customer relationship management and loan origination solutions for financial institutions. Their solution VeriTouch is considered to be the leading vertical solution for the financial services industry, developed on the stable, flexible Microsoft Dynamics CRM platform. VeriTouch can truly transform Banks into Customer Centric Organizations. VeriTouch is an operational CRM solution for financial institutions. It provides a complete 360 degree single customer view with complete marketing, sales and service processes delivered in a multi-channel architecture. With VeriTouch, banks can manage all their customer-related activities from multiple channels including internet, kiosk, mobile phones and physical branches. Access to the customer is faster and any change is made relative to the customer s point of contact with the bank. These capabilities result in facilitating the development of Strategic Customer Knowledge and Insight over time with a broader scope of accessibility and higher speed. In addition, the call center automation module in VeriTouch and transforms the lower-value customer approach and integrates this into the development of customer-centric branches. VeriTouch is configurable, easy to customize, and quick to deploy and integrates with existing solutions. Enhanced CRM solution for the Banking industry Extended Operational Efficiency VeriTouch was developed to optimize the use of customer data. The software captures data to provide bank employees with a comprehensive view of each customer s life with the bank. It includes robust reporting tools that enable detailed, accurate analysis of marketing, sales, and service activities. Such data also contributes to meeting stringent regulatory requirements. The software was also designed to rapidly and economically extend to new branches so that banks realize time-to-value much faster than using alternative solutions 3

Key Features Single View of Customer Customer products Customer profile Open complaints and service requests Offers & campaigns Ongoing applications Customer interaction capture Marketing Automation Campaign management Campaign activity management Campaign dashboard Target Market List (TML) Management Phone, SMS, e-mail, web site banner, etc. Admin Module Role and access management Approvals and referrals Queues and escalations Centralized auditing logs Complaints Management Structured complaints and SR capture Segment driven SLA N level escalations Automatic routing and assignment Case process configurator Case dashboard Customer Retention Schedule regular meetings Account Planning Generate follow up tasks Create, design and assign surveys Loyalty Management Loyalty campaigns Loyalty points management Merchants management Awards management Partner portal Sales Management Prospect capture and assignment Opportunity capture and assignment Structured opportunity capture Sales process configurator Tele-sales / Direct sales queues Sales performance reporting Contact Center IVR based authentication 360 degree customer view popup Tele-marketing Disposition / wrap up codes Unified agent desktop with single signon Master Data Management Individual & Corporate customer profile Customer information update New customer enrollment Customer account opening 360 Single View of the Customer Customer profiles that allow agents and relationship managers to capture client information at every contact point help them to build strategic customer knowledge and insight over time. The Single View of the Customer module provides a consolidated 360-degree client view in a dashboard where you can see all the important details of the customer (products, channel interactions, service requests, offers, applications,...) in a snapshot, allowing you to drill down in details for further information. It also runs as a Sales Engine increasing profitability and revenue by providing cross-sell and up-sell products that the staff can offer to the customers. Key Abilities Deepen customer knowledge with consolidated, 360 views Improve servicing efficiency Cross sell and upsell opportunities in the same screen Track Customer Interaction History Notice all the alerts and notifications View all product ownership specifics Features Single View of Customer Customer Profile Integration for central bank check, data verification, world check, and internal black list Marketing channel preferences Account signatures Customer Interaction history Charge waiver flag maintenance Charge account maintenance Notes about the customer Advanced Customer Search Customer static data update process New customer enrollment process Client ID reservation and management Automatic de-duplicate detection De-dup rule definitions Back end system client generation Account origination integration for delinquencies, current offers, products & services used, and profitability & risk appetite Merge of retail and corporate users view 4

CRM for Banking solution - features Direct Sales Agent Shifting the traditional way of doing business with banks from The customer goes to the bank to The bank goes to the customer. Direct Sales Agent (DSA) App for Win 8 is developed for agents to complete banking or insurance products sales easily on their tablet. It is part of VeriPark s VeriTouch Banking CRM Solution running as an application on Windows 8 both offline and online. How Does the Solution Work? Banks usually send SMS market campaigns to their targeted customers informing them about the new products. The Direct Sales Agent App for Win 8 starts working instantly once the customer texts back with a positive answer. Next, the opportunity gets created in CRM, assigned to the direct sales agent, and automatically pops up in My Activity area on the agent s tablet. During the customer s visit, the DSA can access all personal and financial information of the customer. By using the product calculators, the agent can check the eligibility of the customer for a specific product. The new DSA solution has also an equated monthly instalments (EMI) calculator function that calculates important details related to the product. Moreover, the DSA solution gives a great cross-selling opportunity to the agent checking the eligibility and convincing the customer on the spot. The outstanding feature of the DSA solution is the simplicity of closing the deal at the customer visit. With just one click, the offer letter is sent to the customer via SMS or e-mail. The agent can also print the application form, get it signed, take a picture of it, and process the whole application. The agent can also run a conference through Lync with the authorizer to introduce the customer, approve the transaction, and immediately complete it. The new DSA solution will help banks to retain customers when they stop going to branches in the digital era. Key Abilities Overall display of the agent s general information consisting of charts, activities, existing loan applications, announcements and pending documents on the landing page Easy navigation for searching existing customer information with ID User-friendly product/loan calculator function to change financial variables such as monthly income Intelligent product/loan basket that allows instant calculation for eligibility for various product application types One-click application process to send the offer letter to the customer via e-mail or SMS Interactive camera capture to take a snapshot of the customer s ID and documents Features New Product Application Product, Loan and equated monthly installments EMI Calculators Document Capture Screen Competitor Product Comparison Custom Dashboards Push Notifications to Field Pending Documents Sales Team Activity Management Sales Agent Calendar & Field Announcements 5

CRM for Banking solution - look & feel Customer 360 View - Retail Customer Direct Sales Agent Dashboard - Mobile App 6

CRM for Banking solution - look & feel Interaction View - Retail Customer Direct Sales Agent - Customer Information 7

The New Era of Customer Centricity To answer a customer question right is a sign of intelligence to answer the right question is a matter of wisdom In recent studies customers have indicated that banks lack a profound understanding of their critical needs. Banks are not able to respond with the right products and services at the right time and the right place. Customer expectations go beyond physical presence and generic products. A forced internal focus is not the only reason why banks are not able to answer today s customer needs effectively. For many years banks have taken established generic products to the market, selling them on functional scope and pricing. Some banks took another route and focused on reliability and quality of services, offering a wider choice with related services. This inside-out business model is based on siloed infrastructure and processes. Because of these silos, customer data are fragmented, stored in different places and not synchronized. A single customer view across all channels is merely impossible and providing the same customer information in real-time throughout all channels is not feasible. The organization by product silos finds its origin in the bank s traditional role as a central point of contact for customers. Bank branches used to be visible on every corner of the street, physically emphasizing the mission of trustworthy partner in financial relationships. Silos empowered this mission. However, parallel to a changing customer demand for products and services, there is a decline of the bank branch as the central point of contact, thus weakening the power of silos. Nowadays the branch is being disintermediated by other channels like mobile and internet. Physical presence is not important anymore; being present in all possible digital channels is becoming more vital than ever. Together with technological possibilities like big data, these new digital channels opened up a whole new world of customer expectation, perception and attitude. The existing banking business model is affected. Products and channels are converging, branches will decrease, digital channels will rise, new competitors will continuously enter the existing banking value chain and customer demands will continue to change. Banks need to remove the barriers of siloed structures and adopt an outside-in vision, shifting from creating products and services to better understanding the real demands of their customers. By doing so, banks will notice that their products and services are peripheral to the primary goals of their customers. A payment is only a small part in the financial value chain that a customer needs to manage. For instance, how does a better financial supply chain really help a supermarket to gain market share, or a manufacturer to take innovative products to market faster? New technologies like real-time settlement and big data deliver a whole new range of possibilities to adapt to the changing world of banking business. Customer behavior becomes traceable and therefor more predictable. Products and services can thus be tailored effectively and brought to market faster and segmented, etc. How a data lab can foster experimentation and a faster go to market... Discovering the right question is key. For this, insights into customer patterns must be discovered first. Most banks already embraced the data lake to provide a holistic view of all data relevant to do business. Leveraging or extending the data lake* with a data lab** enables capabilities to identify behavior by analyzing all the disseminated data and identifying the relevant parts which drive specific business outcomes. Armed with this knowledge (semi-automated) actions can be taken to incorporate these insights into the decision making process or in customer facing discussions. In this fast changing world, predictive models must be able to adapt quickly to incorporate new, trusted sources which influence predictions to make them more accurate. Technology these days is a serious enabler to quickly create or adapt models and incorporate the results in regular Line of Business applications. Connectivity inhibitors are gone, allowing cloud based services to be used as additional data sources, predictive calculators or as composed hybrid solutions of onpremise and cloud. System Integrators taking this new era of customer centricity seriously are providing analytical solutions to enable their customers to be more customer centric. Their approach is to provide an almost out-of-the-box data lab environment with pre-installed tools for complex rule based decision making and advanced statistical data modelling and processing. This concept combined with their functional and technical expertise 8 * A data lake is a massive, easily accessible, centralized repository of large volumes of structured and unstructured data. ** A data lab lets you examine new ideas by combining new data with existing data making it easy to identify new trends and insight or react to immediate business issues.

is an enabler to off-load work and focus on core business. For customers who have embraced cloud, these System Integrators are even offering the same functionality as a cloud based service. Customer and external data are then processed in the cloud and the prediction can be consumed by (or even embedded) in e.g. a CRM system. Internal loop garbage in means garbage out At the same time it s also important to create an internal feedback loop inside of the bank s organization to industrialize the new customer centric approach and achieve further product cross sell and customer retention. Customer dynamics analysis based on a data lab infrastructure will expose the evolving issues brought by change. Even good change such as business growth brings balancing challenges such as business capacity and market share competition. As a result, additional bank products and services become relevant and valuable, driving a continuously enhanced customer relationship. In parallel, better understanding of the customer relationship and the customer s business will identify where mutual growth and value is less feasible and redirect sales attention and investment towards the best returns. It s important to industrialize the commercial approach into a feedback loop approaching not only the customer needs but also structuring the information to enhance ongoing product development while treating pricing information in a dynamic way to answer customer needs and to prevent leakages. The modelling engine within RealDolmen s data lab is used initially to analyze what information is known about the client, then to create a tailored discussion framework (scripts) that drives the client engagement. This approach helps to ensure that the discussion focuses on where that specific customer s issues are and identifies additional information that helps shape the solution and quantify benefits for them. Once captured, this information is fed back into the modelling engine and used to create a solution tailored for the customer with clearly measurable benefits, directly related to the bank s products and services. The solution will also identify what activities need to be undertaken to ensure that intended value is realized. In turn the analysis and solutions generated are fed back into the bank s internal product development processes so that offerings can be refined and sales and marketing tools like customer segmentation and campaign targeting can be enhanced. Outside-in requires a new Business Model Banks are using different networks for transaction banking and messaging. These networks often spread their information with some delay. Yet customer demand is in real-time since technology and channels are available. It is obvious that the bank-customer relation will need to change. Yes, banks do change but often this change is limited in going from a multiple silo based approach towards a single silo based approach, keeping the same hierarchy and constraints in place. The barriers of a siloed structure where customer data are kept in-house - due to existing bank governance, system infrastructure and solutions built on top of the data - limit the ability to really pinpoint the customer, his needs and his expectations. Whenever banks want to fully adopt an outside-in approach, they have to make use of outside information as well. By just removing the barriers of silos, banks only get insight in their own internal information, thus drawing up a one-sided and objective image of the customer. Additional outside information, concerning public as well as private data, is needed to proactively manage customer relationships. In line with the market evolution of a cultural context that is based on social community and granting access to each other s information (and sometimes even IT solutions), the new business model will enable banks to become a trusted supplier of financial information through the digital channel. People are using existing digital channels like Facebook and Twitter to share data with others. This data has real value for companies and this is why it should be regarded as personal property. Based on existing (and indisputably future) legislative and regulatory rules, customers should be able to keep full control of their own data. A customer should be the one to decide why, when and where to share his personal data. Some existing initiatives in this area offer an online digital locker for individuals to store personal and/or shared data of their own choice in a safe and secure way. Companies and organizations can then be granted access to certain types and/or levels of this stored data, with even the possibility of receiving rebates, discounts or other benefits in return. These so-called Personal Data Vaults (PDV) or digital wallets might be a solution for banks in obtaining a full customer profile. The vaults or data stores do not necessarily have to be part of the bank s own infrastructure; they can be situated either inside or outside the bank. In the end a bank will become an information broker in realtime financial services information and value added services. Might this be the only way for banks to regain their customers trust? Josef Szekeres and Patrick Tack, RealDolmen 9

Reaching out Microsoft helps banks to deliver an omni-channel experience Interview by Jacqui Griffitths for On Windows Magazine - www.onwindows.com. Smartphones, tablets and wearable technology have changed consumer expectations when it comes to service delivery. People are used to connecting with friends wherever they are, through any device, and they expect the same from their bank. In order to keep up with consumer expectations and offer a true omni-channel experience, banks face the challenge of moving from a passive service-provision infrastructure to proactive, digital interaction with customers. out and requires a balance of providing access to the latest technology to customers and ensuring simplified processes for employees. Banks will always have early adopters, but to make them mainstream it will require a platform for customers to learn and share experiences. As we move forward, new and different service models will be tested and, in many cases, banks will provide the training and resources for consumers to adopt these. For many years, the branch was our main banking channel the bank would open the doors and wait for the customers to walk in, says Marcelo Marquez, director of business development, worldwide banking industry at Microsoft. We moved into digital channels with a similar state of mind to provide an infrastructure for customers to take the initiative and serve themselves. But omni-channel is different. Any technology that the customer has access to could become a channel not only the phone, but wearable devices and the internet of things. Instead of waiting for the customer to serve themselves, omni-channel is about reaching out and engaging with the customer in different ways. Marquez says that in order to achieve success in the omnichannel era, banks need to be: Insightful using real-time analytics to translate customer information into knowledge and actions that enable different conversations Always connected using mobile devices as a window for the bank s compute power, on premise and in the cloud Always available a click away from customers, always ready to have a conversation Attentive to customers and able to anticipate their needs. All these qualities demand digital reach, and real-time analytics will be key to creating the smart omni-channel layer that can enable this, explains Marquez. Instead of having a web or digital mobile experience where customers take the initiative for every action, banks will have to create a digital advisor that is proactive, reaching out to the customer. Through his discussions with customers, Marquez has found that the bank s omni-channel strategy must address some key issues. First, banks need to modify their own culture around becoming digital. This transformation starts from the inside With so many possibilities ahead, there is no magic formula for omni-channel service delivery, and Microsoft is working with its partners to demonstrate what they can achieve. We ve been working with our partners to share with customers the state of the possible; to show them the disruptive technologies of the future and how we foresee these could make a big difference in the way we bank, says Marquez. We build demonstrations of how some of these things can be achieved with Microsoft technology and the knowledge of our partners. One thing is certain: driven by consumer demand, omnichannel is set to transform banking service delivery, and banks need to consider how they will achieve it. We all agree on the objective of omni-channel, but the most important thing is that it is a journey, concludes Marquez. We have been doing banking the same way for many years, but now the consumer is driving change and demanding new service models. Banks need to have a strategy in place to deliver those models as new technologies emerge. With technology in financial services evolving at breathtaking speed, we see how interactions with retail and institutional customers are becoming more engaging and dynamic, how the workplace is becoming more mobile and collaborative, and how processes are becoming more flexible. Indeed, the need for financial institutions to become digital businesses is more acute now than ever. At Microsoft we believe that to be successful, you need to be present in the financial lives of your customers at any time, any place, across any channel or any device and we are committed to helping you make this happen. Karen Cone, Microsoft 10

Proven Expertise RealDolmen is a leading CRM provider with a special focus on - and more than 10 years of expertise in - Financial Services. Some of our references in Financial services in Belgium: Customer testimonial Leading retail bank ING Bank Turkey wanted to improve its market position by investing in customer relationship management software for its sales force, starting with representatives working in retail banking. After a tender involving three other global vendors, the bank chose VeriTouch, running on Microsoft Dynamics CRM, which was fully deployed in just four months. Together with its subsidiaries, ING Bank Turkey provides corporate, commercial, and retail banking services. ING Bank Turkey launched in 2007 when the global financial services group based in the Netherlands acquired Oyak Bank in Turkey, a combination of eight different banks with around 3.5 million customers. Today, the bank has 327 branches throughout Turkey and a round-the-clock customer call centre. ING Bank Turkey s retail banking team wanted to give sales representatives a 360-degree view of the customer and capture all interactions between customers and branches. The bank also wanted to extend the use of the solution beyond retail banking to help sales to small and mediumsized enterprises (SMEs) and corporate customers. The project team chose to customise an out-of-the-box solution rather than build it themselves using expensive developer time. They chose VeriTouch, built on Microsoft Dynamics CRM for a number of reasons the fast time to market, strong integration with Microsoft Office products, and low total cost of ownership. They also valued the versatility of the VeriTouch application. Turhan Özgüner, Senior Vice President, Sales and Branch Management, ING Bank Turkey, says: We wanted to set the standard for the industry in helping our customers better manage their financial futures with a multichannel approach. VeriTouch helps us in this goal by streamlining sales processes, creating more productive sales time, and allowing sales agents to maximise opportunities for direct contact with customers. VeriTouch gives the ING Bank Turkey sales force a 360 degree view of each customer and immediate feedback on performance. Sales agents say they can work in a more planned and organised way by increasing cross-selling ratios and presenting the right products to customers. Özgüner says: The tool is exceeding expectations because it helps agents understand their customers better, displaying all the products of interest to a customer on just one screen. VeriTouch manages several verticals in addition to retail banking, including corporate and private banking, and pensions and life insurance. This means ING Turkey can reuse the same solution for their corporate and SME customers. 11

Why choose RealDolmen? We make ICT work for your business. RealDolmen is not a standard ICT company. ICT companies almost always focus on and depart from technology. RealDolmen focuses in the first place on the result that its customers can achieve and works towards the technological part. We at RealDolmen are convinced that ICT should make people s and companies work simpler and more efficient. Isn t that what ICT is all about? We are sure that if you make something simpler, you make it more efficient at the same time. We make ICT work perfectly for your business by standing close to you, getting to know you and understanding what you do and what makes you tick. We work every day to develop innovative solutions in line with your business, striving to make your lives easier by being experts in what we do. Contact us Industriezone Zenneveld A. Vaucampslaan 42 B-1654 Huizingen - BELGIUM +32 2 801 52 50 CRM.REALDOLMEN.COM - infocrm@realdolmen.com