This case study regarding Changing Bank (an alias) provides interesting insights into how and why CRM is often deployed in large FSIs. Changing Bank has national reach in its branch network. It has an asset base consistent with a large FSI. However, Changing Bank does not have the scale of very large FSIs such as Chase, or Citibank, or Bank of America.
Changing Bank is using customer relationship management (CRM) to help in a strategic transformation from a traditional commercial bank with a significant retail presence to a multiline provider of financial services. The bank has made numerous acquisitions to assist in the transformation, but it is CRM that will allow the bank to ultimately succeed. This TowerGroup Research Note looks at the infrastructure that Changing Bank has in place today and recommends next steps in its CRM evolution.
Additional Information
Highlights
Changing Bank (an alias) is on a mission to transform its business from a traditional bank to an integrated multiline financial services company. Its stated goal is to deliver a diversified income and revenue stream to shareholders, one that is sharply different from a traditional commercial bank. Mergers and acquisitions have diversified the business mix; customer relationship management (CRM) is viewed as an enabler of the successful transformation of the business.
The bank initially built its informational (back-office) CRM infrastructure, but now the bank is making significant strides on the operational (front-office) side, where multichannel integration efforts have accelerated progress. Changing Bank has integrated the branches, call centers, ATMs, and the Internet so that transactions are online and real-time across channels. A proprietary cross-platform contact management system captures and shares customer data across the touch points.
Changing Bank has developed a proprietary CRM decisioning capability called the Customer Marketing Engine (CME), which is currently used solely for identifying sales opportunities. The CME does not have the full decisioning capability of some vendor products; it does not provide guidance on customer service issues. However, Changing Bank has seen significant results from the deployment of its tool.
The commitment of Changing Bank to continuous improvement in technology planning has colored its approach to both operational and informational CRM. Progress is being made in the effort to improve interactions with customers, and the marketing results justify additional investments.
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