Gain a 360-degree view from the cloud

By: Mike Murphy and Ken Goebel  

The expectations of banking clients are fundamentally changing. As more organizations across industries move towards a client-centric sales and service strategy, banks and credit unions must follow suit to meet changing expectations. As institutions and customers alike opt for electronic transactions and inquiries, traditional “high-touch” interactions are becoming the exception. Customized user experience now defines banks’ approach to personalization.

When full-service interactions do occur, banks must be prepared to maximize return on investment in staffing and capitalize on limited valuable face time with customers. To do so, they will need a comprehensive, on-demand view of the customer relationships—including financial data, prospecting data, personal information, and service history. While this challenge may be approached a number of ways, often the “easiest” way to attain this view is through use of a cloud-based customer relationship management (CRM) solution such as Salesforce.com. Gaining full value from such a solution, however, requires critical integrations and data exchange with other bank systems and applications.

A 360-degree view is becoming a necessity
Channel innovation across industries has focused on using technology to improve operational efficiency, meet shifting customer demands, and introduce new revenue streams. These trends have manifested in the banking industry perhaps more than any other sector, as online, mobile, and virtual banking solutions are now “table stakes” offerings to compete for customers. Furthermore, customers demand a personalized, technology-driven banking relationship that enables self-service all the time but full service if and when they need it. As high-touch interpersonal customer interactions decrease, each is increasingly more important and reliant on a 360-degree view of the relationship to:

  • Resolve customer service issues
  • Maximize selling and cross-selling opportunities
  • Report financial account activity
  • Track relationship management activity


But what does it look like?

When fully operational, this view must:

  • Cover the entire customer lifecycle, from target/lead to qualified prospect, onboarding, client/customer management and even through defection/former client
  • Provide insight across all of the bank’s departments/lines of business (commercial, retail, wealth, mortgage, etc.), including financial and other interactions between a client and bank staff
  • Track all touch points with the institution, whether via self-service or full-service channels, and provide understanding of products and services used and well as those not adopted
  • Produce business intelligence that reflects customer and product profitability to enable the “next best cross sell”—the right product to the right customer at the right time

Cloud-based CRM solutions such as Salesforce.com and the Force.com platform can provide a 360-degree client/customer view. This type of solution establishes a foundation for a complete, constantly accessible client view for customer service staff that features:

  • Mobility—access from smart phones, tablets, laptops, and desktops
  • Usability—intuitive interface with search capabilities similar to any web browser
  • Real-time, action-oriented data—instantaneous updates; built-in collaboration and social selling tools that enable a unified approach for business units (retail, commercial, private banking/wealth management)


Effective integration is imperative

While a cloud-based CRM solution provides an easily accessible client view, the key to ensuring that view is truly “360-degrees” is data exchange with other bank systems and applications. Key points of integration include:

  • Core system(s) for customer and financial account data (some institutions may require multiple cores; e.g., wealth management and retail/commercial)
  • Loan & deposit account origination and onboarding systems
  • Business intelligence & data warehousing tools for customer/product profitability
  • HR systems to manage users and internal contacts
  • E-mail servers for contact, calendar, and activity management

As with every technology, designing a “right-fit” solution and managing the implementation is fundamental to a successful rollout. Establishing a 360-Degree view of the client via a cloud-based CRM solution requires engagement of impacted stakeholders, prospective users, technology resources and business owners.

West Monroe Insights
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