West Monroe helps build an effective foundation for a bank-wide CRM solution in the future
The client is a community bank that provides personal banking, business banking, trust and estate services, brokerage, and wealth management services. The bank has approximately three dozen offices.

Looking ahead to enable better customer insight

The bank had significant customer relationship management (CRM) gaps that hindered its ability to communicate with, retain, and cross-sell to its customers.

The bank historically has looked at its customers only at the individual account level. Going forward, the bank wants the ability to view a customer’s entire relationship across all banking products—facilitating a more planned and coordinated approach to managing customer relationships.

After making the decision to implement CRM technology, the bank conducted thorough due diligence and selected a Salesforce.com solution. Furthermore, the bank determined that its Wealth Management function would be the first team to move forward with the new application. Goals for the project were to:

  • Gain a holistic view of all Wealth Management client relationships
  • Standardize and enhance current Wealth Management sales, client onboarding, and ongoing maintenance processes
  • Automate and streamline key sales processes to improve overall efficiency
  • Measure and track key performance indicators for Wealth Management teams

Banking expertise, combined with distinctive customer experience skills

For assistance, the bank selected West Monroe Partners, which offered both deep banking industry experience and a distinctive approach to enabling an effortless customer experience as a means of achieving loyalty, revenue, and other goals.

This combination of experience strongly appealed to the bank. Once the project began, it was clear that having consultants with both banking process and customer experience backgrounds as facilitators was extremely beneficial to the outcome.

Engaging key stakeholders

West Monroe Partners kicked off the project by facilitating workshops with the bank’s subject matter experts to understand current Wealth Management sales, onboarding, and maintenance processes. During these sessions, the West Monroe team asked the bank’s participants to share “pain points” in the current processes and suggest improvements. From these sessions, West Monroe Partners defined and documented initial Salesforce.com configuration requirements for the Wealth Management organization.

These workshops were particularly effective due to the enthusiasm and active participation of the bank’s subject matter experts.

“Agile” development produces a solution that meets all needs

Before producing an initial configuration, West Monroe Partners held one or two initial meetings with members of specific Wealth Management teams (for example, the sales team). Based on this first meeting, the project team then configured the Salesforce.com solution and shared preliminary results with key stakeholders for reaction.

This approach was part of West Monroe’s “Agile” development methodology, which allowed the business owners to provide real-time feedback during implementation. The bank found this approach to fit well with its corporate culture, and it elicited strong participation from the Wealth Management team members involved.

After producing the initial configuration, West Monroe Partners solicited feedback from the bank’s subject matter experts and made incremental changes to the Salesforce.com application. In all, West Monroe Partners and the bank’s teams collaborated during two to three iterations of this development cycle to ensure the final configuration met each Wealth Management team’s specific needs.

Then, West Monroe Partners worked with the bank to integrate data from its core wealth management platform, as well as from its e-mail/calendar software.

Training to ease adoption

After completing the configuration, West Monroe Partners conducted thorough Salesforce.com training for the bank’s Wealth Management team members. Training included half-day or full-day sessions, depending on specific users’ needs, and was designed to accelerate user familiarity with and adoption of the Salesforce.com tool.

In addition to training users, West Monroe Partners also coached the bank’s internal development and training teams so that they could facilitate future training for new hires, as well as for introduction of the tool to other bank departments.

A successful start and a sound platform for the future

With West Monroe Partners’ support, the bank:

  • Implemented a comprehensive Salesforce.com CRM solution for thousands of investment and trust accounts—successfully and efficiently
  • Facilitated adoption of the tool by more than 50 Wealth Management team members

In addition, the client has now established Salesforce.com as its core foundation for a bank-wide CRM solution—one that will increase visibility and insight into all of its customers.

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