Building client relationships through Salesforce
With a superior understanding of its clients across all business lines, this global investment bank is better positioned to drive future growth.
In the past, businesses often used a siloed, product-centric approach to operations and strategy. But, as markets mature, businesses are quickly learning the importance of experiences and relationships. Instead of thinking about strategy at the product level, more companies are looking at business from a client or customer relationship point of view.
Such is the case for a large global investment bank that provides services across investment banking, private banking, asset management and global markets. It saw an opportunity to embrace a cultural and operational shift by introducing the Salesforce customer relationship management (CRM) tool across the organization.
The bank enlisted Accenture’s help to drive the initiative and bring its vision to life—to deliver business value and profitable growth by focusing on value-generating activities and increase client relevance based on enhanced client profiles.
At the start of the project, we invited salespeople across all the business units to come together in co-creation sessions. However, due to the arrival of the COVID-19 pandemic, we quickly pivoted to remote workshops using collaboration tools like Mural. Together, we identified existing client relationship challenges and outlined an ideal future state, with clearly defined capabilities and processes based on key CRM concepts.
With a plan in place, we used a hybrid Agile approach to implement and launch the Salesforce Financial Services Cloud platform and Einstein Analytics (Tableau CRM) solutions. We collaborated with the bank’s data warehouse team to import the relevant data, streamlined workflows and built customizations to meet the bank’s capital market needs.
We helped the bank promote a client-centered culture, branding the program “Future Force” to generate excitement and stakeholder buy-in. We also outlined a new operating and governance model to ensure ongoing value and collaboration.
The bank expects the platform to support improvements in efficiency, consistency and speed as well as long-term operational cost savings.
The first large-scale Salesforce implementation in the sell-side market space, the program is a significant step by the bank to move away from the siloed, product-centric operating models of the past.
Currently five business units are using the new Salesforce CRM platform, including the Equities, Credit and Client Onboarding teams. But the bank plans that all its business units will be working on the same platform in time, with a unified activity management approach across all lines of business based on a superior understanding of its clients.
By balancing standardization with customization, the bank expects the platform to support improvements in efficiency, consistency and speed, as well as long-term operational cost savings—while still offering enough autonomy that the different lines of business can do what works best for their market. Ultimately, the bank’s new model means it can be more client-centric than ever before and positions it to drive future growth.