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July 27, 2016
Making “Client 360” a reality for banks
By: Tanner Shamrock
Making "Clients 360" reality banks

Follow these three best practices to empower users with easy access to a 360-degree view of clients across all lines of business

Today, it doesn’t take superpowers to be in multiple places at once. Thanks to technology, we’re all over the place all day -- checking email, browsing social media, consuming content on any number of devices. It’s great in practice, but it presents a challenge for enterprises when it comes to engaging with and managing clients. Banks, in particular, face an uphill battle here as clients not only interact with banks through different channels (in branches, online, mobile, etc.), but also through different accounts (personal, business, etc.). So what’s a bank to do? This is where a solid CRM program can really prove its value.

While achieving a 360-degree view of clients has long been a driver of CRM implementations, achieving this goal isn’t always easy, especially when you consider the growing number of opportunities for client interactions. Other common challenges for banks include the sheer size of their client database, silos between lines of business and a lack of processes to ensure quality data.

Despite these challenges, achieving the coveted 360-degree view of clients and creating a single place where users can view analytics and actionable data is possible -- it just takes a bit of complex customization to create the right “Client 360,” or one-page screen that shows users everything they need by pulling data from multiple tabs and systems.

While there’s no one-size-fits-all for these customizations, I can recommend three best practices as you create your Client 360:

1) Understand the Different “Window Panes” Requirements for your Client 360

    There will be many different users at your bank that need to view the Client 360 -- client advisors, relationship managers, branch managers and tellers, loan officers, etc. -- and each of these groups of users or lines of business might need to peer into the client’s profile in a different manner.

    For example, a wealth management client advisor might be focused on relationships, such as the members of the household or the centers of influence that the client might hold. A particular client might not have invested a large amount of wealth at your bank, but their friends and family might have, and any negative word of mouth could influence them. Additionally, a partner agency, such as a CPA or a lawyer, might refer a large amount of business, but not actually be a client themselves. This type of information should be readily available and obvious.

    Now let’s consider the quite different scenario of a customer care agent. These users don’t have a lot of time to analyze data and plan. Rather, they need to be able to move quickly to resolve client issues on the phone or in chat. As a result, they need the most critical information and actions, such as authentication information, financial account overviews, marketable offers and more, right at the top of the screen.

    Yet another example is that of a corporate banking. In this case, users need to focus on relationships in an enterprise, such as legal and sales hierarchies throughout the organization, product penetration and white space across the organization globally, key influencers and activities required to engage them throughout the course of the year.

    As these snapshots illustrate, different users will have extremely different needs, and you need to account for each of these needs as you configure viewing options. 

    2) Define the Key Business Enablers to be Reused Across Business Lines

    Client 360 can mean so many things, but it essentially boils down to one consolidated screen that contains a series of widgets containing useful, actionable functionality. It’s up to you to define what these enablers are for your bank. Some examples include:

    • Client Information: A quick overview of the most critical data fields pertaining to a client, such as their birthdate, verification information (social security number, mother’s maiden dame), contact information and even likes/dislikes/hobbies.

    • Relationships: Details of the value of a client’s household and influenced relationships. This could include business relationships (owner of a business, client of a CPA, on the board at a nonprofit) or personal relationships (sibling, friend). It also might include visuals illustrating the linkages between various relationships or a hierarchical view of a household and the associated financial accounts.

    • Financial Accounts: A consolidated overview of the current financial accounts associated to a client across lines of business (e.g. wealth, deposits, trust, lending). This view might also contain information about transactions, balances, additional ownership, statements and more. The point is to provide a quick view of a client’s entire financial situation at the bank in a single location. It should also provide a snapshot of all of the summarized aggregates across the bank, thus allowing users to visualize product penetration and possibly wallet share.

    • Activity Timelines: A visual timeline overview of all key activities performed by or for a client. These activities might include interactions with a branch, new financial accounts, cases submitted, phone calls logged and more. For commercial clients, this timeline might span multiple client facilities, providing a single view into all activities for the enterprise.

    • Dashboards/KPIs: Charts and reports that provide visual representations of key metrics (which are always appreciated by users). These visuals might provide details on everything from client spending/trading activity and wallet share analytics to referrals submitted by partners, pipeline details and more.

    • Next Best Offers/Actions: An intelligent engine that provides recommendations on relevant offers for a client (e.g. Recently had a fraudulent transaction -- how about a chip card? Recently had a baby -- how about a college investment account?) or relevant actions (e.g. Submitted a mortgage application -- have you gathered ID verification documents?).

    • Alerts: An obvious overview of different types of critical alerts for a client or their financial accounts. Examples include broadcast news for all clients (e.g. hacking at a big box store), threshold alerts for a financial account (e.g. balance went below $100), security alerts for a financial account (e.g. travel, fraud) and client-specific instructions (e.g. my husband is authorized to sign on this account).

    • Quick Links: Links to the most used functions for the banker, such as the knowledge base, internal resources and account maintenance functions (e.g. funds transfer, order a new card, etc).

3) Determine How Your Client 360 will Interact with Data from Core Banking Systems

    Finally, I recommend building real-time mashups between your Client 360 and core banking systems, such as FIS, Fiserv and Hogan, so that you can pull supplementary data onto the screen for the users. Creating these types of integrations will prevent you from having to store a large amount of data within the CRM system and it will also provide a higher level of security, which will satisfy compliance requirements. Critically, I recommend using mashups here, since they are one of the best ways to allow bankers to visualize data from multiple systems without having multiple log-ins or screens.

    Finally, I recommend building real-time mashups between your Client 360 and core banking systems, such as FIS, Fiserv and Hogan, so that you can pull supplementary data onto the screen for the users. Creating these types of integrations will prevent you from having to store a large amount of data within the CRM system and it will also provide a higher level of security, which will satisfy compliance requirements. Critically, I recommend using mashups here, since they are one of the best ways to allow bankers to visualize data from multiple systems without having multiple log-ins or screens.

A Giant Leap Forward Toward a True 360-Degree View

It’s no secret that achieving a true 360-degree view of clients isn’t easy. But it is possible. For banks, focusing on the three points outlined here -- getting the right Client 360 “panes of visibility” in place for each set of unique users, defining your key business enablers and setting up the right interactions between your CRM and core banking systems -- is critical to success. In fact, if you can nail those down, you’ll be well on your way toward achieving that complete, 360-degree view. And while achieving this holistic view does require some customization, in my experience, the end results are well worth the efforts.

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