Customer Service You Can Bank On:

Counting On CRM For Business Information

Management
Contents
Overview.......................................................................................................................... 1
Customer Information Management Challenges......................................................... 1
Managing Historical Customer Information................................................................. 1
Serving Customer Information in Real-Time ............................................................... 2
Building Customer Information Credibility .................................................................. 2
Ensuring Accuracy of Customer Information.............................................................. 2
Ongoing Management - Seamless Integration ............................................................ 3
Improving Customer Service Levels ............................................................................ 3
Summary ......................................................................................................................... 4
About The Author ........................................................................................................... 4
About BMC Software...................................................................................................... 4
Overview
Customer relationship management (CRM) has become a top priority for any financial
institution that seeks to gain a competitive edge. However, with the advent of CRM tech-
nologies that do a good job of capturing customer data, problems with accessing past and
up-to-date information were introduced. While trying to meet increased expectations and
maximize profitability, CRM solutions do not fully resolve these costly, time-consuming
obstacles that arise when communicating with customers.

Customer Information Management Challenges

Most of a bank’s financial information is held in the form of reports. The difficulty lies in
the fact that some reports are produced on outdated computer systems using archaic tech-
nology, whereas others are produced on state-of-the-art machines. Reports are stored in
geographically distant locations, printed and saved using diverse technologies, on paper or
microfiche, ultimately leading to a situation where they are inaccessible via the bank’s
CRM system. Customers are not interested in technological shortcomings; whether or not
the bank has linked all its information sources, their queries require immediate replies.

Managing Historical Customer Information

“I apologize for the inconvenience sir, but I don’t have that information in front of me.
Do you mind holding while I check our archives? I’ll be right back…”

Historical customer data is vast. Transaction reports, debit reports, credit reports, interest
reports and others are produced daily, and include billions of lines of information. CRM
solutions have neglected sharing information across all arms of the business and technolo-
gies. When a customer calls up asking for a transaction report from March of last year,
because it is needed for a tax audit, many bank call centers are at a loss. The report exists,
but it is often archived in printed form or is only available on another system that cannot
be reached by the customer service representative’s (CSR) screen. In some cases, custom-
ers end up waiting on the line or paying large service fees to have the information mailed
to them at a later date. Call center CRM solutions would prove to be more successful if
they provided online access to this historical data, either to bank employees or directly to
customers using the Web.

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Serving Customer Information in Real-Time
“I have the credit report in front of me madam; please hold for just one minute while I
find your account number in the list…”

One of the distinct characteristics of bank reports is that they are extremely long. Once
you have located the relevant report, it may still take a while before you can locate the per-
tinent information within the report and answer the query. This is true for online reports as
well as paper-based reports. What’s more, some CRM implementations allow the CSR to
view a report on a computer screen, but offer no index or search capabilities, forcing the
CSR to browse through the report manually while the customer holds on the line.

Building Customer Information Credibility

“I think there’s a mistake in the statement I received in the mail today. On the fifth line
of the third page it says my account was credited $200, and I am sure it should have
been $215…”

Often customers run into replies from CSRs referring to technical issues, rather than what
the customer actually asked about. “Sir, my database clearly shows the transaction as
$200,” or “Can you tell me what transaction number appears on that line?” are legitimate
replies, but they are less effective in making the customer comfortable with the call, and
reveal a lack of credibility. Having an exact online representation of the statement helps
create a better basis for communication between the customer at home and the call center.
The problem lies in the fact that in many cases the statement is produced on a separate
computer system. Moreover, the information within the computer system is not stored in
the same format as when it is printed. The printed page layout is produced with the cus-
tomer in mind, and is presented in a fashion that is simple to understand, whereas the same
information looks entirely different when a CSR views it online. CRM implementations
that endeavor to make the customer feel at home and save time would do best to address
this issue.

Ensuring Accuracy of Customer Information

“According to my statement, I wrote a check for $1,200 last month. I don’t remember
spending quite that much on anything recently. Can you check to see who I wrote it to?”

Many banks keep customer checks in folders or packed away in dusty archives. A request
like this one requires a bank employee to physically search for the check in question. Hav-
ing a scanned image of the check available online can save a lot of time and can also be
used to verify signatures.

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 A key difference between information stored on a computer and information on a piece of
paper is that once the information is produced, and more so if the paper is signed, it
becomes an entity of its own. It is no longer just information, it is now a snapshot of infor-
mation at a certain time, and someone has signed it. Enabling bank employees to view that
entity via the Web drastically increases the level of customer service. What’s more,
enabling customers to view their own account information over the Web saves time, and it
is something they are increasingly expecting. With a smart initial investment, banks can sit
back and watch effortlessly as customers eagerly sign up for this service.

Ongoing Management - Seamless Integration

Handling your expensive new car

Having a CRM system in place is in some ways like owning a luxurious new car. It cost an
arm and a leg, it looks very nice in your driveway, and you don’t really care what happens
behind the hood when you start the engine, as long as you can get it on the road. Neverthe-
less, if you don’t check its oil and water occasionally, you know it will ultimately break
down.

Customer relationship management is more than just a computer application. It is there to

ensure your customers can perform their daily business tasks. When customers sign on to
a bank account over the Web to make a transaction, such as depositing funds into a short-
term savings account or transferring money from one account to another, it is of no interest
to them how the computer system executes the request. Often this involves integrating and
scheduling computing tasks on several machines, verifying account information against
bank records, and creating reports for later distribution. CRM implementations must
ensure these inner workings are seamless and transparent to the customer at home.

Moreover, customers know immediately when your internal systems fail, and they have
come to expect uninterrupted service around the clock. Having a CRM implementation in
place does not exempt your bank from assuring its availability. Banks would be wise to
have measures in place to monitor the CRM environment and assure it meets customer
demands.

Improving Customer Service Levels

At your service, not mine

We sometimes forget that CRM implementations are there to improve customer service
levels, and not only for gaining competitive advantage. After it is in place, banks do not
always check to see if the investment has achieved its goal. Analyzing Web-site usage and

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 customer transactions via the Web provides essential input in determining whether the
CRM system is being used as it was intended. It is no less important to define adequate
levels of service for customers. Service levels should anticipate growth or change, and
should be in accordance with bank priorities.

Summary
Solving CRM Challenges with Business Information Management Solutions

Customer relationship management systems are vital to the success of banks in the 21st
century; however, we must not lose our heads in the turmoil surrounding the huge
investments required to implement these systems. Automated call centers are essential,
and business-information management bundled with service-level management and
business-integrated scheduling play important roles in assuring they meet the high stan-
dards expected by customers. Providing access to all customer information, regardless
of its source, regardless of its format, and in a timely fashion are vital in reaching the
ultimate goal of less rings until the phone is answered, less time spent on each call and
most importantly, improved customer service.

About The Author

Ariel Kirson is a senior executive in the CONTROL-D® for Business Information Man-
agement division of BMC Software. He has 10 years of experience in the IT industry, and
has dealt extensively with database systems and customer support.

About BMC Software

BMC Software, Inc. (NYSE: BMC), is the leading provider of enterprise manage-
ment solutions. By Assuring Business Availability®, BMC Software delivers con-
trol over infrastructure management costs, control of market advantage and
differentiation via service management, and growth of business value with solu-
tions for business optimization. BMC Software is a member of the S&P 500, with
fiscal year 2001 revenues exceeding $1.5 billion and offices worldwide. For more
information, please visit BMC Software's Web site at www.bmc.com.

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