Crm 2
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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 technologies 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 The difficulty lies in the fact that some reports are produced on outdated computer systems using archaic technology, whereas others are produced on state-of-the-art machines.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 technologies. 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, customers 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.
Page 1
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 pertinent 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 customer 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. Having a scanned image of the check available online can save a lot of time and can also be used to verify signatures. Page 2
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 information 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. Nevertheless, 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 shortterm 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 Page 3
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 standards 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 Management 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 management solutions. By Assuring Business Availability®, BMC Software delivers control over infrastructure management costs, control of market advantage and differentiation via service management, and growth of business value with solutions 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.
Page 4
For more information visit BMC Software on the Web at www.bmc.com
BMC Software, the BMC Software logos and all other BMC Software product or service names are registered trademarks or trademarks of BMC Software, Inc. All other registered trademarks or trademarks belong to their respective companies. © 2001, BMC Software, Inc. All rights reserved. 100040938 12/01
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 technologies 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 technology, 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 technologies. 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, customers 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.
Page 1
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 pertinent 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 customer 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. Having a scanned image of the check available online can save a lot of time and can also be used to verify signatures. Page 2
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 information 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. Nevertheless, 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 shortterm 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 Page 3
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 standards 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 Management 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 management solutions. By Assuring Business Availability®, BMC Software delivers control over infrastructure management costs, control of market advantage and differentiation via service management, and growth of business value with solutions 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.
Page 4
For more information visit BMC Software on the Web at www.bmc.com
BMC Software, the BMC Software logos and all other BMC Software product or service names are registered trademarks or trademarks of BMC Software, Inc. All other registered trademarks or trademarks belong to their respective companies. © 2001, BMC Software, Inc. All rights reserved. 100040938 12/01
