The Client, a leading regional bank offering commercial and retail banking, as well as wealth management services was looking to weed our process inefficiencies which had a huge impact on the company’s bottom line.
Our client is a leading regional bank offering commercial and retail banking, as well as wealth management services. They were leveraging a diverse mix of systems for their customer-facing processes including a custom application for managing their referrals. Other applications being used by them include Salesforce, Core Banking (FIS), Marketo, and Web Banking. The custom referrals application was inflexible and difficult to make changes to. Also, the user experience was inadequate.
Salesforce was being partially used by different teams like Business Development, Commercial, Wealth Management, and Treasury. But Retail was not using Salesforce, and this was a gap they were looking to address. Overall, processes were inefficient and were driving cost upward.
The Marlabs engagement with the bank revolved around Salesforce and its interfaces and integrations with other application assets. We significantly enhanced the scope of Salesforce with the development of new functionality and features including referral management. We also strengthened the integrations between Salesforce and the other applications. The custom referrals system is on track to be retired toward managing the entire process, end to end, in Salesforce. Salesforce Shield was implemented to take on GDPR compliance through platform encryption.
Today, prospects are created in Salesforce, which in turn seamlessly interfaces with their core banking system, FIS. Referral management is completely handled in Salesforce and so are relationships between different customers like family or employee relationships. Customer and product information is created in FIS and transferred to Salesforce through an ETL process from core banking. Relationship data in turn is sent to FIS through an interface that we built. Referrals are converted to opportunities in Salesforce. Data also flows into Salesforce from web banking.
Campaigns are run through Marketo, which keeps track of leads, contacts, and activities. Campaign data comes into Salesforce where it gets associated with accounts and leads are turned into contacts.
We also integrated Salesforce with the Retail business with the ability to convert referrals into leads. We introduced tracking of branch level goals like the number of referrals/closed opportunities and level of follow up. Being a fast-moving business, speed is of the essence. We ensured a responsive, high performance application that could step up to meet the demands of the retail business.
Several enhancements were made inside Salesforce. For example, error and exception handling was significantly upgraded. Changes in demographics are captured in Salesforce and transferred to FIS. Today, Salesforce provides a single, 360-degree view into customers and prospects that pulls in data from Marketo, web banking, and FIS.
The result is that Salesforce has become the single source of truth at the bank with a window into all processes from campaign management and lead acquisition to referral and sales management to customer support.
- Seamlessly capturing and tracking leads and referrals
- Measuring leads and referrals progress against targets
- Transformation and integration of the end-to-end customer journey
- Significant gains in CSAT rating
- Setting up for scale and fundamentally improving