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Banks Boosting Customer Service with Dynamics CRM
Posted October 2, 2014
Banks Boosting Customer Service with Dynamics CRM
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By Dan Heilman. Updated October 2, 2014 2:02PM

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Recently, Microsoft announced new features for its upcoming release of Dynamics CRM Relevant Products/Services, aimed at improving collaboration between sales and marketing teams. In addition to its general use for contact management across all industries, Microsoft is also targeting Dynamics for specific industries, such as banking, where a systematic approach to customer relationship management (CRM) can make a real difference in the quality of customer service.

Earlier this week at the Sibos global banking event in Boston, Microsoft showcased a number of major banking institutions that are using Microsoft Dynamics CRM to modernize their business operations. The goal for many of these banks has been to transition from being a traditional transaction-based business to being more customer-centric and providing top-notch customer experiences.

Within the financial sector, Microsoft reports that Dynamics CRM has become a strong presence in such areas as commercial banking, investment banking, wealth management, corporate management, and asset management banking.

The software giant says that more than 40,000 customers and some 4.25 million users are using Microsoft Dynamics CRM in the industry and benefitting from a "customer-first design philosophy and seamless integration" with other productivity applications such as Microsoft Outlook, Microsoft Office 365, SharePoint, and Lync.

Testimonials on CRM for Banking

Several executives from national and international banks offered testimonials about Dynamics CRM at the Boston event.

"Knowledge is powerful -- especially when creating a tailored banking experience for business customers," said David Russell, head of CRM services for UK-based RBS-NatWest. Dynamics CRM gives his company’s employees "a unified and highly detailed customer view."

“With it, the team can consistently deliver highly relevant, effective interactions with every customer, which ultimately helps them achieve their business ambitions,” Russell added. “Microsoft Dynamics CRM unites teams, saves time and helps NatWest make customers happy."

Russell said that with Microsoft Dynamics CRM, "RBS-NatWest has achieved more than 95 percent user adoption, better connected teams, and more valued customer service.”

Citibank also uses Microsoft Dynamics CRM, specifically for its private banking operations across three continents, according to Dena Brumpton who is global chief operating officer for Citi Private Bank.

"Our technology team considered Microsoft Dynamics CRM and found that it was everything we wanted and more. Most important, it could serve as a global solution and integrate with the platform we were currently using," Brumpton added.

In addition, she noted that Microsoft Dynamics CRM eases the compliance process with regulatory requirements in each of the company’s jurisdictions.

More Sophistication

We reached out to R "Ray" Wang, principal analyst and founder of Constellation Research, for his input, as well. Wang noted that Dynamics and similar products are making overtures to the banking industry at a fortuitous time.

"A lot of banking tools are changing," he said. "They have to do a lot more than just manage transactions. That’s where backend tools like Dynamics will play a role as those changes are made."

"The big banks are looking for sophisticated tools that can help them customize their processes,” said Wang. “That’s where CRM and XRM (extended relationship management) applications come in."

Kelly Rigotti, who does social media marketing for Microsoft, pointed out another important benefit. Dynamics CRM solutions give financial firms a framework to quickly build out solutions for regulatory compliance, risk management, business process automation, and a variety of other scenarios, she wrote in a blog post.

Microsoft underscores that point in a new white paper released this week. In "Delivering Amazing Customer Experiences," the company enumerates several areas where CRM technology can help financial firms transition from being traditional transaction-centric businesses to being more successful, customer-centric businesses. Opportunities include 1) delivering offers that match customers' financial aspirations, 2) improving operational efficiency, and 3) improving responsiveness to industry and regulatory challenges.

New Features Coming

In the meantime, Microsoft is prepping a host of cross-industry new features for Dynamics CRM 2015, which will be released in the fourth quarter of this year. The focus of the next release is on new functionality that makes it easier for sales, service, and marketing teams to collaborate efficiently and reduce redundant efforts.

By aligning efforts around key objectives, Microsoft says companies can boost customer engagement, create better customer experiences, and ultimately drive their sales success.

Tell Us What You Think
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LD:
Posted: 2014-10-15 @ 10:23pm PT
What I like most about this article is that the customers (in this case banks) are focusing on the "main thang" - productivity, their customers' experiences, and driving performance in the business. Not one mention of the word "Cloud"...which is just another word for the internet, and deployment. I am optimistic that this is a trend - that is, focused on technology that improves performance FIRST...

Dean:
Posted: 2014-10-03 @ 6:59am PT
Great overview!

Bruuce:
Posted: 2014-10-03 @ 3:36am PT
Good to see this. Banks can also extend the fuctionality of their existing CRM systems for managing relationships and processes not only with customers but within virtually any business area.

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