copy deckdate:31 October 2013client:salesforce.comproject:Curve Securities case studyversion:3contact:Andrew Murray, 0408 376 378, email@example.com Salesforce the secret weapon in Curve Securities stratospheric growth “Salesforce delivers immeasurable improvements to the quality and speed of our service to clients. It has given us such a great advantage that I kept it a secret for a long time.”--- Andrew Murray, Managing Director, Curve Securities ChallengeTo retain clients, Curve Securities needed to boost response times and service qualityExcel was not robust enough for managing client portfolios and millions of dollars in term deposits Key staff were at capacity and could not take on any more funds on deposit SolutionHighly customised Sales Cloud to take over client database, previously in ExcelExact Target used for daily emails and critical comms to 800 clientsAppExchange apps used to boost efficiency ResultsUp to 60% productivity gains, with funds on deposit more than doubling in the first yearSales Cloud opens up access to key client information to improve visibility and serviceResponse times when banks release rates and deals have been slashed Full Story As any player in the financial services industry knows, time is money. With deals being done on the fly, and with rates and fees changing daily, financial services companies need to be on their toes – ready to communicate investment information in a timely manner and respond in an instant to client requests. This is certainly the case for Curve Securities, a national advisory service that helps ‘middle-market’ investors – companies, fund managers, credit unions and councils – to invest surplus funds in term deposits. Curve Securities acts as an intermediary between these clients and the 50 or so banking institutions it sources rates from. With 800 clients and nearly $3 billion funds under management, Curve Securities has recorded meteoric growth since it first hit the financial industry in 2009. Its upwards trajectory is in no small part attributed to the technology driving the company’s daily operations. But it didn’t start out that way. When Curve Securities first started up, Excel spreadsheets and Word documents were the norm. Excel was used as a database to track and measure business performance, and to monitor client portfolios. Complicated formulas were created and carefully entered into these spreadsheets, and the risks of losing valuable data were growing daily. It was also slow. Data input, cross-checking information, sending out communications to clients – it all took time, which Managing Director Andrew Murray points out they didn’t have. “In the early days it was myself and one other employee. We had about $200 million on deposit and were both at full capacity – we couldn’t possibly take on anything more.” The switch to Salesforce changed all that. In the first 12 months of moving to the cloud-based platform, Curve Securities grew its portfolio to $520 million on deposit. Today, with just six employees, they have close on $3 billion. The switch to Salesforce Murray contracted a freelance Salesforce expert to manage the initial migration of the Excel database into the Sales Cloud. This meant moving the entire database of deals – 800 at that time – to Salesforce, and making early customisations to the platform to meet the specific needs of the company. For example, many custom fields were created, complete with tailored validation rules and workflows. Email templates were built and linked to these fields, to streamline and speed up the communications process. Various add-on AppExchange applications further enhance the system. Conga Composer improves the efficiency of filling out forms. A future implementation, the ShoreTel phone system, will integrate to trigger client information as soon as a call comes in. “Getting it built right from the start made all the difference. Now, we find it very easy to make further customisations and expand upon the services we use. Salesforce is incredibly flexible and malleable – we’ve learnt how to exploit it to improve efficiencies,” says Murray. The 2-hour work window The vast majority of work done by the Curve Securities team fits into a 2-hour window in the middle of each day. Driven by the wholesale benchmark rate, which comes out at 10am each day, the banks then set their rates and release them to the public. Curve Securities must respond immediately, communicating these rates to clients and waiting for their investment decisions. Given that most banks set cut-off times for the day’s investments – typically by 2pm – all investments need to be made during a very tight timeframe. “For us to help as many clients as possible during this window, we need to be extremely efficient and proactive – immediately reacting to emails, information and opportunities that come in. Salesforce has been crucial in enabling us to seize opportunities and deliver a high level of service to clients,” says Murray. Engagement crucial with emails Email is a crucial tool at Curve Securities, used to send rates and term deposit opportunities to clients every morning. These aren’t mass-market ‘push’ emails that the recipients are only vaguely interested in. Instead, many clients rely on them to make significant financial decisions and hence open them as soon as they land in their inboxes. Given the importance of these emails, Murray spent time researching the top digital marketing systems. He wanted something that would integrate with Salesforce and had strong personalisation capabilities. After trialing another system, iContact, it became clear that ExactTarget would fit the bill perfectly. Now, ExactTarget and Sales Cloud work together to instantaneously send vital information to clients. For example, if a bank approaches Curve Securities with a request to raise $30 million in term deposits, Curve Securities can get an email out to clients using dynamic targeting within a matter of minutes – compared to quarter of an hour, which is how long it would take previously. This speed gives them the edge in landing the deal. “If we don’t get our daily updates out to clients, they will simply go elsewhere. Deliverability is crucial for us – and was where our previously system proved unreliable. ExactTarget has the best track record when it comes to the accurate and efficient delivery of email. What’s more, the ExactTarget team has been incredibly helpful and responsive in showing us how to set the system up to our advantage,” Murray says. Snapshot of success The Sales Cloud dashboards feature has enabled Curve Securities to get a clear graphical snapshot of the performance of the business, and monitor partner banks’ and clients’ engagement. Graphical displays are also helpful in providing at-a-glance updates of term deposits – how much is maturing and when it will mature. “Our team relies on the many dashboards and charts – individual term deposits, total deposits, client portfolios, performance levels – and uses this information to pick up their game, if needed,” says Murray. No limit to growth The robustness and security of Salesforce has been integral to Curve Securities’ rapid growth. Whereas in the early days, they were hindered by limited capacity, Murray now says that they are nowhere near to utilising their capacity – all thanks to Salesforce. “With Salesforce, there’s really no cap on our growth,” he says. Indeed, Murray is now looking at ways to diversify into other products, activities and client groups. He believes that the customisation capability of Salesforce is the key to enabling this diversification. “With Salesforce, we can maintain operational efficiencies and uphold a high level of service in these new areas. It gives us the ability to plan with certainty when moving into these new areas,” he says. In 2013, Curve Securities landed in 18th position in the respected Smart Company’s Smart50 Awards – which ranks the top 50 fastest-growing SMEs in Australia. With Salesforce behind them, and with such strong future goals, it’s clear that they are one to watch.
When we look out at what's happening in the world, there’s never been a more exciting time. We now have a whole new way to engage customers, through Social with 4.5 Billion aggregate social users, this is where your customers are. Through Mobile, because your customers are not on their desktops accessing these social networks, their on these amazing smart phones. Did you know there's only 1.5 billion Smartphones out there, but there's five billion cell phones, and all of those cell phone users are going to upgrade to these new next gen Smartphones by 2017. This presents an enormous opportunity to interact, the opportunity to entertain, the opportunity to get educated, the opportunity to engage with your vendors, your employees and your customers.In this Internet of Customers, everything is connected, products, devices, people, everything. An example is this amazing new connected toothbrush from Philips. This is not a normal toothbrush, it is part of an eco-system, it is Wi-Fi-based and GPS-located. So it knows how I'm brushing, how I'm holding it, where it is in the world, and when I go into my dentist's office, guess what? He isn't going to say did you brush? You know what he's going to say? He’s going to bring up my Philips account and review my usage with me. This is an incredible new world. A world that requires a new level of trust and a new level of transparency.But it's just not about the dentist. It's about everything being connected, and controlled through these incredible smartphones with apps.
But behind this internet of things is something profound. Because behind every tweet that happens on Twitter, behind every post that happens on Facebook, behind every one of our devices and wearables, behind every one of our mobile devices -- behind every one of these things, don't forget, there's a customer. There's a customerbehind each and every one of these interactions on the internet, and in the world of the internet of things, it's really an Internet of Customers. [CLICK]
The problem is this. Most companies don't know their customers.. According to IBM study of 1,700 CMOs, 66% of companies lack an in-depth understanding of their customers.
And two-thirds of companies feel unprepared for this new social and mobile world. They're not ready. They don't know what to do.
And, yes, they want to go mobile, but they don't know how to build and deploy those mobile apps. According to a recent Economist study, nearly 60% of executives said “mobile apps are critical” for connecting with customers but less than half of them have actually deployed them. We call this the “App gap”.It’s hard to develop and deploy these mobile apps, there are more form factors than every before, a battle for developers and more platforms to build on. The paradigm has changed. The world has changed. We have phones, and we have tablets, and we have social networks, and we have userbehavior that's radically different than ever before. How do we change?
The question is: How do you become a customer company? How do we fix this app gap to connect with our customers in a whole new way?Customer companies need a customer platform for the internet of customers, a robust platform to connect all their apps, all their customer data and all their devices. [CLICK]
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CURVE SECURITIES Q&A
Curve Securities Achieves Stratospheric Growth with Salesforce
Up to 60% productivity gains, with funds on deposit more than doubling in the first year
Sales Cloud opens up access to key client information to improve visibility and service
Response times when banks release rates and deals have been slashed
We Are Experiencing a Customer
A Whole New Way to Engage Customers
Behind every thing is a customer.
Connect with your customers in a whole new way
Outdated Technology Holding SMBs Back
Silos of Data
Unfortunately, Most Companies
Don’t Know Their Customers
of companies lack an
of their customers
IBM Study of 1,700 CMOs
“From Stretched to Strengthened”
Companies are Unprepared to Build
Next Generation of Apps
of companies feel
unprepared for the
social & mobile world
IBM Study of 1,700 CMOs
“From Stretched to Strengthened”
Percent of Respondents
Difficult to Build Customer Apps
Complexity of form factors
Limited number of developers
Multiple operating systems
How do you connect with your
customers in a whole new way?
A new customer platform
internet of customers.
Salesforce1 Platform: A New Customer Platform
for the Future
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Drive efficiency by automating business processes
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A New Customer Platform for Everyone
Salesforce1 on Any
Customers in a
Whole New Way
A new customer platform
internet of customers.
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