2. STANDARD CHARTERED BANK- INTRODUCTION A better way to understand the bank's need would be to understand its customer base and the varied services it provides. SCB has over 2.2 million retail customers and over 1.3 million credit card customers nationwide. It claims to be the first to launch initiatives like a Global Credit Card and a Photo card in India. Its products and services include cash management, custody, lending, foreign exchange, interest rate management, and debt capital markets for corporate. And credit cards, personal loans, mortgages, deposit taking activity, wealth management services to individuals and medium-sized businesses, and mutual funds to retail customers.
3. SCB’s customer base has grown three-fold in the last three years. Such a fervent pace needed to be supported by efficient management of the huge volumes of data generated and captured at each touch-point. After all it is absolutely essential to keep up the bank's unchallenged reputation of efficiency.
4. NEED FOR CRM IN STANDARD CHARTERED The bank needed to manage and analyze the huge volumes of data captured by its OLTP systems. It had to get the right information, to the right people, at the right time, in order to carry out a number of critical business activities and provide excellent customer service.
5. CRM SOLUTION IN STANDARD CHARTERED BANK Standard Chartered Bank uses SAS Customizable CRM Solution. SAS feels that a company has to adopt a truly customer-centric approach to manage its business. It means that fundamental decisions on strategy and resource allocation must be based on a detailed and accurate understanding of customers and the overall market. It feels that customized CRM solutions can provide access to the information you need to come out on top. The Customizable CRM solution can: Integrate information from multiple sources, eliminate data errors and redundancies, data for efficient access and analysis, and reduce the complexity of data management. Anticipate customer expectations and predict customer behavior like, propensity to purchase, lifetime profitability, and credit risk.
6. CRM SOLUTION CONTINUES It can help identify the best candidates for purchasing particular combinations of products and services, and focus the marketing efforts on a more receptive audience. Deliver customer intelligence into front office systems to enable smarter customer interactions through various channels. Combine behavioral insights derived from analytics with data obtained from online and offline customer surveys.
7. BENEFITS OF USING CRM The bank can now exploit changing and widening markets; implement a customer-centric approach; concentrate on financial budgeting, cost control, and risk management; and figure out new ways to minimize costs, while increasing profitability and shareholder value
8. BENEFITS CONTINUES... "SAS's solutions forms a central part of the bank's CRM strategy. It is easier for them to run targeted campaigns and elicit substantially higher returns since they perform profit modeling for each account. This also enables micro-segmentation. Using analytics, and a test and learn culture they know the likelihood of customers to take a new product. They now know which card member is more likely to take an auto loan. This has resulted in more focused marketing campaigns and reduced costs with improved customer satisfaction." The organization's marketing team is now empowered with information to increase cross holding, and can target its most valuable customers (not accounts within a product line) and also help in the next best product strategy for a customer.
9. NEW PRODUCT- DIVA DEVELOPED DUE TO CRM With the help of the Business Intelligence (BI) solutions, SCB was able to successfully launch DIVA. The Diva Club Account is a hybrid account that offers all divas, an array of tailored financial, transactional and lifestyle benefits. The many benefits of the product include :- negotiated rates on transactions, free 1st Chequebook and leather wallet, attractive interest rates,
10. customized visa debit card, a dedicated Personal Financial Consultant & fast track service in all SCB branches among others All divas who sign on to the product will also enjoy lifestyle benefits from numerous partners who will offer them exclusive discounts from Shops, Hotels, Salons, Health Spas, Boutiques, Hospitals and Clinics, etc.
11. OTHER NEW PRODUCTS- The bank also launched the a Xcessplus savings account. Customers who have this account can access cash at over 1800 ATMs worldwide through the Visa network. Besides, they can use this account to shop for goods and services at over 25,000 outlets in India and at 10 million outlets worldwide. The bank realized that by using this technique they could provide more value to their savings account customers and help increase customer loyalty.
