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A Saudi Investment Bank drives into the retail market with CRM technology The Saudi Investment Bank

The Saudi Investment Bank extended its services to the retail banking sector but its expansion was held back by manual processes that undermined its activities. The bank implemented Microsoft Dynamics CRM, an operational CRM technology that dovetails with Dynamics CRM. The results have been startling with all indices of success climbing. Most telling its market share has grown dramatically.

The Saudi Investment Bank (SAIB) is a prominent financial institution that has been successfully operating in the Kingdom of Saudi Arabia for more than 35 years. It has over 48 branches and 11 branches dedicated to women customers.

SAIB offers traditional wholesale, retail and commercial banking products. They arrange financing of quasi-government and private industrial sectors and trade finance products for facilitating imports and increasing Saudi exports.

On the retail side SAIB offers a comprehensive range of Sharia compliant products. It also provides a comprehensive range of Treasury and Institutional Banking products and services.

Entering the retail business

Several years ago SAIB took the decision to enter the retail banking sector. It developed a range of Sharia compliant products and services including Murabaha investments and personal finance solutions such as loans for specific goods. However, retail banking in the Kingdom of Saudi Arabia is fiercely competitive and has a multiple major players.

Despite developing a range of retail banking products that suited the needs of customers SAIB's entry into the market was less than successful. To open a bank account or approve a loan took between three and five days because the process was largely manual. Customer service was also sporadic because again, its processes were manual.

These lengthy periods of time were effectively undermining the bank's entry into the retail sector. Suliman Abdulaziz Al-Obaid, General Manager – IT & Shared Services, The Saudi Investment Bank said: "Our first attempt at breaking into the retail market was difficult due to the turnaround time needed to process customer applications."

Dynamics CRM – a powerful tool

SAIB had a series of core banking legacy systems but these were not suitable for the retail operations. Suliman Abdulaziz Al-Obaid rightly concluded that it needed a dedicated CRM system. In a previous role at another big retail bank he had implemented a CRM solution which he believed added big value to its retail operations. He said: "After seeing MS Dynamics CRM it was clear that it is a powerful tool. It is easier to implement than other CRM competitors, and because of its Windows like interface was also much easier to use for front office staff. And users also provided very positive feedback about the user experience."

Following an appraisal of other CRM systems SAIB charged its IT partner VeriPark with implementing Microsoft Dynamics CRM and VeriTouch, an operational CRM technology designed to dovetail with Dynamics CRM to enhance customer relationship management. VeriTouch, developed by VeriPark, is considered to be the leading vertical solution for the financial services industry specifically developed on the Microsoft Dynamics CRM platform. Importantly, it is also certified for Microsoft Dynamics which means that it has met the highest standard for Dynamics implementations.

These lengthy periods of time were effectively undermining the bank's entry into the retail sector. Suliman Abdulaziz Al-Obaid, General Manager – IT & Shared Services, The Saudi Investment Bank said: "Our first attempt at breaking into the retail market was difficult due to the turnaround time needed to process customer applications."

Impact on the Insurance Industry and the Future Vision

By implementing Dynamics CRM and Veritouch SAIB aimed to meet several objectives including increasing customer retention and customer acquisition, improving customer relationships and enhancing sales and marketing. It also wanted to ensure it had efficient complaints management processes in place, effective processes to bring new customers onboard and good sales origination practices.

Enormous process improvements

Suliman Abdulaziz Al-Obaid added: "Clearly in the retail sector CRM is very important. With Dynamics CRM Microsoft has the right vision. It's the right tool and our expectations were high."

A large number of modules were implemented including call center desktop, complaints management, retail customer on-boarding and account opening, loyalty, marketing, sale and prospect management and electronic forms.

SAIB wasn't disappointed with the implementation. The results to date have been dramatic and striking. Dynamics CRM has reduced loan approval and account opening times from a few days to less than 30 minutes.

Further, the company now has a centralized view of customers and the ability to cross sell and up sell products. When a customer enters a SAIB branch, a branch employee can now immediately see the complete history of that customer from complaints and resolutions to product purchase and outstanding issues. This information workflow extends across the entire SAIB infrastructure so when new products are added to the bank's portfolio employees can make instant cross selling and up selling assessments based on the customer's history.

Multiple processes for different bank departments have also been customized to meet the workflow and information requirement of each department while time management has been optimized with Microsoft Customer Care Framework and Interactive Voice Response and Customer Telephony integration

Importantly, SAIB also has a centralized data repository for all customer information. This is an important point because the Dynamics CRM data repository is set to be utilized as a foundation for business intelligence and data analytics so SAIB can further refine its product offerings based on customer behavior.

Today, a fast growing bank in the retail sector

Using the data repository and business intelligence it can ensure all of its channels are primed for the launch of new products such as credit cards, with both call center and branch employees able to use customer information that is at their fingertips to make correct decisions and provide accurate customer feedback. This alone will help SAIB cement its position in the retail sector as a bank that provides products and services that meet its customers need.

In summary, Microsoft Dynamics CRM has not only helped SAIB establish itself in the retail-banking sector but has also directly driven its profitability and revenue. Suliman Abdulaziz Al-Obaid said: "The figures speak for themselves. Dynamics CRM has helped us drive up our overall bank revenue, increase our market share in consumer loans dramatically, increase our conversion and win rates and increase customer satisfaction. In a market characterized by fierce competition, our overall 2013 market growth was higher than the market average and was actually the largest of any bank in the KSA."

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