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Acquiring customers just isn't enough

In an effort to retain customers, financial institutions are looking for a consolidated view of their customers.

A year ago, acquiring customers was a goal unto itself. Twelve months, and many failed companies later, organizations recognize that's not enough.

Customers need to be retained and they need to be served.

For Metavante Corp., a CRM vendor focused on the financial services industry, it's a message that's come across loud and clear. Unfortunately, the Milwaukee, Wis.-based company didn't have the ability to deliver the unified view of customers that its own customers demanded. A partnership with Onyx Software was its solution.

Through this new partnership, Metavante has built an Onyx-powered CRM portal called Enterprise Contact Management that will enable customer service representatives at financial institutions to see a consolidated view of the customer instead of having to go to multiple systems to get all of the information, said Linda Fischer, general manager of Metavante's CRM division.

Not only does this help reps upsell and cross-sell products, it expedites the loan-referral process. "We had no automated way of referring customers across our product line," said Fischer.

Typically, a paper or electronic form would be completed and sent to a loan officer, who would then follow up with a client at a later date. With the new Onyx product delivered through Metavante, a customer service rep or manager can capture a customer's interest in a loan, queue up the opportunity within the Onyx product and route it directly to the loan officer's queue. When a loan officer refreshes their session, they will see the opportunity flash across their screen.

Testing the feature

Bank of Marin in Northern California is currently pilot testing this new feature, and two more of Metavante's customers are scheduled to begin by year's end, the software maker said.

These customers will also try out an ROI model that Metavante has built with the assistance of Bellevue, Wash.-based Onyx. This tool enables Metavante to project increases in sales volumes, expense savings and other success measures in three-, six- and nine-month periods.

Metavante, which provides ASP-based technology and services to more than 600 financial institutions, said it will meet with Bank of Marin in January to give the first assessment of its actual results and compare them to the expected results.

Items that will be tracked include cross-sell ratio, number of opportunities queued into a particular rep, closure rate on opportunities and referrals across the organization.

"We feel very strongly that there are real numbers behind implementing this type of product," said Fischer.


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