The Provident Bank Wins Best in Microbanking Award Thanks to PRODUCT4
Second place BEST IN microBANKING goes to Greg French, Senior Vice-President of Marketing Development at The Provident Bank of New Jersey ($4+ billion) for furthering their CRM goals by implementing a thin-client solution throughout their branches and call center.
The Provident Bank of New Jersey (Provident) has doubled their cross-selling, and is seeing larger deposit balances and higher conversion rates as a result of their CRM efforts. The bank implemented PRODUCT4’s server-based solution in a thin client environment throughout its 50+ branches, as well as its call centers.
The bank’s employees can see the total customer relationship in a real-time environment, including host and third party data, along with a customer-specific guide to present appropriate products and services. This process helps the full service community bank to offer customers the services of a large institution with the feel of a small institution.
"Cross-selling has at least doubled since PRODUCT4 was implemented," reports French. "The Provident Bank of New Jersey is continuing business as usual in addition to carrying out our CRM strategies. As a result we are seeing larger balances and higher conversion rates."
"We want to provide our customers with good value, knowledge, and information at all touch-points and give them a consistently outstanding experience regardless of the channel they choose to use," says French. To achieve this end, Provident is making improvements in its call center and online banking. New offerings include online account opening, online check imaging, and a friendlier look and feel to online banking steps.
Their new system enables Provident to provide new services because of the better picture they have of their customers. "We can pre-qualify lending at the branch because we can make the offer with the CRM information at the point of sale now," says French.
Provident has set CRM goals to increase customer profitability, increase customer retention, and increase customer satisfaction. They plan to do this through strategy, technology, and organizational development. French says that organizational development is the most difficult piece because of the training involved and the fact that it challenges established processes.
One View Consolidated Relationship
To facilitate Providents’ CRM effort, a "One View" screen was customized by PRODUCT4 using the Snapshot feature. Snapshot is the integration of customer care, third-party core applications, and data that the bank has in various systems, either in-house or outsourced. In addition to a customer’s consolidated relationship, pending issues are also shown. The Customer Strategy Profile shows the next step to maximize the customer contact and develop a stronger relation based on a uniform measure of customer values and statistical models of customer behavior.
French explained that the progress they have made so far with CRM is more of a journey than a destination. The bank and PRODUCT4 are continually coming up with more ideas to improve the functions.
Provident is extremely happy with the flow of screens. A new customer might be taken directly to an account opening screen while existing customers would flow to the CRM area.
"There are several ways to determine what customers want," says French. "They can tell you what their needs are, you can infer what their needs are based on clues, and you can use analytics based on behavior to anticipate and target opportunities to fill their needs."
The Provident Bank effectively takes advantage of the system’s ability to gather Information that has been traditionally stored on paper in files, multiple core systems, and mid range and various WANs and LANs throughout the institution and combines it with sales campaigns, propensity to buy models, conditional navigation, customer sales and customer passive and aggressive cross-selling opportunities.
The front end CRM application had some customization and is interfaced with Horizon, the bank’s host system, in addition to other banking systems. PRODUCT4 is expected to be expanded to the back office in the future.
Microbanker congratulates The Provident Bank of New Jersey for effectively implementing a customer relationship management system to increase cross-sales and to provide a single, consolidated view of the customer throughout the bank’s delivery channels.