Case Study: Investment Bank Client Relationship Management (CRM)
Challenge: How does one of the world's largest investment banks, who are actively engaged in many of the world's mergers & acquisitions, ensure that its many different divisions appropriately know and assess the entire relationship the bank has with the client before undertaking any activities that may impact that relationship? Note: The bank had just advised an acquiring firm without realizing that the firm had a more extensive relationship with one of the competing acquirers. This put a $30MM relationship at risk for a $4MM fee.
Action: Every division described the client firms and assigned account numbers differently. Client hierarchies (parents & subsidiaries) were described differently on the differing divisional CRM and client contact systems. Differing systems and hierarchies were evaluated for completeness and accuracy, and a numbering convention from one division was recommended for firm-wide use. This numbering convention, with associated improved hierarchies, was then imported into all operating divisions' systems to ensure a complete client picture was available to any client contact individual, as well as senior management. A sustainable process was then outsourced to a vendor for a very modest fee.
Results: The avoidance of inadvertently working with a client in conflict of an existing relationship, thereby lessening likelihood of attrition of key clients.