Cross-sell opportunities abound in corporate banks. The challenge is in identifying referral opportunities and passing them on to the right group or person in a different region or line of business. Over the next four weeks, I’ll discuss how integrated CRM plays a pivotal role in helping corporate bankers identify and act on cross-bank referral opportunities.

  • Week One: Create a shared view of the customer
  • Week Two: Enable a coordinated opportunity management approach
  • Week Three: Leverage extended corporate relationships in global account planning
  • Week Four: Better track and act upon significant customer events

So let’s jump right in. What do I mean by a shared view of the customer? Essentially, I’m talking about a comprehensive customer view created by integrating data that is stored in silos throughout the enterprise. Interactions, transactions, holdings, call report … the little pieces of data that, when brought together, form a holistic understanding of the customer.

When you create this comprehensive customer view and share it across regions and product lines, the referral magic begins to happen. Suddenly, customer-facing users across the company can put their interactions in context of the entire customer relationship. They can not only see ways to enrich their relationships with their customers, they can also recognize opportunities for other areas of the bank to grow. For example, a commercial customer might mention to her relationship manager that the parent firm is in the midst of a corporate spin-off. While this information may not be of immediate use to the relationship manager, it provides valuable cross-sell opportunities for the firm to provide capital markets, commercial banking and insurance services to the newly formed company. Users can share referrals such as these through call reports and secure messages transmitted through the comprehensive customer view.

Next week, I’ll discuss how integrated CRM enables a coordinated approach to opportunity management for deeper customer relationships. In the meantime, please feel free to share your thoughts on driving cross-sales in corporate banking.