VP Bank Uses New Client Management
Improved Quality of Client Counseling for Private Banking and Business Customers
Process-Oriented Client Management Software Increases Quality of Client Counseling
VP Bank is an international private bank headquartered in Liechtenstein. The bank was seeking a new Client Management software to improve the counseling for their private and business customers as well as intermediaries. The decision was made in favor of the Client Management software from Bosch Software Innovations, which was to replace the in-house system. In conjunction with that, a new core banking system was to be implemented and connected to the Client Management software. Two of the main requirements regarding the new Client Management software were multi-client capability and stand-alone data management at each of the bank’s global sites. Furthermore, the bank attached great importance to the concept of individual authorization in order to secure the safety of sensitive customer data.
The Biggest Challenge: Implementation of Client Management Software and the Core Banking System at the Same Time
The implementation of the Client Management software and the core banking system took place at the same time – a big challenge for the entire team. Since both systems possessed a similar data model, it made synchronization of the data easy. The project had an ambitious schedule: 12 months from kick-off to rollout. The front-end "power users" played an important role. They defined the requirements, tested the system and conducted the training. Due to early integration of all users, as well as the intense training sessions, the new joint system is highly accepted by relationship managers, administrators and top management.
Process-Oriented Client Management: Professional Support for the Relationship Manager
In Zurich, Liechtenstein, the British Virgin Islands as well as in Singapore, the VP Bank now has a process-oriented customer relationship management system with many functionalities such as a daily work list, including directions and to-dos for the relationship manager. In the module "Discussion Preparation" the relationship manager can revert to standard specifications such as the customer journal and the last feedback from this customer. Process-oriented workflows ensure adherence to the multiple-eyes principle.
Feedback Management for Satisfied Customers
The corporate culture of VP Bank regards customer feedback management as a crucial factor in ensuring customer satisfaction in the long run. To that end it is important for the relationship manager to answer questions and proposals promptly, and to make suggestions for improvement. Therefore, the feedback management module is integrated in the entire Client Management solution and the affected processes are completely displayed. This saves valuable time and ensures that all customer feedback is handled in an appropriate time and manner. When a relationship manager does not answer a customer inquiry within the defined time period, the supervisor is informed via an escalation workflow. Another critical factor is judgment of the cooperation with internal departments in order to create support for the bank’s internal continuous improvement process. Additionally, management has the ability to view the status of customer feedback management at any time, thanks to reports in the system.
