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News : Citi Private Bank Deploys Microsoft Dynamics CRM
May 23, 2014 -- Headquartered in New York, Citi Private Bank is part of Citigroup and delivers private banking services to customers across the world. Three years ago, the company launched Project Sheen – an initiative focused on delivering an optimal client experience across all touchpoints.
"Following the financial crisis, there was a great deal of distrust and we had a lot of things to fix as an industry," explains Dena Brumpton, global chief operating officer at Citi Private Bank. "During that time, we re-evaluated our target market and made sure that we were focusing on the right end of the spectrum. Ultra-high net worth customers require more bespoke services and so we started to consider ways we could improve their experience through Project Sheen."
Brumpton explains that in order to provide the best possible customer experience, it is key that the firm understands its clients – their needs, what they want from the organisation – and is able to determine how well its bankers are delivering its value proposition to them. Citi Private Bank also wanted to ensure that customer information is held in a logical and ordered way that enables bankers to best evaluate clients’ portfolios and to identify investment opportunities.
When it launched Project Sheen, Citi Private Bank decided it needed a customer relationship management (CRM) system to help capture and manage all its customer information. "We started a regional roll out of a CRM system, but realised that it wasn’t going to meet our global needs," explains Brumpton. "So our technology team considered Microsoft Dynamics CRM and found that it was everything we wanted and more. Most importantly, it could serve as a global solution and integrate with the platform we were currently using."
Microsoft Dynamics CRM was implemented across locations in Asia in November 2012 and the full roll out across all regions worldwide was completed by August 2013. The implementation was smooth and the organisation found the new system to be intuitive, requiring limited training to get everyone up and running. "Ease of implementation was important for us. We had already experienced the challenge of trying a new CRM system that didn’t work and so it was important that the switch was seamless – and it was," says Brumpton.
"We have been working with Citi Private Bank for the last few years and have seen the great progress they have made in developing excellent, close relationships with their clients," concludes Ian Anderson, Microsoft Financial Services business manager. "We’re thrilled that Microsoft Dynamics CRM has played a major part in helping them achieve this and look forward to continuing to work with Citi, identifying how Microsoft technology can further help them meet their goals."
Posted by Veronica Silva Cusi, news correspondent
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At Microsoft, we're motivated and inspired every day by how our customers use our software to find creative solutions to business problems, develop breakthrough ideas, and stay connected to what's most important to them. We are committed long term to the mission of helping our customers realize their full potential. Just as we constantly update and improve our products, we want to continually evolve our company to be in the best position to accelerate new technologies as they emerge and to better serve our customers.
Citigroup Inc. (branded Citi), is a major American financial services company based in New York, NY. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998.
Published: Wednesday, May 28, 2014