S.A. bank's prospect conversion rate up 78%

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By: Wise Marketer Staff |

Posted on November 23, 2001

Since installing a CRM system, Standard Bank is converting more customers and building relationships with them.

South African-based Standard Bank has increased its prospect conversion rate by 78% since installing Siebel's eFinance. The bank is also up-selling and cross-selling significantly more services than before.

Before, Standard Bank's retail banking services, including current accounts, savings accounts, loans, mortgages, credit facilities and other services, were managed and delivered in isolation from one another. Now, using eFinance in its call centre, the bank has created a single, comprehensive view of its four million customers: customer information is united across the internet, telephone and face to face.

Data rich, information poor
According to the bank's director of Direct Banking, Gus Warwick, "Before we standardized on Siebel eBusiness Applications, our business was data rich, but information poor. Now, by knowing more about who our customers are and why they choose Standard Bank, we can successfully target more prospects, sell more services to existing customers, and build long-term, loyal customer relationships. Based on the success of this deployment, we will soon be extending the use of Siebel eBusiness Applications across other divisions of the bank."

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