Citi Private Bank is not your average banking service. A subsidiary of Citigroup, Citi Private Bank markets private banking services for wealthy clients, including entrepreneurs and senior corporate executives. To qualify for an account, a client must have a net worth of $25 million. Three years ago, the company launched an initiative to optimize client experiences. Their solution? Microsoft Dynamics CRM.
In an article published at OnWindows.com, writer Amber Rose quotes Dena Brumpton, global chief operating officer at Citi Private Bank, as saying, “Ultra-high net worth customers require more bespoke services and so we started to consider ways we could improve their experience.” Citi Private Bank wanted its bankers to know their clients—their needs and history—as well as possible, so that they could best evaluate their portfolios and identify investment opportunities.
They tried one customer relationship management (CRM) system in one region, but they realized that that system was not going to be able to meet their global needs, and so they settled on Microsoft Dynamics CRM instead. Brumpton reports that Microsoft Dynamics CRM was “everything we wanted and more.” Microsoft Dynamics CRM was deployed in all Asia locations in November 2012, and was deployed worldwide by August 2013. Citi Private Bank has 60 offices in 23 countries.
Brumpton reports that the implementation was easy and seamless. Tim Tate, head of client management at Citi Private Bank, added, “Another factor we found to be positive with Microsoft Dynamics CRM was the ability to be compliant with regulatory requirements in each jurisdiction. Our regulators are particularly stringent in Asia and Switzerland around the housing, storage, and protection of client data. This solution isn’t cloud-based and so we are able to ensure we remain compliant by storing all client data in our own data centers in key locations.”
Feedback from staff has been positive, as Microsoft Dynamics CRM is intuitive and easy to learn and use. And there has been a big upgrade over the old system in speed and performance, particularly in Europe. If you want to be the best, you have to use the best tools, and as Citi Private Bank learned, the best CRM tool is Microsoft Dynamics CRM.