SUGARCRM AND BANKING COMPANIESCUSTOMER RELATIONSHIP MANAGEMENT

A NEW REALITY FOR BANKING

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Source: British Bankers Association’s World of Change Report (June 2015)

91% 40% 22.9 MILLION

of the Icelandic population

bank online

fall in branch transactions

between 2009 and 2014

banking apps downloaded

in the UK

In today’s digital age customer expectations have chan-

ged and banks are struggling to keep up. People now

expect the same customer experience from retail ban-

king as they get from major retail brands. The appeal

of financial services catered to today’s individuals, fully

based on technology, is huge and they are winning new

customers through their digital channels. The new nor-

mal of personalisation, engagement, digitised services

and constant innovation, is essential for banks to main-

tain and grow their customer base. They can’t afford to

act like old school traditional banks anymore.

Iceland has embraced internet banking more than any

other nation, with 91% of the population banking online.

That compares with around 55% for other advanced Eu-

ropean nations.

A RETAIL EXPERIENCE FROM A RETAIL BANK.

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BANKING IS UNDERGOING A TRANSFORMATION.

Banking, being a heavily regulated industry, was always

going to take longer to be disrupted by the digital revo-

lution but that time has definitely come. To satisfy new

customer expectations a whole industry called Fintech

has emerged. Fintech firms use mobile and internet

technology to create new or superior banking products.

According to Investopedia, global investment in Fintech

increased 2000 %, rising from $930 Million in 2008 to

$20 Billion in 2015.

The Fintech start-ups are posing an increasing threat to

traditional banks in the form of taking away their customer

base. These emerging firms have taken a completely fresh

approach of attracting new customers using attractive di-

gital value propositions and innovative services.

The big banks no longer have a monopoly on the market

as these new innovative models are able to take a chunk

out of each part of a banks’ portfolio.

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ENHANCED CUSTOMER EXPERIENCE.

The biggest asset banks have in winning and retaining

their customers is their reputation for trustworthiness

and stability. Trust for new financial services does not

occur at the speed of technology.

So how do banks leverage the existing relationships they

have with their customers?

“Banks today have a simplistic understan-

ding of their customers and a vastly complex

product set. The winners of 2020 will turn

this on its head. They will develop a much

more complete understanding of their

customers and dramatically simplify their

product set, and so deliver a significantly

enhanced customer experience with lower

levels of operational risk.

Begin with understanding customer needs,

not with products and pricing.”

Retail Banking 2020, PwC

• Banks need to develop a much deeper, holistic understanding of their customers.

• They need to acquire, integrate and analyse multiple sources of internal and

external data.

• They need to be able to understand their customers’ needs, and be present

with a relevant solution at the time of need.

• They have to simplify their product sets.

In short, banks need to redesign their whole business from a customer point of view.

According to the PwC Retail Banking 2020 report developing a customer

centric business model is key.

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THE NEW REALITY.Banks are facing a new reality due to rapidly changing

consumer behaviour.

Customers are doing more and more online via social

media, websites and mobile apps, hence banks now

have to deal with a variety of data sources. With the in-

crease in data it is absolutely vital for banks to be not

only able to hold more information in both structured and

unstructured formats but to also ensure that they store

this data securely.

In recent years we have inevitably seen a rise in both

the frequency and size of data breaches across multi-

ple industries meaning keeping customers most sensi-

tive data protected must be a top priority. Not only are

financial institutions at risk of facing hefty fines for data

breaches they are also at risk of losing their reputation

which you simply cannot put a price on.

In order to keep pace with the market they need to cons-

tantly evaluate whether their financial system can meet

the technology and data security needs.

Also, changing regulatory requirements require banks

to be compliant in terms of protecting their customer’s

sensitive data. Banks can no longer afford to use legacy

systems that are ill equipped to deal with modern day

requirements.

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BUILDING THE CUSTOMER- CENTRIC BANK.

The digital revolution is disrupting banking and banks

have to adapt quickly or face the consequence. They have

to build their businesses around their customers’ ever

evolving needs. This is easier said than done since core

banking systems were built using antiquated technologies

that are difficult to modernise and very expensive to rip

and replace. Also no one has a clear view on the future

technologies and what IT systems, social or otherwise,

their existing software system will have to integrate with.

Sugar is in a unique position to enable banks to integra-

te with their legacy data sources and create a business

model that will protect and grow their existing customer

base. With Sugar banks can build a scaleable platform

that will easily integrate with the new financial software

applications in the future. Rather than get left behind

banks can now embrace innovation and use technology

as a powerful enabler to improve customer experience

and reduce cost.

SugarCRM will help you to understand how to think of

your business from the customers’ point of view.

INTEGRATING OLD AND NEW TECHNOLOGY.

Sugar is the industry’s most highly customizable CRM

platform based on open technologies. Only Sugar gi-

ves users the level of flexibility needed to truly create

differentiated, winning customer experience strategies.

Whether your software is deployed on site, in the cloud,

or On-Demand, Sugar offers the same level of functiona-

lity, customization and integration with 3rd party systems

and tools.

You will be able to support extraordinary customer relati-

onships knowing that Sugar will integrate with your exis-

ting systems and emerging technologies. Using Sugar

you will be able to accomplish the following:

• Easily integrate with legacy core systems that no

longer meet your requirements

• Continue to support regulatory compliance by securing

your customer data

• Deploy your financial information on a software

platform on premise or on the cloud

• Easily integrate with 3rd party data sources

• Customize your application to improve user experience

through a highly customizable platform based on open

technologies

• Seamlessly adapt to the needs of your business

IMMERSIVE USER EXPERIENCE.

OUR SOFTWARE SPEAKS YOUR LANGUAGE.

An easy to use CRM system will result in higher adoption,

ultimately resulting in adding more value to an organisation.

Designed with the individual in mind, Sugar offers the

most innovative and intuitive user experience on the

market – through SugarUX™. Using SugarUX’s modern

and immersive interface, every customer-facing emplo-

yee can effectively engage with customers benefitting

from a consistent Sugar experience regardless of the

access point or device used. Embedded collaboration

tools help break down departmental silos and increase

engagement and service levels. Best of all, Sugar pro-

vides contextual intelligence from internal and external

data sources—all within a single dashboard—to drive

more actionable insights for every user.

In summary, Sugar offers the following benefits:

• Modern and immersive User Experience

• Consistent interface across all devices

• Integrated collaboration tools to break down silos

• Contextual intelligence from internal and external data

sources within a single dashboard

• Supports iOS, Android and other devices with mobile

browsers

We understand that banks often have international locations. To support this Sugar offers support in 26 languages

and provides organisations support that are located in the Americas, Europe and Asia Pacific.

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TECHNOLOGY WILL CHANGE EVERYTHING.

Sugar will help your company master this transformation

and drive sustainable top and bottom line growth.

• ADVANCED WORKFLOW SOLUTIONS let organiza-

tions create smarter solutions for lead transfers and sup-

port. Banks will drum up even more interest from new

and existing customers.

• MARKETING AUTOMATION SOLUTIONS support

multi-step campaigns in both the planning and imple-

mentation phases. Banks can easily manage and impro-

ve marketing cooperation with their agencies.

• ANALYSIS AND REPORTING SOLUTIONS integrati-

on helps banks recognize trends and identify customers

looking to switch providers so they can begin coun-

ter-measures before it‘s too late.

• CUSTOMER JOURNEY - Sugar can help you effec-

tively orchestrate the end to end customer journey to

provide customers with the best experience across all

channels and all touch points

Customers are changing and have more demands

than ever before. They want to stay up-to-date

around the clock, shop online and browse on mobile

devices. Banks are preparing for these changes by

establishing new processes to converge marketing,

sales and service.

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Sugar delivers the best all-around value of any CRM

solution in the industry. The real value of Sugar goes

far beyond the low total cost of ownership customers

have enjoyed for more than a decade. In addition to ro-

bust sales, marketing and support features, businesses

can customise and build on the Sugar platform without

hidden fees or forced upgrades to costlier editions. You

can integrate with unlimited third party applications wi-

thout additional charges or fees. The low cost of owners-

hip helps companies place the power of Sugar into the

hands of even more customer-facing individuals to drive

consistent, extraordinary customer relationships.

• Simple, predictable pricing with no hidden fees or

forced upgrades

• Industry’s most innovative, flexible and robust CRM

• Fuses the simplicity, mobility and social aspects of a

consumer app for all customer-facing employees

BEST VALUES AND THEIR CUSTOMERS.

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INCREASE VALUE BY CONNECTING WITH CUSTOMERS.

TRANSFORM CUSTOMER RELATIONSHIP

Centralising all of your customer data in a modern CRM

platform enables you to connect all of the dots and build

a relationship rather than merely conduct a business

transaction.

GET IN SYNC

Having a real understanding of your customer needs en-

ables you to meet your customers’ expectations. When

your customer chooses to interact with you show them

that you know who they are and value their loyalty.

CREATE AN EMOTIONAL CONNECTION

Personalise interactions and brand loyalty throughout

the entire customer journey. Happy customers are loyal

customers and are your best advocates - let them pro-

mote your brand for you .

SugarCRM was founded in 2004 and is headquartered in

Cupertino, CA. It also has offices in New York, London,

Munich, Sao Paulo, Mexico City, Sydney and Hong Kong.

More than 1.5 million individuals from 120 countries

rely on the innovative solution of SugarCRM. In 2015, the

company was awarded the Network Computing Award

for CRM product of the year and the PCMag Award for

customer satisfaction.

www.sugarcrm.com

1111

As a software provider, SugarCRM

specializes in customer relationship

management. This expertise is even

reflected in the name.

SERVICE DEMANDS CHARACTER.

We would be glad to assist you and discuss your needs at any time. We can explain how our

modern and intuitive CRM solution can help your company prepare for the future.

Write or call us:

M sales-uk@sugarcrm.com

T +44 (0) 1223 257 775

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