Customer Solution Case Study
/ / Leading Asset Manager Creates Single Global Customer View for Improved Account Management
Overview
Country or Region:Netherlands
Industry:Financial Services
Customer Profile
ABN AMRO Asset Management (AAAM) is the investment management division of ABN AMRO Bank, with assets under management of €161 billion (US$196) for more than 2000 institutional clients.
Business Situation
Each AAAM office used a different system for recording client information. This made it difficult for management to accurately measure individual staff performance, the type of work being conducted and client profitability.
Solution
Microsoft® CRM, implemented by Avanade, connected to AAAM INSITE system for a single view of each customer account, with a Notes connector for e-mail and calendaring synchronisation.
Benefits
Integration with Existing Infrastructure
Accurate Account Management
Improved Customer Service
Structured Approach to Sales
Easy Extension to New Business Areas / “We’re excited to have the CRM tool up and running. Colleagues across our global network will know exactly what’s going on with our clients on a real-time basis.”
Julian Ide, Global Head of Funds, ABN AMRO Asset Management
Ed Simnick, Tech Support Manager, Allison Payment Systems, LLC
ABN AMRO Asset Management (AAAM) is the separately organised investment management division of ABN AMRO Bank, with assets under management of €161 billion (US$196). It has a global network of offices, offering a range of services to institutional and private clients. However, each office used a different system for recording customer interaction, which meant it was difficult for management to accurately measure sales performance. AAAM invited Accenture to design and implement a structured sales process, central to which was a solution to support sales activity and record all client interaction. Accenture recommended a solution based on Microsoft® CRM (now part of Microsoft DynamicsTM), with Avanade as the implementation partner. This has helped collate client information into a single repository with full integration to Lotus Notes for e-mail and calendaring synchronisation. AAAM now has a structured sales framework, with a single view of each customer. This ensures management know exactly what is happening with each customer throughout the global AAAM network.
Situation
ABN AMRO Asset Management (AAAM) is the separately organised investment management division of ABN AMRO Bank, with assets under management of €161 billion (US$196). Headquartered in London and Amsterdam with other key units in Atlanta, Chicago, Hong Kong, and Singapore, it has significant experience in managing money for over 2,000 institutional clients. These include central banks, pension funds, insurance companies, and other institutions. In addition to managing funds for institutional clients, AAAM also offers tailored investment management services to private clients.
Until recently, each office had used its own system for recording customer interaction, such as Microsoft®Excel® spreadsheets, which meant management had limited visibility over the sales process. It was difficult to accurately measure how much time was being allocated to each client, whether that was the right amount of time in relation to the size of the account, what type of work was being done, and the profitability of customers.
If decisions are not taken quickly and correctly, ABN AMRO Asset Management loses money. In such an environment, collaboration and efficient working practices are critical. To that end, AAAM introduced the ‘Ambition – leading to results’ programme. Its objective is to create a high performing, client-focused funds sales force, which pays closer attention to customer relationship management.
“The project was not about defining a tool, but about defining and developing the best sales process possible, which is then supported by a CRM tool,” says Julian Ide, Global Head of Funds, ABN AMRO Asset Management.
ABN AMRO called on consulting, technology services, and outsourcing company Accenture to implement the CRM project, which included:
•Defining a more structured sales process.
•Defining performance measures on sales processes.
•Implementing a CRM tool to support these processes and provide a single view of the customer globally.
Solution
Accenture began by building a sales process framework before examining possible solutions that would fit the project guidelines. After a detailed examination, including a customised demonstration, Accenture recommended that ABN implement a solution based on Microsoft® CRM, with Avanade as the implementation partner.
As the only global services company solely focused on Microsoft technology, Avanade brought its extensive CRM experience to the project to ensure the solution would fit AAAM’s existing infrastructure.
“Microsoft CRM was chosen because it was easy to implement and very user friendly. That meant the sales force could pick it up easily compared to many competitor applications. AAAM also didn’t want a long implementation and training process; it needed a straightforward system up and running quickly,” says Ton Ligtvoet, Project Manager, Accenture. “It was also important for ABN AMRO to have a strong relationship with the vendor. There are many loss-making CRM vendors, but with Microsoft, ABN can be sure the solution will be supported throughout its lifecycle.”
Customer data is pushed from AAAM’s INSITE financial system to the CRM-based solution. This data includes contact details, account history, product information, and a full contact history. Users can enter new information directly into the system and retrieve relevant customer account information in real time at the touch of a button.
To increase collaboration and scheduling of customer interactions, the solution had to synchronise the sales team’s e-mail and calendars. AAAM uses Lotus Notes as its messaging application, so to ensure the Microsoft solution would synchronise effectively, Avanade built a Notes connector.
When a user creates an e-mail message to a contact in CRM, it is delivered through the Notes architecture. Likewise, from Notes, a user can forward a message to CRM and attach it as a file to the customer account. For calendaring, when an appointment is created in CRM, it automatically forwards the details to the Notes calendar and vice versa.
“The Avanade Notes connector ensures management can see how and when clients were contacted and provides a single version of the truth,” says Ligtvoet. “It also means calendars are synchronised, so customers are always contacted at the pre-arranged time. That helps to improve customer service.”
A quick implementation was critical for AAAM to introduce its new sales processes. The RFP took place in November, 2004, and the first team went live with the solution on April 15th, 2005.
To date, the CRM solution has been rolled out to 50 users, primarily in the Netherlands, and to selected users in Belgium, Germany, United Kingdom, and Switzerland. Under a second phase, AAAM intends to extend the solution to 150 users in its sales teams in France, Spain, Luxembourg, and the Nordics.
Benefits
Accurate Account Management
In a fiercely competitive market customer service cannot be good, it must be exceptional. AAAM prides itself on offering investment performance and risk management combined with high-quality client servicing.
“We’re excited to have the CRM tool up and running,” says Ide. “The sales teams will have a key sales tool and the sales process will now be aligned. Colleagues across our global network will know exactly what’s going on with our clients on a real-time basis.”
ABN AMRO’s annual account plans consist of defined targets for each client, providing a point of reference for success throughout the year. This information can feed into its overall targets in terms of net new money projections for the year. This is possible through the CRM connection to INSITE, the management information system implemented by its finance department. The development of account plans began last year, with the sales force creating plans for their top ten clients so that tracking could begin in 2005.
“Account plans are crucial—it’s the best way to keep track of what’s happening with our top clients,” says Ide. “The plan is developed with the client’s input, and the salesperson can use it as a discussion document throughout the year, to examine what has gone well and what has not.”
Improved Customer Service
The new CRM system will help the sales force to nurture and retain customers, to track progress, and to share client information with colleagues. All client information is now stored in a single place, not distributed among various home-grown systems that do not connect with each other.
At the sales management level, it is a tool for monitoring performance, creating benchmarks, and managing effectively. Finally, at the highest level, it provides data for sales projections, rewards, and reporting.
“A system such as this is a basic necessity for a sales organisation,” says Ide. “It’s of utmost importance to know about all client contacts and to improve the information we have about our clients.
“This is the first time we are able to look at clients in a broader way and we will know exactly what is happening with a client throughout our network,” he adds. “For example, an account manager who has Fortis as a client in Belgium will know exactly what is going on with our Fortis client in the Netherlands. It will definitely enable us to serve our global clients better.”
Structured, Integrated Approach to Sales
While the sales force is responsible for loading their client contacts into the CRM system, it has already been stocked with information on all of ABN AMRO Asset Management’s clients through its connection to INSITE. It does not completely replicate all the client information available in INSITE but, instead, the CRM tool provides a quick summary for busy salespeople, who can then access INSITE if more detailed information is required.
“Recently, at a client meeting, the client said, ‘You know us better than we know ourselves.’ That is exactly what I want—proving to a client that you understand him and his business,” says Ide “With this type of information, we show the added value ABN AMRO Asset Management can bring to its customers.”
In addition to providing information about clients and account plans, the CRM system will be used daily by salespeople to schedule and record client contacts. It works in conjunction with Lotus Notes, so that all meetings, e-mails, faxes, or other contacts are scheduled, recorded, and searchable. According to Ide: “If it’s not in the system, it didn’t happen.”
Solution for New Channels
The scope of the first phase of the project was client insight, lead management, and account management processes for third party distribution across Europe. During 2005, the user community will be extended globally and include business lines such as retail, private client, and institutional client within ABN AMRO Asset Management. While the system will need to be customised for each of these channels, Accenture estimates that 80 per cent of the system can be reused as is.
“The CRM solution will help to break down the barriers between the offices to create a truly global, connected asset management operation,” says Ligtvoet. “Although development is in its early stages it will help AAAM’s management see which are the most profitable clients and help them plan new campaigns. They are building a complete picture of the client and that means they can tailor their products accordingly to offer the right product to the right client.”
Microsoft Dynamics
Microsoft Dynamics is a line of integrated, adaptable business management solutions that enables you and your people to make business decisions with greater confidence. Microsoft Dynamics works like familiar Microsoft software such as Microsoft Office, which means less of a learning curve for your people, so they can get up and running quickly and focus on what’s most important. And because it is from Microsoft, it easily works with the systems your company already has implemented. By automating and streamlining financial, customer relationship
and supply chain processes, Microsoft Dynamics brings together people, processes and technologies, increasing the productivity and effectiveness of your business, and helping you drive business success.
For more information about Microsoft Dynamics, go to: