OAK BROOK (IL), 2 March, 2005. LexisNexis Interface Software announced today that the New York-based investment bank, Sandler O'Neill & Partners, L.P., has selected InterAction, the leading CRM solution for investment banks and similar financial services institutions. Sandler O'Neill will deploy InterAction firm-wide to create a centralized management process for client information.
Our goal is to increase revenues every year and we believe that leveraging the firm's Relationship Intelligence through this centralized system will help us accomplish our objective, said CK Smith, a principal at Sandler O'Neill. We're confident that by virtue of its functionality InterAction will help us increase profitability.
Prior to its selection of InterAction, Sandler O'Neill had been using an in house-developed contact database that did not integrate the various islands of data growing within the firm, such as investment professionals Lotus Notes. address books, Blackberry. handheld devices and other packages such as Blue Matrix, Factiva and Solomon. Moreover, because the bespoke system did not have multi-user support, user requests for reports and client data had to be channeled through one individual, which proved to be a cumbersome process.
Our investment professionals need the ability to easily access client profiles and track growth histories activities that are essential for our client and business development efforts, said Wilfredo Torres, Sandler O'Neills managing director of IT. Our goal was to provide as much information to users as possible, and tailor that information for users needs, without bombarding or overwhelming them.
Moreover, because NASD and other rules require the firm to maintain strict separation of certain functions and areas, including the firm's research and investment banking groups, Sandler ONeill also needed a CRM solution that offered a robust security model affording a global perspective on client data while at the same time limiting access of restricted information for certain users.
The software selection team considered various CRM products. However InterAction was deemed most closely tailored to the needs of the investment banking space. InterAction was the overwhelming choice for our firm, said Torres. It has strong integration with Lotus Notes, Blackberry, Blue Matrix, Factiva and Solomon. It supports our compliance requirements out of the box. And other firms in our industry are already using it successfully.
We recognize that investment banks have unique CRM requirements relative to other financial services institutions and have tailored InterAction to meet those needs, said Barry Solomon, Interface Software's executive vice president. We are delighted to welcome Sandler O'Neill as a new InterAction customer and look forward to being a partner in their success.