Knowledge is power. In our last post, we illustrated how BCBS 239 compliance will give G. Sibley better information for risk analysis. The more he knows about who’s naughty or who’s nice, and the more he knows where he’s at risk, the smarter he will be able to operate.
Another way that G. Sibley gets ahead of his competition through increased knowledge is by serving his customers better. Since BCBS 239 calls for aggregation of information across the business, our intrepid banker should be able to capture, and link together, all the different relationships that all of his business subsidiaries have with all of the business subsidiaries of his customers. If a customer is an issuer of some securities Sibley is trading, and that customer wishes to become a trading counterparty in another one of Sibley’s business units, he will know. With this knowledge, he will be able to on board customers more quickly, cross-sell additional services through existing relationships, all while providing more comprehensive support and services to existing customers.
BCBS 239 is not about CRM, but when addressed properly it will have a big and positive impact on client management.
Look out for day eleven tomorrow.
By Steve Engdahl, SVP, Product Strategy, Goldensource