CRM in the Financial Sector: Consulting Is the First Step to Success – Thüringer Aufbaubank Shows How to Do It [Success Story]

Acquiring customers and retaining them is important for every company. For a bank, however, it is not only particularly important, but also a very special challenge. This is because one distinguishing feature no longer plays a role when looking for the right lender in times of low interest rates.

Thüringer Aufbaubank (TAB) is headquartered in Erfurt and is not a private sector bank, but the development bank of the Free State of Thuringia. It funds a wide variety of business, agricultural and research projects and supports start-ups as well as private individuals. Moreover, the bank is an important contact for municipalities that need funds for public infrastructure.

So how does a bank like this manage to inspire customers when one of its USPs – low interest rates because it is publicly subsidised – is no longer a USP compared to the competition in the sector? Today, we will take a closer look at how intensive consulting and a well-founded system evaluation have prepared TAB for the implementation of a customer relationship management (CRM) system that is to help the bank to address this major issue through digitisation and data-driven methods.

CRM Consulting: Inspiring Customers Using Data-Driven Methods

For Thüringer Aufbaubank, focusing on a customer-centric way of working and thus optimising customer communication is an important part of its long-term digital transformation process.

In-depth strategy and system selection consulting with dotSource was to help TAB to find the CRM system that

• suits the development bank,
• actually optimises the customer journey and
• sets the course for intelligently enhancing customer communication

Today’s customers expect a consistent and professional approach on all channels. To achieve this, companies need a consistent database and a customer relationship management system. This system provides employees throughout the company with the data they need to optimise the customer journey.

In order to isolate Thüringer Aufbaubank’s exact requirements for its CRM system, joints discussions were held initially. As a result, five workshops were conducted with different company departments in order to identify the pain points and create a detailed requirements document at the end.

CRM System Selection: Which Software Is the Right One for the Bank?

Not only did the detailed requirements document created at the end of the consulting reveal the challenges and the requirements profile step by step, but it also provided TAB with concrete solutions and recommendations for action.

In addition, the CRM systems on the market were evaluated using a personalised evaluation matrix.

 
 
This gives TAB an overview of all CRM solutions that come into question, thus enabling the bank to successfully embark on the path to implementing a CRM system.

Curious? More details, for example on the concrete workshop content and methods, can be found in our new Thüringer Aufbaubank success story.