Banc Vue Beats the Big Banks - Using Suga
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BancVue is a financial services company that provides innovative banking products and services to help community banks and credit unions compete against large banks. They implemented SugarCRM to consolidate customer data from various siloed systems and improve processes like sales, customer service, and implementation. This allowed for better customer tracking, reporting, and collaboration across teams. The implementation was successful due to a focus on data cleanup and process definition, prescriptive training, and an experienced consulting team.
Banc Vue Beats the Big Banks - Using Suga
- 1. Winning the War against the Big BanksThe SugarCRM Journey
- 2. AgendaIntroduction to BancVueBusiness ChallengesWhy Sugar Professional?The DeploymentThe ResultsQ&A4/6/2010©2010 SugarCRM Inc. All rights reserved.2
- 3. SpeakersGeoffrey MobissonManaging Director – LevementumJon ParmleyBusiness Analyst – BancVueJan SysmansDirector of Product Marketing - SugarCRM4/6/2010©2010 SugarCRM Inc. All rights reserved.3
- 4. Who is BancVueA financial services revolutionary:At BancVue, our mission is to enable apowerful network of community financialinstitutions to re-establish themselves asthe go-to-place for banking products andservices and win the war
- 5. Who are BancVue’s CustomersCommunity BanksCredit UnionsSmaller Banking Institutions“Attracting core deposits is very difficult for communitybanks these days. Add to the fact that expenses arerising as margins are shrinking. Innovative products,online marketing, and a real website are the only wayto compete against mega and internet banks.”Larry Daniel, Director of Retail BankingFirst Arkansas Bank & Trust
- 6. BancVue FactoidsStarted 2005Inc 500 – 2nd fastest growing privately owned banking/financial services firm in the US!700+ clientsMission: BancVue's mission is to empower our partners to win the war against the Mega-Banks with innovative products, world class marketing, ongoing training and data driven consulting.Beats the competition through Customer Service over the long haulConsultingMarketing/MediaTechnology Services
- 7. How does BancVue create valueREWARDChecking:Free checkingPays a rate of interest based on goals (not balance!)Use your debit card N timesUse paper statementsEye catching rates! Example…3% in 2010.Free ATM usage…including refunded fees!CheckingFinder.comFind a BancVue powered credit union or community bankRealSolutions for New Millennials (build new relationships…build trust with the new breed)…low balancesiTunes instead of Interest
- 8. How does BancVue create valueREALSaver:Automatically push RewardChecking interest into savings/checking accountsAutomatically push ATM fees into savingsHigh interest rates!REALGivingEmpowering them to generate contributions to a cause they are passionate about, simply by banking with you. Aligned with nationally recognized organizations:American Humane AssociationStand Up To Cancer™ Boys & Girls Clubs of America. Plus, you can tailor your program by adding two more locally known charitable categories.
- 9. How do we differentiate ourselvesThere are “me-too” products in the space…but…BancVue competes through innovative products and services:ConsultingMarketingMedia and AdvertisingTechnology SupportOngoing Training Mystery ShoppingCommunity banks face unprecedented challenges from huge competitors with enormousbudgets. The spending power of mega banks and net banks supports the research,development and marketing of new products and highly targeted online campaigns that readilycapture new customers. These same competitors even aggressively go after markets wherethey don’t have a single branch. If it seems like there’s no way to fight back, think again!
- 11. The BancVue culture!Interdependence!5-Star Leadership!Love!Badassitude!
- 12. The Operational ChallengeDelivering on the promise...requires a diverse set of service teamsThey MUST communicate efficiently and effectively!They MUST have a consistent definition of customer…and customer status!Software Development Production teamProduct ManagementEngineeringMarketing and Media (Microsites)AccountingHRSalesBusiness to Business MarketingSupportTraditional Customer ServiceManagement AnalyticsKasasa
- 13. Why did BancVue need to do something?With the breadth of services…”Data Silos” sprouted everywhereData in emailsData in access databasesData in ancillary CRMsData in excel spreadsheetEfficiencies - Employees having to search for data that should be at their fingertipsA need to track the full lineage of a customerAnalytics & Workflow to support process fluidity
- 14. Why SugarCRM ProfessionalFlexibility to build out customized modulesNeed to implement rapid change…not just initially, but ongoingBancVue has a need to be able to respond to market change rapidlyData Security…a need to manage data religiouslyA fluid process, and strong Workflow capabilitiesScale…everybody has an account!A need for powerful & transparent work ticket features (cases) to support the customer service operation and to consolidate customer communicationsA need for robust Analytics and Reporting
- 15. Example ProblemsSales example:Reporting and tracking of sales was on multiple sourcesLimited accountability…Critical given the length of the sales cycle (1.5 – 18 months)Customer ServiceData silos made it difficult to quickly make sense of what a customer’s “world” looked like.Led to delays in delivery of valueEnhancement of the existing BancVue Knowledge Base was needed to support customer care and value delivery
- 16. What did we do? 1. Optimize The Sales Process.The Sales ProcessAccurately reflect all the FDIC and NCUA institutions…prospectsCapture key metrics on the asset size, and other valuable measures that dictate potential opportunity profiles.Institution ProfilesInstitution characteristicsBranchesContactsProducts activeServices deliveredUpsellManage Leads and OpportunitiesVia defined status definitions for analysis and team sellingSales Analytics!
- 17. What did we do? 1. Clean up The Sales Process.Focus on capturing accurate data!
- 18. What did we do? 2. Opportunity Management.Carefully manage data collectionProducts consideredProbabilitiesDue diligenceCollection of dataDocuments and Contracts
- 19. What did we do? 3. Contract Management.Manage the iterative process of contract acceptanceManage the outputs of the processMaster Services AgreementSupporting AgreementsOther documentsRelated products and services
- 20. What did we do? 4. Customer ProvisioningCustomer provisioning pipelineWork ticket managementProcessInstallation IntegrationSub work tickets
- 21. What did we do? 5. Installation and TrainingPlatform Installation & Training ModulesExecutionEvaluation/Surveys
- 22. What did we do? 6. Mystery ShoppingCapture Mystery Shopper’s commentary and experienceProvide a scoring algorithmCapture the event and all data
- 23. Implementation Profile and OutcomesSugarCRM ConfigurationProfessionalVersion 5.2Version 5.5 planned Q2Software ConfigurationLAMPLinux ApacheMySQL 5.0PHPHardware ConfigurationVM environmentSAN storage
- 24. Keys to SuccessProject Implementation focusIdentified the key agents of change (and agents of pain) and set expectationsSet an expectation and exceed the targetFocused on data and process!Don’t over promise!Over-communicateCommunicate as often as possible!Leverage internal artifacts (newsletters, surveys, email feedback)Prescriptive trainingUsing SugarCRM’s materials as a baseline, Levementum customized the training to fit the processDeliver training & classes in a prescriptive and focused wayAn experienced and intuitive implementation consulting team lead – (Naomi Choi )
- 25. Keys to Success – SugarCRM!Total Cost of OwnershipFlexibilityScalabilityControl of our own Destiny!
- 26. Project success…following the creedWe believe good values start with a good family and ours is no exception. Our company is built on a core value system that transcends business as usual and defines our leadership philosophy.
- 27. 4/6/2010©2010 SugarCRM Inc. All rights reserved.27 About LevementumFounded 2005Added SugarCRM service line 2005 (v3.5.1)Added Compiere ERP service line 2008Added Pentaho BI service line 2009Added Magento e*Commerce service line 2009Added Mindtouch Collaboration service line 2009Mission: Drive “world class” Revenue & Margin results using Open Source Technology and Process focused MethodologyCompany InformationOffices:Phoenix, AZ (Headquarters)New York City, NYAtlanta, GA
- 28. Q & AQuestions?4/6/2010©2010 SugarCRM Inc. All rights reserved.28
- 29. Thank You!Don’t hesitate to reach out to us for more on the story!Jon Parmley, BancVueJon.Parmley@BancVue.comGeoffrey Mobisson, Levementumgmobisson@levementum.com480 320-2520