When Bank of Cyprus UK launched an SMS service to provide customers with their latest bank balance, it knew it was on to a sure thing. “We cut the volume of balance inquiry calls by 80 percent in a matter of weeks,” reveals Jonathan Wood, Head of Systems at the bank.
The bank launched the automated service after Salesforce revealed that eight out of ten calls to its customer service team were balance inquiries. “Salesforce gave us central visibility of why customers were calling, and enabled us to take direct action,” says Wood.
Five years on and Salesforce is providing visibility of much more than just customer interactions: liquidity levels, performance metrics, IT issues and vendor contacts are all being tracked via the solution. “For the first time ever with Salesforce we have an insight into customer retention rates and deposit pledges. This helps us maintain liquidity and price our products more keenly,” comments Wood.
Service Cloud serves as the transaction engine for a number of the bank’s customer-facing processes - from running identification checks and making online deposit applications to logging customer service interactions. “Service Cloud underpins our entire front-line interaction with customers,” affirms Wood. “When a customer makes an application via our website, they are typing their details straight into Salesforce although they would never know it.”
To ensure this and other information doesn’t have to be keyed in multiple times, Bank of Cyprus UK has put systems integration high on its priority list. “If you are capturing information at the sharp end from the customer, it is absolutely critical that you don’t have to re-input that data into the back-end,” explains Wood. “With Service Cloud we capture information once.” This has not only eliminated the risk of human error but also enabled the bank to reduce its administrative overhead by 20 percent.
With integration through the Salesforce Platform, Bank of Cyprus UK was able to unlock its back office legacy systems and link them with the most current customer data. This means Bank of Cyprus UK can maintain a single customer view – now a regulatory requirement for all financial services providers.
By taking an integrated and automated approach, Bank of Cyprus UK can also deliver a faster and better service to its customers. Since deploying Salesforce, the first call resolution rate for the bank’s customer service team has jumped from 65 percent to 95 percent, while a deposit for a new account can now be made in three hours instead of three days.
The bank has also deployed Salesforce Chatter to aid employee collaboration and reduce the reliance on email. “The power of Salesforce means it has gone well beyond just the customer service piece, it has gone right to the core of our internal efficiency,” says Wood.