CMB Monaco: Tailored Customer Relationships

Private bank CMB Monaco diversifies its services and enhances its customer offerings with Salesforce.

 

Transforming customer relationships to reach new audiences

Founded in 1976, CMB Monaco is an international private bank and is part of the Wealth Management division of the Mediobanca group. In  2019, the bank started a comprehensive transformation process aimed at attracting a new category of clients who are both international and affluent. With multiple bank accounts, this clientele favors easy access to their banking services and wishes to establish privileged relationships with their advisors. To meet these challenges, CMB Monaco has focused on an exceptional level of customer relations, in particular by improving its digital services. With average assets of EUR 10 million, these are investors with complex profiles coveted by all banks and accustomed to benefiting from very high-quality services. CMB Monaco has strengthned its team of financial experts and relied on Salesforce CRM to provide more personalised responses to requests, simplify internal processes (360° customer view, task automation, reporting, and more) and optimise the customer journey (electronic signature, web portal, etc.).

 
"Our clients do not want to waste time with administrative burdens. Salesforce has allowed us to remove this obstacle."
Olivier Pages
Member of the Management Board, in charge of Innovation, CMB Monaco
 

Supported by Salesforce

Salesforce as the cornerstone of CMB Monaco's transformation

CMB Monaco has made Salesforce the strategic tool for its digital transformation, like several other subsidiaries of the Mediobanca group. For CMB Monaco, the decision to select Salesforce was based on the CRM's ability to connect to third-party applications, but also on the scalability enabled by AppExchange, the quality of the dashboards, and the automation of tasks. To meet the specific needs of CMB Monaco, Financial Services Cloud - the CRM redesigned for financial services companies - quickly emerged as the most suitable, secure and easiest tool to configure.

Two to three times faster onboarding and account opening

The first project of CMB Monaco's digital transformation: an account opening process that reduces the production of paper files, eliminates as much back and forth between the bank and its client as possible, and increases responsiveness. "Our clients do not want to waste time with administrative burdens. Salesforce has allowed us to remove this obstacle," emphasises Olivier Pages, Member of the Management Board and in charge of Innovation at CMB Monaco. The bank thus relied on Financial Services Cloud to gather documents and customer data in a single place thanks to APIs, which in particular facilitate the recognition of addresses via Google Maps. The new process is also based on Docusign, which allows documents to be signed online. Result: processing times related to the opening of a new client account are now two to three times faster.

Data and AI for a proactive customer relationship

To achieve operational excellence, data quality is crucial. Educating teams on data quality, i.e. rigorous data entry, is an essential prerequisite. The Salesforce platform makes it possible to identify the most accurate and exhaustive data to respond effectively and appropriately to the needs of customers, whether it is portfolio management for advisors or the management of leads and opportunities for bankers. Salesforce dashboards also offer the management of the Monegasque bank a complete view of the commercial activity of its teams.

Data also allows CMB Monaco to act rather than react, by anticipating the constantly evolving needs of its customers. This digital culture is reflected in particular in the project which leverages the possibilities offered by Salesforce and Einstein AI, based on customer data. Among other things, AI will make it possible to detect conversion probabilities in order to anticipate and adapt its offerings to the needs of its customers. A step further in the efforts made by the bank to successfully manage its digital transformation: "CMB Monaco is investing heavily in technology to offer a quality of digital service that simplifies banking, speeds up processes and also allows our financial advisors to build closer customer relationships" recalls Olivier Pages. 

Salesforce at the Heart of an Ecosystem

CMB Monaco recently migrated its telephony to Microsoft Teams.

“The integration of Teams and Salesforce is akin to creating a direct line between conversation and action; it establishes a digital bridge that converts conversations into decision-making and ideas into concrete opportunities, all at the click of a button,” says Mehdi Teklali, Salesforce project manager at CMB Monaco. He also emphasises Salesforce’s excellent interoperability with other third-party applications, which is a perfect match for the bank’s strategy to select “best of breed” solutions.

Taking Online Customer Relations Even Further

The client portal is the next logical step in CMB Monaco’s digital transformation. The aim now is to give clients access to Salesforce so they can play an active role in their banking relationship and simplify interactions. This portal, currently under development, will allow clients to exchange documents, complete “investor profile” questionnaires, and sign forms, all in just a few clicks. The ultimate goal of this portal is to offer a more fluid and instantaneous customer experience that meets modern needs.

 

 

Benefits

In addition to providing a 360-degree view of the customer, Salesforce has improved the day-to-day work of CMB Monaco employees, making them more productive. On the customer side, the bank now has a more modern and dynamic image. By reducing processing times for applications, CMB Monaco has demonstrated its ability to focus on its core business: providing its clients with the best business and investment opportunities, and creating excellent customer relationships – which makes all the difference in the wealth management sector.
 
 

2-3x

faster
onboarding

 

2800

customer relationships
managed with Salesforce

 

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