Cover Story: Taking Care of Business
"The survey helps prompt the relationship manager to call and gives some intelligence to help in call preparation, but we take great pains to make sure the actual call is very personalized and not pushy," Marks explains. "The focus is on the client's needs and discovering which services would be most appropriate to help address those needs."
First Tennessee requires Salesforce—like all of its vendors—to use the centralized customer information from the bank's shared-services layer, Livesay says. That way, each business unit can be alerted to any updated information—such as when a business customer indicates an interest in wealth management services on an email survey or a phone call with relationship managers. Then a private banker can call that customer to learn more about particular needs.
Marks says First Tennessee has also been experimenting with inserting other triggers into the tool to alert relationship managers based on certain behaviors and certain communications from the customer.
"For example," he says, "if a customer just opened its business checking account, we might send the customer a survey asking about the account setup experience to ensure that they got all the documents about the account and to ask about their needs."
Another major initiative has been to send customized quarterly email newsletters to corporate business customers featuring articles pertinent to that customer's industry or niche.
For example, for an email newsletter to a healthcare provider client, First Tennessee might have an article about the differences between a healthcare lockbox and a traditional lockbox for most industries, and how a healthcare lockbox could optimize business, according to Marks. If a healthcare client clicked on that article, that would trigger a call to action in Salesforce and the relationship manager would be alerted via email.
"When the relationship manager calls that client," Marks says, "he would never say he was alerted that the client clicked on that article, but he would say that he was aware that the bank recently sent the client a newsletter about the importance of having a healthcare lockbox, and then talk to the client about its particular need and interest for one. Since the relationship manager in reality already knows the client is interested, there's a pretty good chance the client might buy the product."