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Banco Espírito Santo (BES), founded in 1869, is the second-largest private financial institution in Portugal with a 20.3% domestic market share, 2.1 million customers, and more than 700 in-country branches. It also has a strong international presence with operations in 23 countries and four continents. It reports capital holdings of US$ 4.1 billion and net assets of US$105.5 billion. In 2011, Global Finance magazine named BES the "Best Trade Financial Bank" in Portugal for the fifth consecutive year.
With strong growth in its major markets, BES needed a modern, cost-effective, scalable, and reliable customer relationship management (CRM) solution for its retail operations. The bank wanted to optimize client relationship management. It also wanted to integrate all customer touch points and service channels to improve the success of its sales and marketing initiatives.
Increasingly, banking relationships are built on a multichannel strategy. This new reality requires careful coordination and integration across channels to provide a seamless customer experience, whether the customer is interacting with the bank via an ATM, e-mail, the Web, traditional mail, text message, phone, or in person at a bank branch. With Oracle’s Siebel CRM 8.1 applications, BES significantly increased sales of its new financial products all across all channels by up to 25%, and it expects to increase annual revenue by up US$4 million annually. It also improved the success rate of bank branch sales, marketing, and lead generation campaigns by nearly 10%. Additionally, banks can now carry out up to 170 simultaneous marketing campaigns, a significant increase over its legacy environment.
BES employees welcomed the bank’s Siebel CRM implementation. Approximately 75% of BES sales personnel were using the system within six months of implementation. In fact 94% of BES internal users (sales users) consider the system far better than the legacy system.
“Oracle’s Siebel CRM 8.1 turned out to be the best solution to address the critical challenges we face. It’s a solution widely implemented, tested, and used in the banking industry. That, coupled with the solution’s robust functionality, gave us confidence in our choice. The solution has proven itself to be ideal for a bank like ours and has helped us grow our revenue in a relatively short time,” said João Manaças, CRM manager, personal marketing deepartment, Banco Espírito Santo.
In a project that lasted approximately 10 months, Oracle provided technical and implementation rollout support. Oracle and BES worked together to ensure the CRM platform was fully integrated with the bank’s legacy applications and software.
“The implementation process was key to our success with Oracle’s Siebel CRM. We had several teams, including BES’ IT and human resources departments, working in close partnership. Just nine months after rollout, direct marketing campaign sales had increased 25%. Estimates suggest that the new CRM environment will translate into a US$4 million increase in annual revenue,” João Manaças said.