Standard Chartered First Bank (SCFB) won the Grand Prize at the 2010 Customer Centric Management Awards for its new ‘Customer First’ strategic initiative.
In its seventh year, the annual awards are given to companies in Korea that pursue a customer-centric approach through CRM, raise competitiveness, and become exemplary in the industry.
SCFB’s Teradata Relationship Manager (TRM) software was recognised by the CRM Council of The Foundation of Korean Information Industries, organiser of the event, as a significant technology driver for the winning initiative. TRM combines powerful analytical functions with marketing automation technology to drive timely and relevant interaction with customers. ‘Customer First’ helped transform the bank from a product-centered business model to a customer-centered model, according to a Teradata announcement.
The bank’s award was based on the rollout of a company-wide ‘Customer First’ program over the year 2009. The program introduced dramatic new customer-centered processes, product packages and services to create ‘one-to-one’ customer experiences and relationships. The data-driven approach included customer satisfaction surveys focused around individual preferences and intentions. SCFB saw quickly-rising satisfaction rates over the program rollout. Increased customer interaction and feedback were key in driving improved loyalty.
During the program, Standard Chartered First Bank launched DREAM PACK, a revolutionary financial product set customizable to individual customer needs. The ‘Customer First’ approach grew further momentum in early 2010 with employee workshops and commitments to customer service. To heighten customer focus across the business, a unique customer Help Desk was established – one where banking executives receive customer feedback and issues first-hand, and take immediate action for resolution.
“The goal of Standard Chartered First Bank is to become a bank that customers would recommend to their family, friends, and co-workers,” said Ahn Hyun-Hee, Standard Chartered First Bank marketing analysis executive. “We’re determining the NPS (Net Promoter Score) and documenting customer experiences throughout our business, expanding customer support and strengthening customer relationships. We’re making every effort to meet all that is promised in our Customer Charter.”
Hyun-Hee continued: “By implementing Teradata’s advanced solution and its capabilities, we can stay in communication with our customers and in turn, set strategies focused on customer needs, optimize sales, and solidify our brand as a customer-centered business.”
“Teradata is honored that Standard Chartered First Bank, a leader in the industry, was selected the grand prize winner for its world-class CRM business model using our TRM solution,” said Teradata Korea President Yoon Moon-Seok. “Standard Chartered First Bank has always had a strong commitment to providing attractive and compelling products and services to its growing customer base. This award also shows how strongly that the company’s customer management strategy, Teradata’s CRM technology, and business growth are all interrelated.”
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