Enterprise relationship Management is very important for the success of Banking industry.

Offering loans to SME’s/SMB’s and individuals most often depends upon the relationship of the customer with the bank. This relationship is always in the hands of Employees of the bank. But the bank employees keep moving from place to place. The enterprise relationship can be tracked by having a Social collaboration tool that will have all the information and communication had with the client.

It is more powerful when this kind of a Social collaboration is integrated with CRM system. The CRM system tracks the relationship with the client more in business related manner, the Social collaboration will actually go further to track the social interaction with the customer.

Let us take a use case. Richard is an entrepreneur who was banking for his small business and individual needs with a Bank X and Bank Y for 10 years. He has plans to start a new business enterprise. But there was nobody he knew in the bank X as some got layed off, others moved to other branched. He hardly knew anyone in the bank. The only way he can estimated with his previous transactions. It was the similar situation with Bank Y. But there are so many soft factors, which cannot be tracked. Richard’s new business is actually a transformation of his old business with new technology to cater the emerging market. He has been heavily successful in turning up his previous business a success. Richard is also funded by a well known venture capitalist fund, which adds to the confidentiality of the business Richard is going to start.

Bank Y uses a Social collaboration tool, which is integrated with the CRM system of the bank. All the social interaction is communicated and entered into the Collaboration tool. This was any new person can understand customer relationship and measure it to the benefit of the bank. Richard approached Bank X and Bank Y for a loan.

Bank Y employees know the previous history of Richard and they were aggressive in perceiving a deal with Richard. Richard also felt very comfortable with Bank Y, as they treated him with all the information they had. Bank X couldn’t be so aggressive and has to take traditional route and losses the opportunity.

Bank Y gets this Social Collaboration tool from very successful cloud computing concepts for Social networking portals. They start using a cloud service, which is available anywhere with a login and password and makes quick communication with client to be easier. In fact they have mobile client with on there blackberry’s to communicate with the customers and internal communication with collaboration. This enhances there speed of operation with good information to carry with employees about the customers in chaos ridden banking industry, where they need to have first hand information to offer proper deals to the eligible customers. Bank Y also got this tool on a pay per use basis, which added up to to be a cost advantage and they were not facing those maintenance hurdles for the software.

We at Imaginea have always been at the forefront of applying cutting edge technologies to better serve our customers. If you are looking to apply and use cloud computing, social colloboration tools, web2.0 technologies and SaaS engineering for your new age Banking Solutions, get in touch with us.

(With inputs from Sivaram.S)