Sovereign Bancorp, Inc. headquartered in Philadelphia, Pennsylvania, a $40 billion financial institution. It has 525 banking offices, about 1,000 ATMs, and 8,000 team members in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. Sovereign Bank is one of the top 25 largest banking institutions in the United States.
Sovereign did not have any sales processes in place and its people were focused on managing the next deal rather than on managing markets and relationships. Because there was no system in place for finding, assigning, and managing large prospect lists that were generated from the marketing department, the bank's Relationship Managers (RMs) were calling on prospects that had already been contacted by another RM. And, because first impressions are critical and can contribute to a prospect's 'feel-good factor', the bank's CRM strategy has to focus on acquiring customers effectively. In developing a fresh approach to managing these relationships, the bank recognized that it was time for automation. It was also time to develop processes that had a well-blended mix of Customer Value Propositions at the prospect stage - treating a prospect like a customer/partner prior to the formalization of the relationship could only help to support a seamless transition.
After an intensive three-month study with outside consultant Kensington House, Sovereign Bank recognized that it needed to create consistent, cohesive standards for its sales processes and implement a solution that provided sales effectiveness tools to help it become a customer relationship-based organization. It also required a solution that could enhance its capacity to become a personal, trusted financial business adviser to its customers. To achieve these two key objectives, Sovereign Bank selected Salesnet's CRM sales solution.
Sovereign selected Salesnet for its ability to deliver an affordable web based CRM solution as an online service that would be quick to deploy and straightforward to implement and use. Salesnet's customizable sales CRM solution supports Sovereign's various selling processes and, therefore, has helped its relationship managers maximize their selling potential. Salesnet helps Sovereign capture and distribute leads and deliver fast, efficient and high-quality customer responses and service. It also provided a unified foundation for sales processes and cash management that increased cross and up-sell opportunities.
Coverage of Sovereign's Salesnet CRM Implementation: PC Magazine, "An Easy Sell"
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