Like many other industries, investment banks are wrestling with a season of disruption caused by a global pandemic. Remote work and increased focus on virtual collaboration have placed new demands on software platforms, altered the way we interact with clients, and brought user experience to the top of many priority lists. Technology lies at the center of these trends, and adopting the right tools can make adapting to change significantly more practical.

In recent conversations with leaders in the industry, some patterns are emerging about leveraging technology to turn widespread disruption into growth opportunities. Here are a few key trends to keep in mind.

True client lifecycle management

Investment banking still suffers from siloed legacy applications impacting the ability to on-board and service clients efficiently and digitally.

  • Enabling the client journey from on-boarding to servicing and reducing manual intervention where possible remains a focus area. At a foundational level, connecting CRM to on-boarding technology—looking at standardising regional ways of working and client structures is also key.

  • Another goal is moving towards a digital, end-to-end client experience—with discussions focusing on the maturity of client self-service portals and cloud content management providers to capture and store relevant data securely.

Due to the likely prolonged need to work remotely, COVID-19 has heightened the importance of providing bankers across all grades the right tools to be productive and connected globally. While each Investment Bank is facing its own challenges on balancing necessary short-term fixes with longer-term transformation, the focus needs to be on the employee and client experience.

Prioritizing experience to drive adoption

The business case for transforming the front office focused on productivity and profitable growth is clear. Translating this case into tangible benefits remains a challenge as time and effort tend to focus on technology delivery and not on the change required to enable adoption. Several approaches to address this were discussed:

  • Aligning global strategic KPIs set out by the leadership with banker scorecards and dashboards in CRM drives transparency on where leadership is focused. Real-time dashboards have incentivised the entry of relevant information by bankers, and re-enforced the value that leadership associates to certain activities.

  • Another approach is to involve bankers in the design and requirements gathering throughout the programme—prioritising functionality that matters early.

  • It’s also important to bring together actual ways of working and a CRM’s pipeline management functionalities. A CRM tool needs to be designed to meet requirements which will vary by line of business, with the right pipeline functionality for the right area of the bank, and focusing on standardisation where possible.

Focusing on the basics

Banks need to balance focusing on features that help both productivity and revenue generation with getting the basics right on regulatory requirements and applying “need to know.” As part of any digital transformation involving CRM, investment banks have focused on reviewing how critical areas including visibility for clients, deals and call reports have been applied historically and how these need to be applied in a new system—enabling collaboration where possible to drive value.

An exciting new solution

Salesforce recently launched a Corporate Investment Banking (CIB) solution in its Financial Services Cloud that could become a key player as banks look for ways to adapt to these evolving trends in the industry.

Salesforce CIB is designed to provide a single source of truth about client relationships and ongoing deals with several key features

  • Centralizing digital operations in a single, integrated platform, it becomes much easier to find relevant data.
  • Improved visibility into the client journey also enables better client experiences by giving helpful context to front-office employees before every interaction. 

As an expert in Salesforce Financial Services Cloud implementation, Deloitte is excited to work with investment banks who are interested in leveraging the new CIB solution. We also offer a suite of assets and accelerators that are proven to drive efficiency and growth via FSConnect.

To learn more about the Salesforce CIB solution, click here.

For more information about FSConnect, check out our website.