Here’s How Leveraging Client Information Can Help You Become The Banker of Choice

More and more corporate and institutional banks are using data-driven engagement strategies to become the Banker of Choice for their clients.

They do this because leveraging client information effectively is the key to building deeper relationships which, in turn, leads to a greater share of wallet.

Innovation and a global approach

These are both crucial aspects of what it takes for an institution to become the Banker of Choice for corporate and institutional clients. Banks need to innovate with a global approach to the end-to-end client experience, which is possible only by leveraging the information and relationships available to their local coverage teams.

The aim, always, is to become the best cross-border coverage team, executing a proactive and client-focused engagement strategy. When this is managed successfully, an institution becomes a genuine product partner and solution provider, which contributes towards winning more clients, more deals, and deeper client relationships. Ultimately, it helps deliver the numbers.

First insights, then collaboration

The key to becoming the Banker of Choice lies in the right combination of insight and collaboration. To truly know clients, banks need to understand what they do, their industry, the market conditions affecting them, and their product portfolios in all geographies. Beyond the balance sheet, they also need to know about their client’s non-banking and non-lending interests and objectives, such as their philanthropic and corporate responsibility policies.

All of this information then needs to be incorporated into daily workflows, whether it is account planning, collaborating with product specialists, preparing pitches, or visiting clients. It is only with this depth of insight that a relationship can be grown to a point where an institution becomes the Banker of Choice, helping it increase wallet share to grow the global business.

The importance of CRM

Consider this simple example: A bank wants to be able to leverage a great in-country relationship between a client and the local coverage team, to earn an introduction into another region of the client business. It can use our CRM, which provides rich sales and legal hierarchies, to help coverage teams navigate the global relationship and collaborate on a cross-lines account plan. This is all managed centrally, but executed locally.

Another great example relies upon understanding a client’s legal structure to help banks manage risk and liquidity, or extend preferred pricing terms to a new entity within the structure of an established client relationship. This type of insight helps provide proactive lending solutions that support strategic client initiatives, developing a bank’s role as a trusted partner.

Finally, as the Banker of Choice, the aim is to be involved in each step of a client’s supply chain. For example, a client exporting product overseas will engage a number of suppliers, service providers, and counterparties to the transaction. High-quality data-driven insights, along with that deep client understanding from the right CRM, will help banks understand the trade corridors they are participating in. This helps them identify non-banked referrals, counterparty risk, and ultimately increases their participation in the share of trade between clients and global markets.

With the right tooling, banks can harness the information in our CRM to act on client triggers, identify client motivators, and proactively respond to evolving client needs as a trusted collaborator and solution provider. This ultimately builds connections between the bank and clients, helping them become a global Banker of Choice.

To find out more about how we, at NexJ, help some of the world’s most respected financial institutions build deeper relationships with their customers, get in touch with us today.