Bank of Boston Automates Securities Sales

ABA Banking Journal, August 1990 | Go to article overview

Bank of Boston Automates Securities Sales


The old adage of how there's always room for improvement Bank of Boston, with the introduction of a new automated sales and marketing system within the bank's securities division.

The division is responsible for selling shareholder services, corporate trust, and custody services to corporate clients. It employs about 120 individuals in a sales and client service group.

The installation of the new system began in late 1989, following an intensive review to determine how to improve productivity. Phase one of the project involved setting up a prospect tracking system for business development salespeople. The second phase, currently in progress, encompasses approximately 100 client relations specialists, and involves implementing telemarketing and direct mail capabilities into the system.

Before the automated system was installed, the division's sales and marketing tracking was mostly manual." times, information was difficult* tain," recalls Sheryl Rogers, a senior systems specialist. "As a result, inconsistencies developed. For example, some groups had databases while others did not, and it was also difficult to generate uniform management reports. "

The bank chose to go with a package developed and produced by SNAP Software Inc. of Manchester, N.H. Operationally, Rogers views the system in two broad functional categories: (1) banking services operations (tracking the sales process, giving salespeople access to prospect data, comparing actual results against sales goals per product and per officer); and (2) relationship selling (monitoring cross-selling, determining the penetration of such efforts). The system runs on both IBM PCs and Apple Macintosh computers.

The bank and the vendor worked together to match the system to the bank's needs. A two-day implementation session was held at Bank of Boston's facilities to introduce the staff to the system. A few follow-up sessions were held later at the vendor's offices.

Although the system is relatively new, the bank has already recognized several benefits.

From the management side, there is a "particular receptivity to the kind and quality of reports which can now be produced, " says Kevin P. Stiles, director of marketing and sales. "A big factor is that the reports are consolidated and consistent in format," in that sales are broken down by type of product or by salesperson.

From the sales staff's side, Stiles says, "There is a tremendous amount of enthusiasm for lead and relationship tracking, for seeing where they are in the sales cycle. " Additionally, he says the salespeople appreciate that they can very easily and quickly obtain the information they need. "

Operations Briefs

The French way. MasterCard International and its automated teller machine network subsidiary, Cirrus, have been integrated into ATMs in Europe. Credit Mutuel, a confederation of French mutual credit banks, connected 800 on-line ATMs across France to the Cirrus network. …

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