Tracking Customers & Their Related Entities

Everyone knows that Lloyd is one of the most well-connected people in the area.

After all, it was Lloyd who founded your town’s first business incubation center more than a decade ago. Since then, he’s started several successful companies of his own, served on a few boards of directors, and even finds time to volunteer in the community.

Your bank is proud to have walked with Lloyd every step of the way, providing him and his endeavors with much-needed financing and banking services.

When it comes to serving customers like Lloyd, there can be a significant amount of coordination and paperwork involved. As your bank re-evaluates its paper-based approach to document tracking and relationship management, perhaps it’s time to consider a more “linkable” system.

In this article, we’ll explore how a customer management system, such as AccuAccount, can help your bank gain a more holistic understanding of its relationships with people like Lloyd.

Cores Don’t Tell the Whole Story

Your core system does a lot of things well. Helping you to visualize customer relationships, however, may not be one of them. Sure, all of Lloyd’s accounts and transaction histories are relatively accessible from within your core. But, as anyone at the bank will tell you, a mover and shaker like Lloyd can’t be easily summarized with a general ledger statement.

Case in point, harken back to last summer when your bank’s management team requested a “relationship summary report” of its most highly influential customers. Management was hoping to better understand important customers in advance of its annual community mixer, an event that people like Lloyd were sure to attend.

As you dug into your bank’s records, you realized the core would provide minimal value for this task. Although customer account numbers and balance information were certainly visible, it was next to impossible to obtain the proper context that you were looking for. Core reports offered minimal insights, causing you to jump from lender to lender asking question after question.

You eventually assembled the report, but it required a ton of effort – and your time.

Linking Customers to Related Entities

Compare this approach to one that utilizes an account management system, such as AccuAccount. AccuAccount integrates to more than 30 core banking systems, pulling in important customer, loan, and account balance information every single night. AccuAccount presents this information in an intuitive and user-friendly way.

AccuAccount Preview

Built to look like a traditional loan file, AccuAccount provides credit information on the left side and account information on the right. Within the credit information section, related documents, exceptions, entities, and comments are accessible simply by clicking into the appropriate section. In Lloyd’s case, clicking on “entities” would display a list of every single entity that he’s associated with.

Related Entities

Furthermore, AccuAccount makes it possible to identify other customers who share common links to the same entity as Lloyd. This type of intelligence can prove invaluable to your bank, especially when seeking to engage customers on a deeper level.

Related Entities Reporting

For a more in-depth look at customer relationships, AccuAccount’s related entity report feature can be especially useful. With a few clicks of the mouse, AccuAccount generates a printable report that demonstrates how customers are connected to the various entities that your bank serves.

Track Related Entities, Smarter

If your bank is looking for a more efficient way to track customers and their many related entities, it might be time to give AccuAccount a try. Join more than 15,000 bankers who trust AccuAccount for building more scalable, dynamic relationships with customers – like Lloyd.

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