customer experience across all touch points, enhancing teller capabilities and accelerating the speed to deployment of new products and services
Dublin and New Orleans, November 17, 2003 - Eontec, the leading global provider of multi-channel customer banking solutions, today announced the successful rollout of the Eontec(tm) Branch solution in under seven months to over 1,100 branches at Canadian Imperial Bank of Commerce (CIBC), one of the ten biggest financial institutions in North America. Following the success of the pilot phase to a small number of branches in late 2002, the full rollout commenced in March 2003 across seven time zones peaking at around 100 new branches per week. It also incorporated three major functionality upgrades. The new branch system provides a standards-based platform enabling the bank to ultimately retire its in-house proprietary system. The customer-focused delivery platform has enhanced teller and platform capabilities providing a consistent customer experience across all touch points and enables CIBC to continuously evolve and accelerate the speed to deployment of new products and services for their eight million retail banking customers.
"We wanted to deliver a consistent banking experience offering smart, simple
solutions to our customers that were user-friendly for our employees. Eontec
is a key part of this strategy providing the foundation to re-engineer processes to improve customer service and satisfaction." said Linda Dentay, VP and CIO, Retail Branch Technology, CIBC. "The system has had a dramatic impact on our customer service representatives (CSRs) improving the employee experience with features such as customer intelligence icons, card-based identification, dual-language capability, electronic bill payment as well as
providing more comprehensive customer information at their finger-tips. The
training on the new system in many cases took just one morning."
CIBC's new branch system based on process-driven J2EE(tm) components and
customized multi-channel Banking Services provides a comprehensive real-time
knowledge of the customer across multiple delivery channels linking all data
in one session. By automating the transaction processes, the bank has eliminated approximately 26 million processing steps and 3.9 million forms per annum for basic financial transactions. This gives the CSRs hundreds of thousands of value-add hours to spend on value-added customer interactions and promote cross-selling opportunities.
CIBC chose Eontec Branch, a module-based Customer Banking Solution as the strategic development platform to support their legacy systems and provide the flexibility for radical process improvements. Previously, any significant upgrade could have taken up to two years to deliver and involved major costs and high risk. By contrast, the bank has successfully completed three major upgrades incorporating customer and employee feedback in the middle of the branch rollout program. Over 94% of employees expressed satisfaction with both the quality of the deployment and the new platform.
Dentay continues, "The upgraded messaging functionality provides real-time
customer information and presents CSRs with the ability to market targeted
products and referrals through sales and service prompts. This demonstrates to our customers another level of knowledge and intimacy and the reaction to date from both our customers and CSRs is very positive."
As part of their intensive branch renewal strategy, CIBC replaced its obsolete technology infrastructure. They migrated their workstation platforms from IBM's OS/2 operating system to Windows 2000 to attain platform-independence and support the bank into the future.
Colin Piper, President of North American Operations at Eontec comments, "CIBC's successful completion of the branch rollout is an unprecedented achievement for the bank and Eontec. The completion of this rollout in under seven months provides an exemplary model for large financial institutions that want to undertake sizeable and complex customer-focused branch transformation initiatives."