Onyx Software Corp.
, the Bellevue, Wash.-based provider on online Customer Relationship Management (CRM) solutions, today announced that The Dreyfus Corp., the New York City-based mutual fund company, has expanded its use of Onyx CRM to include its retail and institutional line of business to help increase customer retention.
Dreyfus already uses Onyx to manage more than 20,000 broker-dealers and financial consultants by giving wholesalers and senior executives access to centralized information on customer profiles, products and services used, service requests, interests, and call reporting.
“We’ve had tremendous success with Onyx and felt strongly we should expand our use of its software to the retail side of our business. We are depending on Onyx to help us manage relationships with some of our most important clients,” says Brad Orben, Complex Manager for Dreyfus.
“We’ve set a goal for seeing measurable return on our investment within six months of implementation, and our previous experience with Onyx makes us confident we will reach that goal,” he adds.
Dreyfus says its has created an Advisor client category for its most profitable customers (those with more than $100,000 in assets under management with Dreyfus), in order to differentiate and increase customer loyalty.
By using the Onyx Employee Portal (OEP), Dreyfus says its advisors can manage contacts, relationships and sales opportunities to cross-sell, up-sell offer a higher quality of service.
“If a client has $100,000 already invested with Dreyfus, it’s possible they have another $900,000 to invest as well. The challenge each of our advisors has is to understand each client’s profile to get him or her to invest as much of that $900,000 with Dreyfus.” says Orben.
“Client intimacy, as well as providing recommendations within an established relationship between rep and advisor client, is key to growing the assets under management, revenue and profitability,” he explains.
Dreyfus is one of several financial services firms using Onyx’s CRM functions. Other customers in this sector include Credit Suisse First Boston, Suncorp-Metway, ASB Bank, Prudential Financial, Metavante and American Express.