The Commonwealth Bank of Australia has merged its Premium Financial Services and Institutional and Business Services Divisions ahead of the introduction of new customer relationship management technology.
The bank says that by combining the two units, it will be better placed to meet the common needs of premium and business customers, and bring forward the application of CommSee CRM technology. The online brokerage operation, CommSec, will also be part of the combined division.
David Murray, CEO of the Commonwealth Bank, says: "Facilitated by CommSee, service will be delivered more efficiently by simplifying the structure of our domestic banking services, reducing from three business units to two. There will be less overlap in systems, products, processes and procedures, and a more efficient application of existing staff know how."
CommSee, developed in PFS, provides a single view of a customer's relationship with the bank. Implementation across the entire Australian banking operation will be done progressively as additional features of the technology are developed and staff training is completed, says Murray.
Michael Katz, group executive of PFS, will head the combined business unit, now called Premium Business Services (PBS). Michael Ullmer, who headed up IBS, is quitting the bank.