Benefits of CRM System in Macquarie Group: Research Proposal

This research proposal focuses on the implementation of a Customer Relationship Management (CRM) system within Macquarie Group, a financial and banking organization. The study aims to address the inefficiencies of the current manual business processes, such as data duplication, reduced customer service, and time-consuming operations. The proposal identifies gaps in the manual process and justifies the adoption of a CRM system to improve customer satisfaction, increase productivity, and enhance profitability. It includes a cost-benefit analysis to assess the project's economic feasibility and explores system analysis and design aspects. The research also covers system development, testing, implementation, and post-implementation activities, along with project, risk, and change management considerations. Ultimately, the study seeks to demonstrate how a CRM system can support Macquarie Group's strategic goals and improve its overall operational efficiency.

Running head: RESEARCH PROPOSAL
Assignment 2: Research Proposal- Benefits of implementing Customer Relationship
Management (CRM) system in Business process of Macquarie Group
Name of the Student:
Name of the University:

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Cover letter to sponsor
To
Commonwealth Bank
Sugarbird Lady Rd, Perth Airport WA 6105, Australia
Date: 8th January, 2018
Subject: Request to give fund for implementation of CRM system in business process of
Macquarie Group
Respected Sir,
Macquarie Group is a financial and banking organization aims to implement of CRM system as
we have identified some issues into the manual business process of our organization. Due to our
manual process, we have faced issues of loss of customer and therefore our productivity is also
reduced. The CRM system helps our financial service to gain more productivity and profitability
by attracting more customers. We have provided cost benefit analysis to analyze if the project
will provide benefit or loss of our organization. In order to implement the proposed system, we
require some fund of $5 million. If you are interested to become sponsor for our company, please
contact us as soon as possible.
Thanking you,
Helen Anthony
Project Manager, Macquarie Group

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Executive Summary
Customer relationship management (CRM) system becomes an inevitable growth, productivity
and profitability into the banking sector by the rise into a competition, advancement of
technology and demand of customers. The selected organization for this research study is
"Macquarie Group" which proposes to change its manual banking operations into automated
operations by an implementation of CRM system to answer customer's queries. Macquarie
Group utilizes to develop of CRM for customer's profitability, organizational productivity and
gain of lifetime value. Development of CRM practices is adopted to understand the customer for
their product development, proper target, maintenance of profitability and better mutual
relationships with the customers. Due to gaps in the manual process of Macquarie Group, the
banking industry decides to propose a CRM system to improve their customer satisfaction level.
The queries of a customer are difficult to respond as information is stored in various places;
therefore there is the reduction of customer services. In Macquarie Group, CRM should benefit
to improve productivity, an increase of the share of wallet, consolidation of customer's
information and removal of operational efficiency. The paper investigates the system analysis
and design for successful implementation of CRM system into the selected organization. An
attempt is also made to analyze the gaps in the manual process of Macquarie Group and benefits
of CRM system into the bank's internal and external operations. Cost-benefit analysis is also
done to observe if the project is economically feasible or not. Risks, as well as changes, are
identified to overcome any huge effects on the research study.

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Table of Contents
1.0 Introduction................................................................................................................................5
1.1 Background of the study........................................................................................................5
1.2 Aim and objectives of the study............................................................................................5
2.0 Description of organizational context-Macquarie Group..........................................................6
3.0 Discussion of internal and external operating environments.....................................................6
4.0 Identification of problem statement for IS/IT............................................................................7
5.0 Justification of choice of proposed system................................................................................7
5.1 Identification of gaps of manual process into operational process of Macquarie Group......7
5.2 Cost-benefit analysis and feasibility study............................................................................9
5.3 CRM system supports the strategic goals of Macquarie Group..........................................11
6.0 System analysis and system design for intended system.........................................................14
7.0 Explanation of system development, testing and implementation..........................................15
7.1 System Development...........................................................................................................15
7.2 System Testing.....................................................................................................................16
7.3 System Implementation.......................................................................................................16
8.0 Post implementation activities.................................................................................................18
9.0 Project management, risk management and change management associated with
implementation..............................................................................................................................18
10.0 Conclusion.............................................................................................................................20

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References......................................................................................................................................21
Appendix........................................................................................................................................25
1. Background of the organization- Macquarie Group..............................................................25

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1.0 Introduction
1.1 Background of the study
The study is based on improving the current business process of selected organization,
Macquarie Group by an implementation of CRM system. The current business process of
Macquarie Group is such that the sales team handles the customer's transactions manually. There
is a high volume of payment processing in the bank which is done in paper forms. Therefore the
challenges that the business faces are a duplication of customer's data, dropped handoff and error
into entering of the data manually. This study is undertaken to propose the company for
implementing CRM system into their operations for bringing automation. The bank should use
CRM tool to acquire of more customers and improve the relationship between the organization
and customer (Khodakarami and Chan 2014). Implementation of CRM system into the bank
should help to improve customer retention by customer feedback to provide of conveniences
such as ATM in addition to online banking. The banks should use of CRM tools to improve
customer loyalty by data collection throughout customer sign up, feedback along with
transactions. The CRM solution can speed up the marketing and sales activities and connect the
sales team and customers online. The sales team can access to existing customers data and
respond to their queries.
1.2 Aim and objectives of the study
This study aims to analyze the current business process of Macquarie Group and measure
the effectiveness of implementing of CRM system into the retail banking sector. This study aims
to better understand the requirements of the customers which allow assessing of information
about buying the history of the customers.

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The objectives of this research study are:
 To identify the gap of manual process in the operation process of Macquarie Group
 To suggest of improvement measures to enhance customer relationship in retail banking
 To explain the benefits of implementation of CRM system into business processes of
Macquarie Group
2.0 Description of organizational context-Macquarie Group
Macquarie Group is a financial group which is operating in Sydney, Australia that
provides their clients with asset management, capital solutions, finance, along with risk and
banking services. The organization aims to deliver of longer-term profitability, shareholder
returns and managing of risks for the corporate governance. The mission of Macquarie Group is
“To create wealth for our clients”. The vision of the selected organization is “Our products and
services will best in the market and consistently exceed the expectations of our clients”. The
business process of Macquarie Group consists of accounts opening and payment to optimize
cost. The organization provides financial solutions to their clients (Macquarie Group 2016). The
organization supports the staff in efforts to provide of financial assistance globally.
3.0 Discussion of internal and external operating environments
Macquarie Group provides of retail banking services to their customers, general public
such as loans, checking account balance, mortgages and deposits. In order to build a customer
base, the bank is focused on providing accessible services to the client. The internal banking
operations of Macquarie Group are opening of new accounts, transfer of money between
accounts and assist the customers to manage their deposits (Jeston and Nelis 2014). This

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particular research study is important to understand the implementation of CRM system for bank
productivity and profitability for efficient management of the banking internal and external
operations.
The external banking operations of Macquarie Group are those factors which are
operating outside of the company (Armstrong et al. 2015). The bank also supports trading and
market operations to other countries.
4.0 Identification of problem statement for IS/IT
The increase in competition in the banking industry in the years turns to make the
banking operations more complex. As most of the banks are performing undifferentiated services
with equal prices, therefore the customers are left with many options to go for getting better
services from another bank (Barney and Ray 2015). The manual operations of Macquarie Group
also provide some gap into their business process which affects the reputation of the bank. In
order to improve the business operations of a selected organization, the bankers are come out
with a customer-centric strategic decision such as CRM system. This system would provide such
a platform to the customers so that the bank can retain of existing customers and expand their
customer base by attracting extra customers.
5.0 Justification of choice of proposed system
5.1 Identification of gaps of manual process into operational process of Macquarie
Group
The current operational process of Macquarie Group is a manual transactional process.
Wynn et al. (2016) discussed that there is a higher degree of their manual process is costly as

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well as slow which leads to unpredictable results and higher error rate while entering of the data
into transaction database system. Peppard and Ward (2016) stated that the operational process of
the bank relies on both human resources along with paper-based. Following are the gaps in the
manual process of Macquarie Group:
Duplication of data entry: There is a duplication of data while the employees are
entering information into the files. Some of the entered data are redundant as there is no such
repetition check into the manual process (Peltonen 2015). Duplication of the data reduces the
record keeping process.
Staff training cost: The manual system puts pressure on people to correctly enter all the
details of the customers. With the manual process, the level of services is based on the
individuals, and it puts a requirement to provide training to the staffs to ensure that they are
followed correct procedures (Peppers and Rogers 2016). Training cost is required to train the
employees to handle their respective duty properly.
Reduction of customer services: The queries of a customer are difficult to respond as
information is stored in various places (Kale 2014). Therefore, there is a possibility to reduce the
customers when there are not satisfied with the business operations of the bank.
Time-consuming and expensive: Reporting as well as checking of the data is robust
which is timely and also expensive. It takes more time and effort to keep track the paper
documents and secure the information from being stolen. The data are accessed by only one
employee at one time (Gummesson 2015). Therefore, this is a time-consuming process which
leads the business to become unproductive.

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Lack of security: The data are stored in filing cabinets. Macquarie Group is not able to
prevent the employees from a review of sensitive data into paper-based work. Lack of security of
the personal information of customers allows the hackers to abuse of financial information
throughout fraud (Akgun et al. 2014). Any unauthorized users are access to the confidential
information.
Chang, Wong and Fang (2014) discussed that the IT solutions such an information
system could rescue the back office procedures from expense as well as data entry errors. By
taking advantage of CRM system, the banks are generating improvement in their productivity as
well as customer services by 50 percent.
5.2 Cost-benefit analysis and feasibility study
Cost Benefit Analysis:
Hardware $ 30,000.00
Software $ 1,000.00
Development team salaries $ 7,300.00
Training $ 1,700.00
Total Development Cost $ 40,000.00
Hardware $ 20,000.00
Software $ 500.00
Operational Labor $ 12,500.00
Total Operational Cost $ 33,000.00
Approximate salary savings $ 150,000.00
Reduced operating cost $ 30,000.00
Total Benefit $ 180,000.00
Discount Rate Used 5.00%

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Project Cost-Benefit Analysis
Analysis Variables:
Discount Rate Used 5.00%
Annual Benefits $ 180,000.00
Annual Operational Costs $ 33,000.00
One-Time Development Cost $ 40,000.00
Years of
project 0 1 2 3 4 5 TOTALS
Economic Benefit $0.00 $ 180,000.00 $ 180,000.00 $ 180,000.00 $ 180,000.00 $ 180,000.00
Discount Rate 1.0000 0.9524 0.9070 0.8638 0.8227 0.7835
PV of Benefits $0.00 $171,428.57 $163,265.31 $155,490.77 $148,086.45 $141,034.71
NPV of all BENEFITS $0.00 $ 171,428.57 $ 334,693.88 $ 490,184.65 $ 638,271.09 $ 779,305.80 $ 779,305.80
One-Time COSTS $(40,000.00)
Recurring Costs $0.00 $ (33,000.00) $ (33,000.00) $ (33,000.00) $ (33,000.00) $ (33,000.00)
Discount Rate 1.0000 0.9524 0.9070 0.8638 0.8227 0.7835
PV of Recurring Costs $0.00 $ (31,428.57) $ (29,931.97) $ (28,506.64) $ (27,149.18) $ (25,856.36)
NPV of all COSTS $(40,000.00) $ (71,428.57) $(101,360.54) $ (129,867.18) $ (157,016.37) $ (182,872.73) $ (182,872.73)
Overall NPV $ 596,433.07

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Overall ROI 3.2615

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Feasibility study: This study is performed by the bank to analyze whether the project is
possible under certain circumstances. An economic feasibility study is done on the research work
to analyze if the CRM system will implement underestimated budget (Choudhury and Harrigan
2014). This study is conducted the cost-benefit analysis for the CRM implementation which
shows that there should be a benefit in the project with the return of investment of 3.2%.
5.3 CRM system supports the strategic goals of Macquarie Group
Josiassen, Assaf and Cvelbar (2014) stated that CRM system is important for Macquarie
Group as it improves the profits throughout longer-term relationships with the customers. The
banking group invested in information technology to assist of better management of interactions
with the customers. Fagerstrom, Aksnes and Arntzen (2016) argued that the customers are aware
of similar products into the market and due to access of that information from the internet, it can
quickly know about a review of the products into the market.
Improved productivity: CRM enables the financial institutions to provide the employees
with better training which help them to face their customer's queries. It achieves of better IT
infrastructure and contributes to the overall performance of Macquarie Group. The byproducts of
the banking CRM are an acquisition, customer satisfaction and productivity (Eichorn 2017).
CRM helps to enhance the productivity of the customers and employees.
An increase of the share of wallet: CRM is becoming more important for the bank as the
conditions of a market are getting harder. There is an increase in a competition, as the customers
are demanding more and there is a shortening of a life cycle of products as well as services.
Banking CRM is permitted of the financial institutions to leverage the information from the
database to achieve the customer retention and sale of new products to the existing customers

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(Bukhari and Kazi 2016). Macquarie Group implements CRM to make better relationships with
the customers, loyal customers and substantial payback, increase revenue and reduction of cost.
Consolidation of customer information: The information of customers is stored into
product-centric silos such as the separate database to savings accounts and credit card customers
with the use of CRM system to store information into customer-centric manner (Dalir et al.
2017). CRM is integrated of different channels to deliver the host of services to the customers
while aiding the functions of a bank.
Removal of operational efficiency: CRM helps into the formulation of a strategy for
eliminating the operational inefficiencies. CRM supports of various channels to interact the
customers such as telephone, email, wireless devices and fax, ATM and face-to-face contacts
with the personnel of bank (Techakriengkrai, Techatassanasoontorn and Tan 2015).

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Figure 1: CRM model for retail bank
(Source: Dalir et al. 2017, pp-18)
Customer
Relationship
Management
Relationship
quality
Product
quality
Service
quality
Customer
satisfaction
Customer
Loyalty
Sustained market
share
Sustained profit
External service
quality dimensions
Competence
Promptness of services
Communication
Convenience
Internal service
quality dimensions
Training
Policies and
procedures
Rewards and
recognition
Managerial support
Situational and
personal factors

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6.0 System analysis and system design for intended system
Gibson, Wallace and Sturgill (2015) stated that system analysis phase is a key significant
component of the CRM implementation. The objective of this research study is to implement of
CRM system into Macquarie Group. Complete system analysis is done for the current
implementation to identify and overcome with a type of system deficiencies. The researcher does
a complete analysis of the design of business modules, structure of a database in addition to user
interfaces. A successful CRM implementation requires accessing the data which are required to
streamline towards customer interaction (Williams and Buttle 2014). At first, the researcher does
an in-depth analysis of the business processes of Macquarie Group across all their internal and
external functions. It is required to gather input from the functional groups, and then conduct of
extensive workshops to understand the requirements. There is an analysis of the customer base
along with behavioural patterns are done to improve the business decisions (de Salas et al. 2017).
The researcher analyzes the business requirements and suggests some strategy to fulfil the needs
of the client to better integrate of the business process related to banking and finance. The CRM
team matches the expectations with the functionalities of product to provide with higher
customization operational in addition to reporting regulations.
System design of CRM system consists of an actual design of CRM system works. It
includes details of the system such as customer field names, types of data, picklist values. It also
includes workflow rules, maps for data migration (Khosravi 2016). Design of the CRM system
consists of three categories such as:

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Collaborative: All the communications among the sales team and customers are being
recorded and processed into the collaborative section of CRM software. There should be any
medium of communication such as by telephone, by email and in person (Reid and Catterall
2015). Then the system can determine the like, dislike, buying patter, behaviors of the customer.
Analytical: It results in selling to the customer based on their buying habits from the
history and imparting of information relevant to the customer base segments. It also analyzes the
changes in the market demand and changes into customer's demand (Abubakar, Sahadev and
Rashid 2014). The gathered data are analyzed using graphs and diagrams.
Operational: It deals with the automation of business processes of Macquarie Group
includes of customer service, industry trends, information related to customer account and data
on the competitors (Eichorn 2017). The data are gathered, and it is stored in the database system
of the organization. Detailed information about the customers is stored into the CRM system.
7.0 Explanation of system development, testing and implementation
7.1 System Development
The current business process of Macquarie Group is manual which uses traditional CRM
to improve their customer's interactions process. Therefore, the management of the organization
proposes to implement a CRM system into the banking sector to develop their organizational
productivity (Akgun et al. 2014). The system is developed for gathering the customer data,
warehouse the data and delivery for easy to use the data. CRM system collects customer's data
and uses to develop strategies for increasing the organization's revenue. The system will collect
customer's data from various sources such as manual entities, social media and other

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communication modes. Automated data aggregation stores the data into the repository so that the
system users can access the data (Wynn et al. 2016). Finally, CRM system takes the data and
available it on customer’s demand. The system is customized and developed based on customer’s
support and sales.
7.2 System Testing
Steps to test the CRM system are as follows:
1. Check of the quality of data and conversion
2. Check the system’s functionality
3. Check for reporting and system integration testing for date format, validation of data and
sorting order (Jeston, J. and Nelis 2014).
4. User acceptance testing is done such as updating of document's requirements based on
customer's requirements; test the implementation of a system and functional correctness.
5. Functional testing for access hidden data, transactional processes and connection lost
(Peppard, J. and Ward 2016).
6. Performance testing on load speed, peaks hours, utilization of server and response time
7. Security testing ensures secure of confidential data
7.3 System Implementation
Following are some of the steps for implementation of CRM system into the business
operations of Macquarie Group:
CRM review and selection: Before the implementation of CRM system into the financial
operations, the project manager should review the features of the system which should easy to
access (Khodakarami and Chan 2014).

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Project management: A proper project management and communication plan is followed
to keep the participants informed of the responsibilities and step into the implementation of the
proposed system (Wynn et al. 2016).
Contract with vendor and software license: The implementation of CRM system is
supported by contract and license which result in minimization of project cost and prevent from
delay into the project (Bukhari and Kazi 2016).
Customization of CRM system: The CRM system requires setting up and preparing
before the organization implements the system. Development work should be done which
customized the system.
Data migration: Macquarie Group desires to transfer from their manual process to
automated process; therefore they are focused on migration strategies to transfer the information
from one system to another (Williams and Buttle 2014). Vendor requires a close partnership with
the banking organization to understand the groups those are responsible for data migration.
Training and support: CRM software offers training to the staffs to handle the
implementation work (Chang et al. 2014). Technical training is required to be provided to the
staffs so that they can able to handle the implementation of CRM system properly and
effectively.
8.0 Post implementation activities
Following are the post-implementation activities for CRM system into Macquarie Group:
I. After the implementation of CRM system into the banking organization, the management
team should make sure that the CRM solutions will support the customer’s requirements.

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II. Review if the CRM system secures the data with system backup and business continuity
program (Josiassen, Assaf and Cvelbar 2014).
III. There is an establishment of metrics with baseline, generation of ROT as well as
productivity reports on regular basis. It will analyze if the system is working or not work
based on client's expectations.
IV. Getting feedback from the CRM stakeholders and collection of feedback data. Suggestion
and recommendations are prioritized based on organizational requirements (Carretta,
Fiordelisi and Schwizer 2017).
V. Proper training is provided to the staffs those have less knowledge to handle CRM
system. It includes a communication plan to interact among the executives and staffs.
Training is a recurring program which is initiated with an upgrade of CRM system.
VI. Maintenance of good relationships with CRM manufacturer and solution provider to
make new advancements in the future (Williams and Buttle 2014).
VII. Monitor the customer's data to enhance organizational productivity and profitability

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9.0 Project management, risk management and change management
associated with implementation
Project management: The project manager reviews the internal processes of Macquarie
Group and analyzes the requirement to implement of CRM system. A CRM team is created in
the organization to manage the project activities. A sponsor is selected for the project to collect
fund and drive the project. Cost-benefit analysis is done to determine if the project work will be
benefited or not (Fleming and Koppelman 2016). Return on investment is calculated for this
purpose. A timeline is done to estimate the total duration to complete the project. Training is
provided to the staffs to handle the new CRM system properly.
Risk management: Lack of understanding of the business process leads to failure of
CRM. Therefore, a clear CRM strategy is required to understand the business model of
Macquarie Group. Sometimes, there is insecure hardware as well as network platform will be a
challenge for CRM implementation. SaaS solutions will mitigate the risk, and the functions are
outsourced to the hosting provider. Choosing of wrong CRM provider will end with the failure of
implementation of CRM system (Carretta, Fiordelisi and Schwizer 2017). The CRM provider
may have lack of expertise and are not able to understand the business model. Right CRM
provider is required to be selected for implementation program.
Change management: There is a change in stakeholder's mind at any point within the
project work. The CRM stakeholders can provide new ideas related to CRM implementation.
Therefore it may change some of the procedures of implementation. Therefore, before starting to
work on the project, the project manager should ensure that the stakeholder should ensure that
project aim and objectives. When new regulations are introduced into the business organization,

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there may be scope change. Therefore, it should be ensured that the business will remain
compliant and they are legally permitted for trading.
10.0 Conclusion
It is concluded that CRM helps Macquarie Group to identify and retain the profitable
customer relationships. The banks are used of technology for developing types of products and
services. CRM system allows the bank for performing of segmentation analysis of customer base
for the purpose to understand demographics and behaviour. Implementation of CRM provides
proactive banks to access of technology which help in improving customer retention by customer
feedback to offer conveniences such as ATM along with online banking. CRM adds of unique
business value to the banking sector, and the result is increased into bank's profitability and
productivity. The entire success as well as a failure of Macquarie Group is based on customer's
acquisition as well as retention. Technology becomes a key significant requirement of CRM.
This particular study is revealed an important stage in CRM to apply lessons learnt from the
customer's information to increase bank's productivity and behavior of customer relationships.
The relationship model identified in this particular study highlights the strategic decisions
towards relationship building. On a line of this study, suggestions are provided to improve
customer relationship of a selected bank by enhancement of service quality and service delivery.

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