FleetBoston Base CaseBy Edward Cone Print
FleetBoston Financial's bottom line is getting hammered. So Fleet is using ERM technology to ensure its commercial bankers can act quickly to serve the needs of the most profitable customers.
FleetBoston Financial Corp. Base Case
Headquarters: 100 Federal Street, Boston, MA 02110
Phone: (617) 434-2200
Business: Diversified financial services, including commercial and retail banking
Chief Information Officer: John Snyder, CIO, Wholesale Banking
Financials in 2001: Assets, $203.6 billion; revenue, $12.8 billion; net income, $931 million
Challenge: Bring together in one portal both customer information and news with contact histories, costing tools, and other internal bank applications; to increase cross-selling of financial products to corporate customers; and to reduce administrative costs
- Deploy sales portals to 3,000 commercial bankers by end of 2002
- Cut administrative costs by three times eFinance project cost
- Boost net income of Wholesale Banking unit from $1.2 billion a year, in part to compensate for losses in other operations
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