Siebel Order Management Guide Addendum for Financial Services > Managing Opportunities >

About Managing Opportunities

An opportunity is a potential revenue-producing event related to one or more companies or individuals. An opportunity often has a close date, a win probability, and a sales team. It is typically related to contacts, products, decision issues, activities, or competitors.

In Siebel Financial Services Customer Order Management for Banking, the financial application uses the Sales Order Business Component and is managed through the Customer Order Management Quote, Order, Asset Lifecycle, and related functionality. The relationship between an opportunity object and the financial application is available, but is no longer a critical, required component of the functionality. It is up to the specific customer implementation to determine if an opportunity object is a required component of the intended sales process.

NOTE:  In earlier versions of Siebel CRM, the opportunity object represented the baseline business object from which current financial application functionality was built. So the entire process of opening a financial account origination process was based on the opportunity object.

Opportunity functionality is relevant in the case of commercial and corporate banking, investment banking, wealth management, capital markets, and some types of insurance products. In retail banking where the customer is generally walking directly into a bank or opening an account online or over the phone, the branch sales representative rarely has the time to open and manage another sales object such as an opportunity; instead, the sales representative typically creates a new financial application directly for the customer.