Managing Contacts

This chapter describes how to manage financial contacts. It includes the following topics:

About Managing Financial Contacts

Contacts are entities or individuals with whom the company does business with or with whom it expects to do business with in the future. Contacts include employees of other companies, independent consultants, vendors, or personal acquaintances. Contacts can belong to only one company, but they can be part of many opportunities, including opportunities that do not involve their companies. Contacts are presented in a single view of the customer and your relationship with the customer.

When a new contact is created, you can use the Contact Summary view to see the financial accounts and the owners associated with that contact. The Financial Account view lists all the accounts that the contact is associated with. The Owner view shows all the owners and roles of that financial account. Once you have created contacts, you can add those contacts as applicants for financial products and services.

An Applicant is a customer’s contact, or it is a business relationship to a set of proposed products sold by a financial institution. The applicant definition consists of both the customer’s information and the intended role that the customer will function in as it relates to the financial product or service. Typically, there are multiple applicants associated with financial products or services. For more information about contacts, see Siebel Finance Guide.

Scenario for Adding New Contacts

This scenario features sample tasks performed by a bank sales representative at a retail bank where the customer walks into a bank to open an account. The bank sales representative typically creates a new financial application for the customer. Your company might follow a different process depending on its business requirements.

A customer walks into a retail bank branch and expresses interest in financial products and services. The bank sales representative enters the customer into Siebel Financial Services Customer Order Management for Banking as a new contact. A bank sales representative captures the customer’s personal information, such as contact names, applicable addresses, dates of birth, and other relevant information.The bank sale representative can also enter the relationships for this contact. In this scenario, the user is the bank sales representative. The bank sales representative enters the following information:

Adds a new contact
Adds additional contact names, addresses, and dates of birth
Adds relationships for the contact

Process of Managing Financial Contacts

This topic details sample tasks often performed by users when they are managing contacts. Your company might follow a different process depending on its business requirements.

To manage financial contacts, perform the following tasks:

Adding Contacts

When users meet someone in the course of business, they add a contact record for that individual to track pertinent personal information.

To add contacts

Navigate to the Contacts screen, and then the Contacts List view.
In the Contacts form, click the Show More button, add a record, and complete the necessary fields.
To specify a privacy level, drill down on the contact name link, scroll down to the Privacy Option field, and select one of the following:
- Opt-In. Sharing of nonpublic personal information is allowed without restrictions.
- Opt-Out - Affiliates. Sharing of nonpublic personal information with affiliates is not allowed.
- Opt-Out - Third Party. Sharing of nonpublic personal information with third parties is not allowed.
- Opt-Out - All Parties. Sharing of nonpublic personal information with any affiliate or third party is not allowed.

United States law requires that financial institutions disclose their privacy policies regarding the sharing of nonpublic personal information with third parties, and fair credit reporting, that impacts the sharing of nonpublic personal information with affiliates. Users can specify a privacy level by making a selection from the Privacy Option field.

The Privacy Option field is for registering the privacy level requested by the contact; it does not affect record visibility in any way.

Viewing Contact Summary Information

The Contact Summary view provides a comprehensive view of a contact’s relationship with a user’s organization. This view displays the customer’s contact information, financial accounts, applications, and relationships associated with the customer.

To view contact summary information

Navigate to the Contacts screen and then the Contacts List view.
In the Contacts list, drill down on a contact.
Click the Summary view tab.

Viewing a Financial Services Application

You can view financial applications in the Financial Applications Summary tab for each contact related to the order as a contact. This tab provides valuable information for the next bank branch.

To view a financial services application

Navigate to the Contacts view, then the Contacts list view.
In the Contacts list, drill down on the contact.
Click the Financial Applications view tab.

Suspending a Financial Account

You can use the Contact Summary view to suspend a financial account. Follow the steps in this procedure to suspend a financial account.

To suspend a financial account

Navigate to the Contacts view, then the Contacts list view.
In the Contacts list, drill down on the contact.
Click the Summary view tab.
Financial Accounts appear after Financial Accounts.
Select the Financial Account that you want to suspend in the Financial Accounts applet.
Click Suspend.

Resuming a Financial Account

You can use the Contact Summary view to resume a financial account. Follow the steps in this procedure to resume a financial account.

To resume a financial account

Navigate to the Contacts view, then the Contacts list view.
In the Contacts list, drill down on the contact.
Click the Summary view tab.
Financial Accounts appear after Financial Accounts.
Select the Financial Account that you want to resume in the Financial Accounts applet.
Click Resume.

Modifying a Financial Account

You can use the Contact Summary view to modify a financial account. Follow the steps in this procedure to modify a financial account.

To modify a financial account

Navigate to the Contacts view, then the Contacts list view.
In the Contacts list, drill down on the contact.
Click the Summary view tab.
Financial accounts appear after Financial Accounts.
Select the Financial Account that you want to modify in the Financial Accounts applet.
Click Modify.

Deactivating a Financial Account

You can use the Contact Summary view to deactivate a financial account. Follow the steps in this procedure to deactivate a financial account.

To deactivate a financial account

Navigate to the Contacts view, then the Contacts list view.
In the Contacts list, drill down on the contact.
Click the Summary view tab.
Financial Accounts appear after Financial Accounts.
Select the Financial Account that you want to deactivate in the Financial Accounts applet.
Click Deactivate.