The service pays base rate (currently 4%) less 2% on credit balances for customers running small- and medium-sized businesses, in comparison to the "big four" high street banks - NatWest-Royal Bank of Scotland, Barclays, HSBC and Lloyds TSB - which pay nothing but control 83% of the market.
To support the service, Halifax and Bank of Scotland's business banking division has deployed eFinance software among 140 sales staff at its two call centres in the UK. The software is designed to manage, synchronise and co-ordinate customer interactions across multiple channels.
James Farrar, senior director at Bank of Scotland, hopes the implementation will contribute to a target of £140m additional profits for its business banking division.
"The improved customer service offered by eFinance is integral to helping us achieve this profitability and will form part of our challenge against the big four clearing banks," he said. "The rapid implementation of 70 days was key to our decision to go with Siebel."
Farrar said the business banking division is also planning to roll out customer relationship management software from Siebel.