Products & Services in Retail Banking

Our client, a leading national retail banking group, offers a full range of financial services, including insurance and retirement products. In reviewing sales synergies across the broad product offering, the bank identified very low levels of performance in cross-selling financial products to existing customers. This weakness was due to a significant increase in investment in digital and data over the past few years. The client began looking for a strategy to improve cross-selling across the group.

Challenges

The bank operates in a departmental structure with many internal and external stakeholders. With data in siloed databases, tracking and recording cross-selling events was problematic. In addition, no reusable customer profiling or measured customer segmentation was being used to try to drive cross-selling.

What we did

We took a phased approach with specific deliverables clearly defined for each phase. The project began by aligning business data requirements with what was stored in the databases. This then allowed us to create more meaningful, accessible and reusable data segments. A stream of automated customer communications was created and linked to behavioral events, optimizing customer experience and providing proactive follow-up with minimal resources. Finally, reports were created to allow the company to track trends and segment behavior to refine the identification of cross-selling opportunities.

The Result

An automated process was implemented for all targeted products. It identified specific behaviors in customer interactions that indicated cross-selling opportunities. These were passed on to the sales team to enable them to achieve their goals. This initiative significantly increased the number of qualified cross-sell leads and the approach was rolled out across all products.