Success stories

Increasing cross-sell in retail banking

Our client a leading national retail banking group offers a full suite of financial service products including insurance, assurance and pension products.

While reviewing sales synergies across the wide product offering the bank identified unacceptable performance levels in cross-selling financial products to existing customers. This weakness was on the back of a significant increase in digital and data related investment in recent years. They were now looking for a roadmap to improve cross-selling across the group.

The challenges

The bank operates in a departmentalised structure with many internal and external stakeholders. With data sitting in siloed databases, tracking and recording cross-sell events was problematic. In addition, no re-usable customer profiling and measured customer segmentation were employed while trying to stimulate cross-selling.

What we did

Pathfinder Change Management Consultants took a phased approach with specific deliverables clearly defined for each phase. The project started with aligning business data needs with what is stored in databases. This subsequently allowed us to create a more meaningful, accessible and re-usable creation of data segments.

A workflow of automated customer communications was created and linked to behavioural events which maximised the customer experience and enabled pro-active follow-up with a minimum drain on resources.

Finally, reports were created which enabled the business to track segment trends and behaviour to fine tune the identification of cross-sell opportunities.

The outcome

An automated process was implemented for all targeted products. It identified specific behaviour with customer interactions which indicated cross-sell opportunities. These were given to the sales team to enable them to achieve their targets.

This initiative created substantial increase in qualified cross-sell leads and the approach was rolled out across all products.

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