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 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.
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.