The Challenge
- Efficient and secure distribution of customer data to financial advisors to enable the identification of cross-sell opportunities
- Optimal tools to give regional managers optimal oversight of their financial advisors
Client
Regional managers and financial advisors for a U.S. retail bank
Industry
Retail Banking
Our Solution
Our experts created a selfservice data visualization tool to identify the best cross-sell opportunities and generate individualized reports on customers and products.
In addition, regional managers were given a self-service dashboard for monitoring referrals, sales, conversionassociated assets and other parameters of financial advisor performance.
Importantly, secure filtering ensures that the financial advisors only access their customers’ information and the managers only access information for their region.
In partnership with the client, we created a self-service data visualization tool that identified brokerage customers with cross-sell opportunities for retail banking products. This tool generates individualized reports for each financial advisor with details of each of their customers and the relevant products. The necessary level of data security and customer privacy was maintained, ensuring financial advisors could only access reports for their customers.
A regional opportunity summary is generated weekly and made available to the regional managers through a customized dynamic dashboard. Taking just 1 hour to create, it gives the details of referrals, sales and new assets associated with conversions, and it is segmented by financial advisor and region. Regional managers can now easily monitor the efficacy of cross-sell strategies and realign as needed.
“The client has used the solution for over 4 years and is very satisfied with the results. They have reported increased use of customer data by financial advisors.”Business Impact
- A 20% increase in referrals
- Triple the number of financial advisors using the data to inform their strategy, which could lead to higher conversion of cross-sell opportunities
- Stronger partnership between brokerage and retail banking divisions
- Increased share of wallet for investment-only customers
- Increased efficiency and transparency for the financial advisor processes
Identifying cross-sell opportunities is essential if a retail business is to grow its customer loyalty and share of wallet. In retail banking, privacy concerns, data siloing and CRM tool limitations can complicate the task of gaining insight into the products that could be of interest to existing customers.
