About
A new analytics approach with the aim to monitor and stimulate actions about overall relationship and selling activities in branches.
Innovation presentation
In the last 2 years the bank developed a new analytics approach with the aim to monitor and stimulate actions about overall relationship and selling activities in branches. The bank is now able to analyze in an unique and integrated performance model both customers contacts, meetings, selling success and value generated across a number of relationship funnels. All roles in the organization (from the Top Management to the Branch Manager) can have a “big picture” about the level of selling push, effectiveness and efficiency and a set of KPIs in integrated in the management reporting system.
The analytics model is able to automatically monitor the business pace in terms of:
• Outbound commercial activities, analyzing both proactive actions from marketing and sales plan (e.g. multichannel campaigns) and other business development activities of Relationship Managers (RMs);
• Inbound commercial activities analyzing both reactive actions from tellers and RMs meetings.
For the previous type of sales activities and customer segments the bank is able to collect data of:
• Number of positive/negative Contacts;
• Number of positive/negative Meetings;
• Number of Successes (products sold);
• Different KPIs on campaign redemptions;
• Value of Successes, comparison of this value to the sales potential associated to multichannel campaigns;
• Customer base coverage in terms of contact, meetings and successes;
• ROA, increase in cross-selling differentiated across customer needs, share of wallet, increase in high quality advisory on financial products, potential leads on uncovered customer needs based on CRM analytics.
Key benefits for the bank are:
• Promote and stimulate adoption of a customer centric relationship approach based on comprehensive advisory and cross/up-selling approach by branch network;
• Scientifically understand the cause-and-effect link between the sales effort and the financial performance, in order to stimulate a large adoption of the relationship approach;
• Integrate current financial performance metrics with behavior-based ones, able to offer a more powerful and broader interpretation of network performances;
• Extend the customer base contacted and “managed” by RMs;
• Improve customer service level through a better customer portfolio management and time planning.
The project has been developed with a co-managed effort by Planning and CRM, IT departments and it is being rolled in July 2012 with continuous fine tuning mainly focusing on connection between actions and value generated and extending the scope also to medium-sized enterprises.
The results show an important increase of customer contacts converted to meetings (from 19% to 28% in 1 Year) and successes value (+40% YoY) and are fostering an action planning by sales managers that combines goals based both on products and relationship KPIs.
Uniqueness of the project
The Customer Dialogue analytics approach shows the following distinctive factors:
• it is one of the first analytical model that is able to link automatically the different phases of selling activities (from contact to value generated);
• it is able to monitor all the different sales activities (“multichannel sales funnel”, as outbound - both from marketing plan and other business development activities - and inbound - both from teller and RMs meetings);
• it includes an accurate tracking between business development effort and value generated (all the contacts are monitored until they will convert to value for the Bank) for each customer segment (Individuals, Small Businesses, …) and RMs portfolios;
• It includes direct channels contribution to branch sales;
• It is enabled by a comprehensive multichannel datawarehouse and by a highly developed branch workstation where RMs and tellers can insert information on contacts and meetings and receive information on multichannel and multistep campaigns.
