Remote Formalisation

Sales efficiency and easiness for customers

Innovation presentation

Our objective was high: reduce the number of customers’ complaints and efficiency ratio. The challenge was to be achieved in an economic context of lower interest rates and fierce competition.

The first step was to question ourselves: Why customers are not satisfied? , What is the principal cause of complaints ? While analyzing the data, we identified that the major cause of complaints and dissatisfaction was the bad customer service resulting in unfinished contracts.

With this information in our hands, we formulate the next question: Why the customer do not recognize the sale? How does the formalization process work? During the research, we faced a high number of pending documentation. The fact is that we could not complete the operation.

New doubts arose: Why this happened? Why did customers close the deals and did not sign the document? How does, at the end, formalization process work? All supply fluxes are realized by telephone, meanwhile, formalization operations are materialized in two ways: PIN or manual signature. Both options face market trends directly: reduction of customers’ affluence to physical branches and the strengthening of self-service.

At this point, we saw the opportunity: why would not develop an online formalization process? Able to provide convenience to customers. Thus, allowing the contracting of products without having to leave their homes / offices for values that previously could only be hired with the assistance of a manager.

Uniqueness of the project

The three efficiency pillars for the project were: reduce expenses, revenue growth and the simplification of processes.

In the quest of expenses reduction, the Remote Formalization project reduces: customers complaints coming from unfinished sales, volume of approved operations by the credit bureau and not formalized (avoiding to lose time to the manager and credit analysts), the volume of printed contracts and the costs gathering the handwritten signature, mainly through the use of motorcycle delivery.

In addition, we increased the retention curve of products ensuring a transparent sale through rereading and confirmation of data operation negotiated with the manager.

Simplifying the formalization process making it agile and uncomplicated, allowing the customer to confirm immediate operations using any electronic channels making the experience of hiring contracts unique for all the products of the bank.

The Reason Behind

We had some referential situations in sales at physical branches: one referring to challenges of clients by not recognizing the hiring of a particular product and other costs incurred by formalization for customers who were not in person at branches, ex. motorcycle courier.

Using these two bases as pillars, the need for a new process of contracts formalization emerged. We need to offer contracts where the manager is able to contact the customer by telephone and register a proposal based in simulated data. Therefore, the customer can access using any remote channel to confirm the proposal, using his password.

With this process, the manager can maintain telephonic contact with his client in order to offer products without the need to visit a physical branch.

That is how, we could simplify and improve our contract acquisitions process that allows a reduction in customers’ unfinished sales complaints and augment product retention in the remote option, where customers can access to the electronic channels to confirm the already negotiated operation.

Results

Revenue augmentation that contributed to empower the quantity of reached customers that did not appear in the physical branch. In this way, we leveraged the sales potential, for example, increased production estimated at 365 MM years.

In a testing period, we had a conversion rate of 56 % on sales made by the customer avoiding a 10% of the contracts that resulted in complaints from unrecognized sales.