EVOLUTION OF BANKING
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A MODEL <strong>OF</strong> CHECKS AND BALANCES<br />
FOR A CUSTOMER MEETING<br />
A standardised, automated, recorded sales process which supports<br />
knowing your customers and delivering suitable outcomes<br />
Preview<br />
Before meeting customer,<br />
Adviser prepares for<br />
meeting, reviewing<br />
customer information.<br />
Appointment confirmed<br />
and pre-population<br />
agreement confirmed<br />
by SMS/email with<br />
customer ahead of<br />
meeting.<br />
Affordability<br />
Behind the scenes, the<br />
customers pre-populated<br />
income and expenditure<br />
and other affordability<br />
factors are validated to<br />
support any product<br />
recommendations or<br />
suitability reviews.<br />
Suitability<br />
Having gathered and<br />
validated data alongside<br />
product eligibility criteria,<br />
including credit check,<br />
all suitable outcomes are<br />
presented onscreen for<br />
the adviser to progress<br />
with Customer solution<br />
selection.<br />
Product<br />
application<br />
Complete credit check<br />
for appropriate products<br />
and feed into banks<br />
existing sales fulfilment<br />
process (DATA passed<br />
so no re-entry of data) or<br />
a decision management<br />
platform.<br />
Evidence journey<br />
By recording all the steps in the<br />
customer journey, we build evidence<br />
to support any future challenge to<br />
suitability and can centrally check<br />
what our sales team are doing with<br />
customers. Customer comms (video<br />
content) via email or SMS should be<br />
triggered to validate the customer<br />
is happy with purchases, post sale,<br />
with seller following up any concerns,<br />
which are further validated.<br />
01 02 03 04 05 06 07 08 09 10<br />
Future opportunity to<br />
build new integrated<br />
services to address<br />
customer or regulatory<br />
requirements<br />
Branch<br />
prospecting tools<br />
Adviser prospecting<br />
tool to drive customer<br />
appointments through<br />
annual reviews, life stage<br />
triggers, changes in<br />
circumstance e.g. house<br />
on market. Big Data<br />
driven insight.<br />
Review<br />
Customer meeting takes<br />
place, Identity and Fraud<br />
checks, pre-population<br />
of data from ‘knowing<br />
customer’ and quality<br />
conversation undertaken<br />
around their needs,<br />
wants and problems and<br />
solutions to address.<br />
Behind the scenes,<br />
various risk checks<br />
happen.<br />
Credit score<br />
Whilst discussing the<br />
customer’s current<br />
lending and credit<br />
requirements, show<br />
and explain how<br />
credit score is derived,<br />
how their actions can<br />
impact it (+ve) or (–ve),<br />
building awareness and<br />
understanding.<br />
Cross sell<br />
Using all available<br />
data to provide Adviser<br />
with suitable cross sell<br />
opportunities and options<br />
across bank’s full product<br />
suite. Time has been<br />
freed up due to prepopulation<br />
to give this<br />
area appropriate focus<br />
and time.<br />
Follow up<br />
To ensure the customer relationship is<br />
developed, feed data gathered into SVC/<br />
Big Data solution and drive ongoing contact<br />
strategies relevant to individual, alongside<br />
triggering next review meeting in step 1. Also<br />
take credit search, CCJs, bankruptcy alerts to<br />
trigger follow up reviews. Reaffirm ongoing<br />
suitability. Phase 2: develop digital data tools<br />
for customer to re-engage with their data to<br />
control and direct their finances. Also utilise<br />
web analytical tools throughout the end-to-end<br />
process to refine it further.<br />
18 | The Evolution of Banking and Financial Services