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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

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