EVOLUTION OF BANKING

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