Transforming the Retail Banking and Insurance Customer Journey

The financial services industry faces ever-increasing levels of technological (Fintech), regulatory and oversight change. This is against a backdrop of challenging economic conditions and falling levels of trust.

At the same time, customer expectations of improved quality of service through their channel of choice are demanding rapid responses from banks, building societies or insurers.

Unsurprisingly financial services providers are forced to re-think current strategies, amend their business models and review process efficiencies and systems. Without constantly seeking to be ‘best in class’ for customer experience, an organisation’s competitive position will erode more rapidly.

Recent Example:

A major Building Society faced challenges through lack of understanding of customer behaviours especially through digital channels. This was resolved by introducing an integrated channel strategy that delivered multimillion savings on branch redevelopment and a more cohesive Omni channel strategy creating a better customer and colleague journey for the organisation.

These unabating challenges mean organisations need to dramatically improve the customer journey whilst simultaneously lowering the cost base, creating multi channel consistency, and exploiting digital technologies to win and retain customers.

Example challenges in retail banking and insurance include:

  • Customer driven processes – Is the ability to deliver good customer experience being undermined by the increasing complexity of processes and poorly aligned distribution channels and operations? How do you use customer feedback to drive customer focussed change?
  • Cost to serve –The role of face-to-face and the branch is evolving to focus upon building customer relationships to drive sales. As a highly expensive component of the distribution mix, how are you maximising sales opportunities and driving out efficiency improvements within the branch network?
  • Digital channels – How far progressed are you on the digital journey? How effectively are the digital opportunities integrated into the overall distribution channels? Are you maximising the return from your digital investment or simply layering in additional costs?
  • Data insights – The sheer amount of customer data can be overwhelming. Data often resides in disparate locations; analytical capabilities may be immature and links to customer interfaces poor. This means the asset of readily available information fails to be leveraged. How are you using customer insight and analytics to deepen customer relationships?

What does this mean for you as a key fintech player?

Whether you are an emerging player or established market leader, technology will continue to evolve, it will continue to change the way you do business. FinTech will support Financial Services in streamlining operations, getting digital and fast access to money and services. But the winners will be the organisations who continually review their operating models. To provide customers 24×7 access to the channel of their choice and with a better customer experience.

With over 25 years of experience, including leading multimillion digital transformation programmes for leading Banks and Insurance companies, I am passionate about sharing best practice with practical insights, most institutions will invest in short-term experienced contractors, our strength is applying our extensive knowledge working with you as a partner to provide sustainable expertise. Our team have worked at senior level and can add real value to your thinking, before, during and after your transformation timeline.

  • We can apply strategic thinking and sense-test your vision with you
  • We can help establish your business case and help develop the structure of your programme including requirements and system selection
  • We can provide an independent review of your transformation programme mid-stream to assess
  • We can provide communication tools to support training and education towards your new operating model
  • We can provide mentoring and coaching to key individuals to ensure successful go live realisation

A True Partner

Merlin Consultancy has its core focus on ensuring we can deliver tangible benefits including:

  • A better customer experience together with improved customer advocacy and improved operational performance
  • An increase in your net promoter score (NPS)
  • Increased customer retention
  • Increased sales performance
  • Cost reduction through a reduced cost to acquire and service customers.

We can discuss in greater detail how we have supported other individuals and institutions in the Fintech community which has led to the above benefits.

This includes:

  • Increasing customer satisfaction from 59% to 85% and staff satisfaction 75% to 91%
  • Designing new target operating models with improved 30% efficiencies identified.
  • Reducing repeat contact demand by increasing first point of contact resolution.
  • Using data driven information to deliver significant cost reductions via a self-service shift.

What Next?

Ian will lead and engage the Merlin required resources to deliver a diagnostic review that is appropriate for the transformation programme life cycle. Ian has 25 years business transformation experience, delivering operating models, business change, digital transformation, customer journey, training, systems implementation and data migration. Recent clients include Gard, Medical Protection Society, Thinkmoney, Yorkshire Building Society, Co-operative Bank and Insurance and Lloyds Banking Group. He has worked at senior levels for KPMG, PWC, Capita, Unisys and Sapiens. Contact Ian direct.