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Case Study: Financial Services Company

Financial Services
Company Type:
Comprehensive Financial Services
Company Size:
Job Functions:
Sales, Marketing
Assessment and Gap Analysis, Requirement & Portfolio Planning, Information Architecture

Challenge: How to leverage sophisticated multi-channel cross-selling and up-selling solutions to increases revenues, asset under management, and net cash flow through the use of high-quality customer information, advanced analytics, and custom IT applications.

A Leader in Financial Services

Our client is a leading global financial company offering businesses, individuals and institutional clients a wide range of products and services. With $8.8 billion in annual revenues, its products and services include retirement solutions, life and health insurance, wellness programs, and investment and banking products – offered through their diverse family of financial services companies and a national network of financial professionals.

Expanding and Extending Customer Relationships

Most of the company’s products and services are sold to employers (plan sponsors) for the benefit of individual employees (customers).  As these individual customers move through life stages, their needs evolve.  When they retire, they generally need to roll their retirement savings out of an employer-sponsored plan and into appropriate individual investments.  Further, they may need to change their life insurance, health insurance, and investments. 

To meet these evolving needs, the company strives to expand and extend its relationships with individuals through customer-focused marketing programs and mutually-beneficial multi-channel sales programs.  The success of these marketing and sales programs depends to a significant degree on having a complete picture of customers, appropriate marketing analytics, and IT applications to enable real-time updating of customer status in support of coordinated, multi-channel sales campaigns.  Without such tools, its marketing and sales professionals:

  • were limited when trying to execute the business strategy of expanding and extending relationships with individual customers
  • could not easily define customer segments based on actual customer actions and status, which made targeting less precise and led to more expensive and less effective marketing campaigns
  • faced practical limitations when trying to coordinate multi-channel personalized campaigns between field sales, call centers, outbound e-mail, account statements, and the company’s web site
  • experienced difficulty when trying to measure the effectiveness of cross-selling and up-selling campaigns
  • did not have up-to-date customer information and suggested topics available to them when interacting with individual customers.

More broadly, the company faced the challenges of delivering and leveraging comprehensive high-quality customer information, advanced analytics, and IT applications to enable sophisticated multi-channel cross-selling and up-selling that increases revenues, asset under management, and net cash flow.

The Vision – Enhancing Customer Focus

The company selected DecisionPath for its BI thought leadership, experience in the financial services industry, and ability to develop customized BI strategies.  Using its BI Pathway Method, DecisionPath engaged with the company’s marketing and sales executives to identify key requirements for better customer information, sophisticated marketing analytics, and advanced IT applications to enable coordination across sales channels.  These requirements drove formulation of a customized BI strategy and BI program plan that provided:

  • a strong and specific business case for the ways that BI would be leveraged to expand and extend customer relationships;
  • a defined set of BI projects for realizing the vision of enhancing customer focus;
  • a defined set of technical projects to enable deployment of sophisticated BI capabilities that meet identified marketing and sales requirements;
  • a targeted list used to identify and overcome the technical and business risks associated with executing the business strategy;
  • a defined business process reengineering plan to ensure that the investments in BI applications for marketing and sales create the targeted business value (ROI).

Solutions for Growth

Based on the BI Strategy and Program Plan, the company has embarked on a multi-year program to enhance its marketing and sales capabilities, and DecisionPath has provided technical assistance in those instances where outside resources have been required.  The capabilities being deployed are important in the highly-competitive financial services industry, where customers’ expectations for personalized service have soared.  Further, they are key tools for enabling sophisticated multi-channel cross-selling and up-selling that increases revenues, asset under management, and net cash flow.

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