Financial Services

Retail Banking
Commercial Banking
Insurance

Financial Services—Retail Banking

Banks are facing intense competition for customers, who have a wealth of alternatives from which to choose. The pressure is on to retain customers, grow these customers, and attract new ones.  But while they must be attentive to the needs of customers, they face the challenge of rising costs. And with interest rate movements, it becomes increasingly difficult to manage those costs. Heightened risk factors pose huge problems, exacerbated by different departments, lines of business, and regions measuring and reporting risks differently. Access by decision-makers to accurate and timely data that reflects the health of the organization and points to the problematic areas of performance is critical. But banks are faced with the additional challenge of different database systems that must be integrated and aggregated. With consolidation taking place across the industry through ongoing bank acquisitions, dealing with multiple database systems is a problem that won’t go away anytime soon.

CustomerImpact Solution Enables:

• Providing access to the data at the field office and region levels, and rolling up to the aggregate level as the data is generated and collected
• Accessing and aggregating credit data across disparate systems and sources
• Dashboards connected to multiple data sources
• Tracking of Service Level Agreements (SLAs) for outsourced call centers 
• Understanding of customer perceptions of you and your competitors, desired new services, purchase motivations, and past and predicted future behavior (purchases)  

Benefits of CustomerImpact Solutions

  Transforming data into insights

• Real-time access to information, e.g., bank managers receiving daily reports summarizing events of the day before
• Linking processes and systems to achieve full view of sales activity and results through each channel, e.g., online, phone, self-service and by sales team, individuals, regional organizations
• Finding ways to differentiate your products / services and how you deliver them since customers today have many options 

  Risk Management/Regulatory Compliance

• Streamlining of risk management through linkage of data from different systems, with analysis at region and product levels
• Addressing range of compliance requirements
• Compliance regulation

  Improved Performance Management

• Increased productivity through connected software pulling data from separate databases, thereby reducing staff time spent with manual processes that take time and are error-prone
• Empowering sales and branch management through fast and accurate reporting and analysis
• Recognition of opportunities for new services by customer segment and location
• Analysis of staff performance and incentive plans
• Instituting incentive plans that are based on the role and desired behavior for each individual
• Increased shareholder value

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Financial Services— Commercial Banking

Commercial banks operate in a very competitive environment. Customers are sophisticated, with an awareness of technological advances and alternative product lines that are being introduced to the market. While banks need to take steps to retain and attract customers, they have to ensure their own financial health. With fluctuating interest rates, active capital markets, overloaded credit businesses, increasing risk factors, there are unremitting pressures to achieve profitability. And with expanding regulations that they need to be aware of and act in accordance with, compliance is also challenging. Data across regions, branches, and channels has to be quickly generated, analyzed and acted upon from a range of multiple database systems. Consolidation through ongoing bank acquisitions, each with its unique flavor of collecting and organizing data, aggravates an already-complex situation.

CustomerImpact Solution Enables:

• Alignment of business needs with delivery of relevant timely information
• Accelerating time to recieve key data, with accurate information diseminated to decision makers  
• Analysis of data at region, area, city, branch levels, and by channel ( bank location, online, phone, ATM)
• Analysis of data from all data sources, ensuring that companies are in compliance and not vulnerable to security attacks
• Categorizing customer segments and understanding their preferences, behaviors (purchase habits, switching decisions, and profitability)
• Analysis of call center performance (number of calls, time on hold, time to solve problem/answer question) and its relationship with customer satifaction

Benefits of CustomerImpact Solutions

 Transforming data into insights and analysis

• Faster generation and analysis of data
• Immediate availability of customer data at branch level, including demographics, waiting time, portfolios across all products, and nature of the relationship
• Timely access by all decision-makers to enterprise’s state of health through dashboards
• Immediate receipt of alerts when measures fall outside the acceptable range

 Improved Performance Management

• Reduced operational errors
• Management of profitability by products and channels 
• Higher profits through cross-selling and up-selling new service offerings to those most receptive
• Prioritized technology investments based on expected highest returns
• Better alignment of decisions, actions, and investments with strategies
• Improved profitability of mortgage business
• Increased shareholder value

Satisfying and retaining customers

• Understanding of  profitability by customers
• Reduction in attrition rates
• Improved service for high-value customers
• Higher customer satisfaction

  Risk Management/Regulatory Compliance

• Regulation compliance made possible by ability to quickly identify root causes behind security breaches and compliance violations
• Risk analysis at geography, industry, and product level
• Better management of customer lending, with reduced delinquencies

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Financial Services—Insurance

The insurance industry has to deal with complex operational issues while keeping costs in check. It faces intense competition for agents and the end customers. Since independent agents offer a range of products to their customers, they look at multiple policy and pricing options to find the optimal insurance coverage for their customers. The challenge for the insurance company is to ensure that its offerings rise to the top in terms of how often they are presented to customers. Insurance companies also deal with increasing risk factors because, basically, they take over the risks from customers. Statistical methods and tools are used to probe the data to analyze and predict insurance policy risk levels, including the incidence of fraud.  Another factor that they have to deal with is increasing regulation, with a broad range of compliance requirements that have to be tracked, measured, and managed.

CustomerImpact Solution Enables:

• Reduced time and increased accuracy of reports drawing on data from multiple databases
• Understanding of operational risk
• Immediate access for agents and customers to check status of their claims
• Profile of customer segments, with analysis of profitability, buying preferences, customer behavior for each
• Analysis of sales by distribution channel, agency, and individual producer and linking to customer satisfaction 

Benefits

 Transforming data into insights and analysis

• Timely and accurate reports to field and corporate management
• Immediate receipt of Alerts when measures fall outside the acceptable range

  Improved Performance Management

• Better alignment of decisions, actions, and investments with strategies
• Greater productivity
• Increased agent acquisition and retention
• Ability to identify best-performing and underperforming agents
• Improved efficiency of claims operations
• Improved claim handling performance
• Increased sales through cross-sell and up-sell campaigns
• Better management of distribution partners
• Improved channel performance

 Satisfying and retaining customers

• Improved service to customers
• Profile of customers for new product offerings
• Increased customer satisfaction through listening to and acting upon customer intelligence
• Increased customer acquisition and retention

 Financial performance

• Control of costs and reserves
• Revised underwriting guidelines leading to improved underwriting profitability
• Increased sales
• Greater profitability

 Risk Management/Regulatory Compliance

• Better management of risk
• Ensure regulatory compliance through identification of root causes behind compliance violations
• Improved compliance with state and federal regulations
• Optimized producer productivity through reporting on risk of potential credit losses and calculating the capital reserved required to cover that risk

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