Delivering differentiated client value - efficently

Delivering differentiated client value - efficiently

Conversations with our Investment Banking and Global Markets clients are increasingly focusing on how existing client management platforms can be optimised to deliver better outcomes. That means providing a connected client view and experience, as well as improving the sales experience. Banks’ concerns about whether, and how, they deliver a differentiated experience are reflected in our ‘Voice of the Customer’ surveys, showing clear space for improvement to deliver relevant, tailored experiences based on trust and insight. https://ukfinancialservicesinsights.deloitte.com/post/102gifn/what-your-clients-really-want-using-research-to-understand-their-needs

Think ‘journey’ not ‘process flow’

Delivering client value effectively requires banks to think and operate differently, leveraging journeys and personas to connect the dots across multiple touch points and data sources. Using customer journeys as the primary means of refocusing banks on where and how they can differentiate has been an effective approach for exposing gaps in internal connectivity and data. Using internal personas and journeys as a secondary lens then helps institutions to focus on how functionality can be re-prioritised to deliver value.

This approach is already broadly where customer journeys are a key driver. The link provides some more details on how the Government Digital Service (GDS) apply this concept – from design to execution.

https://medium.com/deloitte-uk-design-blog/how-service-blueprints-evolve-through-the-design-process-2a3e4cab115c.

Our recent work in client journey mapping and banker experience has shown that there are several recurring themes that need to be addressed as part of the shift towards delivering differentiated client value. These are:

• The limited ability of banks to leverage client information they should already hold in CRM platforms to expedite product onboarding;
• Varying ability to capture client interests holistically - from participation at investor events to consumption of digital content or research and the delivery of differentiated insight; and
• Proactive client engagement across the lifecycle – from being able to understand product onboarding status, to rapid, event-based outreach

Introducing client ecosystems

Historically, Investment Banks and Global Markets have a siloed technical landscape – with limited integration between onboarding, CRM, marketing, digital platforms and golden source data. Increasingly, this is a key blocker in enabling a more connected client view, while providing sales with a “desk charge experience” – resulting in multi-source keying of client data, repeated manual steps, and limited insight. As banks start to re-focus on value and efficiency, we are seeing a strong re-focus to client ecosystems, where CRMs are driven by client data and insights, and integrate with onboarding, marketing and content automation tools, providing a single source of client data.From the perspective of the client view, this approach enables banks to connect multiple data points, capturing client interests, their presence at events and their consumption of content. This, in turn, allows for a richer conversation based on interests and opportunities. Meanwhile, for employees, this ecosystem approach allows for much smarter working by enabling the automation of key workflows from pitchbook automation and mailshots based on client interests, to rules-based workflows around deal reviews and management. Banks’ client focus is also enhanced through the extended use of richer client data. For example, by automating the maintenance of client legal and credit hierarchies, or augmenting client data with industry data to better understand interests and connections within a broader organisation.

Refocusing on value

In the current climate, banks are continuing to focus attention on costs and sweating existing assets. However, we have also seen how a reset of their client management platforms along the lines described here can be used to refocus attention onto client value and client outcomes. Importantly, it can also be used to reposition leadership, who will set the right tone through their behaviours.

Our second blog in this series will focus on trends we see to deliver client value effectively – with a deep dive on global markets. 

Should you have any comments on the blog, or want to discuss further, please get in touch: dtomek@deloitte.co.uk