Case Summary
The Challenge
The bank faced multiple challenges in implementing its “One Bank” vision, designed to enhance cross-selling opportunities for retail banking products such as checking accounts, mortgages, credit cards, and deposits due to:
- Manual and Error-Prone Processes: Reliance on spreadsheets for bundling led to inefficiencies, errors, and delays, undermining operational effectiveness.
- Lack of Systematic Tracking: The absence of a centralized system hindered tracking of customer benefits, leading to missed opportunities and inconsistent customer experiences.
- Long Turnaround Times: Delays in responding to benefit-related customer queries and account maintenance negatively impacted satisfaction and retention.
- Missed Cross-Selling Opportunities: The inability to link customer relationships holistically resulted in revenue erosion and limited bundling potential.
- Customer Centricity Issues: A lack of personalized packaged products restricted the ability to offer tailored solutions aligned with customers’ financial needs.
- Legacy System Silos: Disconnected systems prevented a unified customer view, making it difficult to recognize and reward valuable customers.
- Regulatory Pressure: Federal overdraft fee regulations required the bank to adapt while ensuring revenue streams remained intact.
- Complexity: This enterprise-level project impacted multiple functions and systems, adding significant implementation challenges
The Solution
SLK leveraged its expertise in product bundling to develop and implement a product bundling platform, a centralized and intuitive platform designed to align with the bank’s business priorities and existing IT investments.
- A 3-year roadmap was defined which aligned with the bank’s “One Bank” vision and business priorities.
- Value was maximized using the bank’s current IT investments, with flexibility ensured for future enhancements
- A system was developed to profile customers based on financial needs and offer customized packages such as:
- Homeowner Plus:Helped customers to repay mortgages faster.
- Preferred Banking Bundles: Provided premier customers with discounts and free services.
- Dynamic and generic configurations were enabled to introduce new packages quickly, ensuring agility and competitiveness.
- Calculations for pricing and benefits were automated based on holistic customer relationships.
- Manual errors were eliminated, and tracking of benefits was standardized, improving operational efficiency.
- Automated alerts and visibility into customer relationships were integrated to enhance the customer experience.
Benefits Delivered
The digital transformation empowered the bank to achieve significant operational and business milestones. Enhanced customer satisfaction was driven by automated alerts and better visibility, while streamlined processes reduced turnaround times for customer benefit queries. The bank aligned with federal regulations, safeguarding revenue streams and improving overall efficiency, which contributed to measurable growth in customer engagement and satisfaction.
30%
Increase in product consumption per household, showcasing the effectiveness of cross-selling strategies.
$335M
Growth in deposits, driven by enhanced customer experiences and
seamless
product offerings
