CONSUMER BANKING STRATEGIES

Customer Relationship Management (CRM)

Basel II implementation has re-emphasized Consumer Banking business: Banks recognize that growing their consumer banking portfolios will result in benefit from lower capital requirements under Basel II

Effective execution of a Consumer Banking Strategy will require a clear definition of how the front-, middle- and back-offices interact.  Many banks have successfully adopted Customer Relationship Management (CRM) initiatives to create an integrated operating model, linking the front-, middle- and back- offices, to provide superior customer experience, ensure effective cross-sell and deliver appropriate products and services to the right customers at the right time

CRM is an integrated, enterprise-wide capability that is developed around customer-centric strategies, well thought-out business models, operating processes and technology, with the aim of maximizing profitability through enhanced customer value and increased customer satisfaction and loyalty. 

Our CRM Capabilities Framework will facilitate the identification of CRM capability gaps and subsequent development of an integrated CRM Blueprint and Implementation Roadmap.

Our CRM Blueprint and Roadmap development project will assist banks to benchmark its current consumer banking organization, capabilities and processes against industry practices and take stock of existing processes to determine how it supports / impedes fulfillment of corporate objectives.

	Design detailed CRM capabilities across all channels, including organization, processes, technology platform (in conjunction with strategic partner providing CRM platform/systems or with bank's internal IT team), etc.
	Develop detailed functional requirements for the CRM core system, and re-design workflows for key processes to be used by the branch sales and service teams.
	Develop Effective Salesforce Model, including sales force Incentive and Compensation models, cross-sell and referral models for sales and service teams.
	Develop integrated multi-channel distribution strategy and bankwide customer service initiatives.
	Develop Customer Segmentation Strategies, Campaign Management and Product Development framework and processes to increase marketing effectiveness across all customer segments and products.
	Rationalize and streamline front-, middle- and back-office processes to provide more relevant and effective support for the CRM and customer-centric initiatives.
	Overall program management for the entire CRM implementation based on best-practice project management methodologies.

Overview

The business of Wealth Management has traditionally been focused on serving the wealthy and high networth customer segment. Recent developments across many countries clearly demonstrated that demand for wealth management products and services have extended from such high-net worth individuals to other customer segments, particularly the mass affluent customers.

Such customers, with access to more information, are becoming more involved in financial decisions and they demand their wealth managers to be objective in their recommendations.  Product innovation is still essential, but is no longer the sole effective means for competitive differentiation.  Cost of delivering advice is expensive.  There is therefore a need to be able to track advisory costs to determine which segment should receive the service.  The right business model is therefore important to ensure profitability

Our Services

To achieve success in the wealth management business, there is a need for a well-thought through strategy, anchored around a comprehensive business model.  We assist our clients in the development of a Wealth Management Business Model, through the following key services: