Customer retention and profitability are directly tied to the number of products
that a customer owns within a given financial firm. Without a consistent rules-based
solution to analyze the comprehensive client data and integrate the results into
a representative’s daily workflow, the majority of representatives lack the tools
and skills to effectively and consistently cross-sell. The financial services industry
average of 1.2 products per customer is evidence that representatives are failing
to discover and communicate effectively meaningful cross selling opportunities.
Subsequently, many organizations are falling short of the ROI, required for their
CRM initiatives to date.
Assist Representatives in Discovering and Communicating Cross-Sell Opportunities
Traditionally financial representatives have not done an effective job of cross
selling because of various factors including lack of experience with certain products,
inability to determine the clients highest needs given the complexity of a client’s
situation, and not wanting to suggest another products for fear of offending a client
with an inappropriate recommendation. RightBridge helps representative easily bridge
the conversation to the right and most appropriate suggestion given the most up-to-date
data and context of the interaction.
Build Customer Loyalty
Companies seeking a consistent customer experience and strong brand loyalty need
a strong customer analytic tool based on truly knowing the needs of the customer
and servicing them in a client specific way. However most first phase CRM implementations
consist of aggregating desperate data from various silos or sources into a common
database with several basic account management and contact management functions
in a common user interface. Many CRM solutions have a generic campaign management
function which can query the database for various data elements and generate letters
or emails for various campaigns. However most systems only provide simple or simplistic
functions that are not tailored to each customer and often times give the customer
the “product of the week” feeling.
Many companies have also tried to deploy sophisticated data mining or email campaigns
through outbound marketing to sell new products and services. Unfortunately customers
are being bombarded by these types of campaigns and the success rate to cost ratios
is not generating a strong ROI.
Until the advent of XML and ODBC interfaces to mainframe systems and increased use
of data warehousing capability getting at all the relevant data to build a true
customer profile and make client specific suggestions was very taxing on IT staff
and extremely difficult and expensive to implement.
Over the last decade a great deal of effort has been dedicated to assembling data
in to a common database through data warehousing and recently through the emergence
of Customer Data Integration (CDI). CDI focused on data cleansing, matching and
management to provide the most accurate and robust data available often called the
“golden copy”.
As firms continue to increase the number of products and services they offer and
consolidate data into a central locations or databases the task of their representatives
and customers to understand and manage the data and process can become overwhelming.
RightBridge is the only solution to utilize this robust data and deliver the customer
analytics to the point of client interaction where sales are generated and strong
ROI can be achieved.
