FOSTERING CUSTOMER RETENTION CALLS FOR A FULL 360-DEGREE PERSPECTIVE

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1 FOSTERING CUSTOMER RETENTION CALLS FOR A FULL 360-DEGREE PERSPECTIVE

2 Satisfying and retaining current customers is three to 10 times cheaper than acquiring new customers, and 65 percent of a typical company s business comes from existing customers. - McKinsey study CUSTOMER RETENTION IS KEY FOR SALES PRODUCTIVITY Sales and account managers are in a constant battle to increase sales. But as institutions move more capabilities online, and customers demand a more engaging, personalized experience, it s become challenging to deliver great customer experiences that lead to client loyalty and high retention rates, key drivers of sales productivity. McKinsey studied financial institutions that converted to real-time, individual customer profiles. They found that this personalization often led to double-digit gains in new-offer acceptances, compared to untargeted, average customer offers. As a result, companies that restructured around this strategy typically cut costs by up to 25% and boosted revenue generation by as much as 35%. The answer lies in having a complete understanding of your customers and their needs. A 360-degree view enables you to proactively deliver a better experience and differentiate your institution, resulting in improved client satisfaction, reduced account switching, and turbo-charged sales. 2

3 Midsize banks are falling behind in meeting the needs of the fastest growing demographic groups, millennials and minorities, especially in online, mobile and problem resolution, said Jim Miller, director of banking services at J.D. Power. If midsize banks don t change their focus to adjust to demographic shifts, they are extremely vulnerable and risk losing market share to competitors and becoming irrelevant. - J.D. Power Market Research (US Banks) EXCELLENCE IN SALES REQUIRES A DEEP UNDERSTANDING OF THE CLIENT 1.You struggle to completely know your clients and their needs With the explosive growth of client and business data from a wide range of information sources, you might have trouble seeing everything you need to support your clients needs now. If only 20% of client information is transactional, how will you capture the other 80%? 2. Your client-facing teams are working hard, but they aren t more effective Your team is dedicated to supporting client needs. Unfortunately, they are spending more time researching and pulling information together than they are engaging with actual clients. Are your teams working smarter, or just harder? 3. Your clients are considering moving to a competitor Clients expect a consistent, almost seamless customer experience. If they are connecting and communicating with you in a disjointed manner, and find themselves waiting for results, then their loyalty will diminish and the competition will have an opportunity to win them over. Are your client service teams actually client advisors, or simply transactional assistants? 3

4 With growth expected to continue to be slow in developed countries, banks must rely more heavily on excellence in sales - retaining and increasing share with current customers, as well as luring customers from competitors - to distinguish themselves. - McKinsey.com MAINTAINING A HOLISTIC VIEW OF THE CLIENT INCREASES LOYALTY AND RETENTION Holistic account management - the ability to know and understand everything that s relevant to your clients business activities - increases client satisfaction and drives incremental sales. With it, you could: Gain Focus Guided by a constantly-updated, 360-degree view of each client Save Time With improved findability that increases the efficiency and effectiveness of client-facing teams Strengthen Loyalty Offering targeted information and offers that improve engagement and reduce defection Equip your teams with a true 360-degree view of the client on a single pain of glass and they will deliver the insights your clients need to increase your share of wallet and maintain their primary affiliation. Transformational improvements, not incremental gains in sales productivity, will drive your differentiation and build your brand. 4

5 A typical business only hears from four percent of its dissatisfied customers; the other 96 percent leave quietly. Of that 96 percent, 68 percent never reveal their dissatisfaction because they perceive an attitude of indifference in the owner, manager or employee. - Wharton School study GAIN FOCUS - CREATE A 360-DEGREE VIEW OF THE CLIENT With a single view of the client on a single pane of glass, structured data (positions, transactions, and product information) should be combined with a wide range of unstructured content ( s, analyst reports and news feeds, etc ), to bring your sales team a complete picture of the client and their business. Your 360-degree solution should: Capture and analyze every client interaction and transaction Include external information including relevant news and commentary, industry data, and social media analyics Unify information silos and enrich their contents, by applying various forms of content analysis that discern context and relevance Correlate and connect information, especially information with disparate formats or structure, to discover critical business insights The premise is simple. A more complete understanding of the client, along with key insights about business opportunities and the market, improves client-advisor communications and client satisfaction. 5

6 Service experiences that fall below customer expectations are a powerful influencer that primes customers for switching once a subsequent event gives them a final reason to defect. Regardless of bank size, more than one half of all customers who said fees were the main reason to shop for another bank also indicated that their prior bank provided poor service. - Michael Beird Director of the banking services practice at J.D. Power and Associates. SAVE TIME - INCREASE THE EFFICIENCY AND EFFECTIVENESS OF CLIENT-FACING TEAMS The key to loyal, engaged clients is a proactive experience where your sales teams have the best information and insights to act as trusted advisors, providing support and investment guidance at every step. A solution that provides a complete view of the customer in a single location reduces the amount of effort sales teams must spend looking for information and researching potential opportunities to increase client engagement and support client s investment goals. With a single, comprehensive view your advisors can: Spend less time researching inquiries and requests, and more time fostering transactions Easily guide clients through the selling process, from concept to decision, on through transaction Quickly identify opportunities to cross/upsell, increasing value to and revenue from clients Promote opportunities and mitigate risks with greater certainty and confidence Industry surveys document that only 20% of most clients business activity is captured in transactional data. You ll need to equip your sales teams with the tools designed to derive insight from combinations of structured, transactional data and unstructured content. 6

7 Reducing customer defection by five percent can increase profits by 25 to 80 percent; poor service is the principal reason seven out of 10 customers switch to a competitor. - McKinsey study STRENGTHEN LOYALTY - A SINGLE POINT OF CONTACT IMPROVES ENGAGEMENT AND REDUCES DEFECTIONS Multiple touchpoints guarantee a disjointed experience for both the sales team and the client. If your sales team needs to access multiple locations to find client and market information, it will take longer to pull relevant information together and increases the potential to miss important cross/up sell opportunities. If your clients have multiple locations to contact and communicate with you, the time between first contact and actual interaction grows wider. These delays diminish engagement and sap loyalty, opening the door for customers to seek out a competitor. With a unified solution you can: Bring together structured and unstructured information providing a complete understanding of the client Deliver an engaging, actionable view of the client and their needs Create views for not only sales, but management, marketing, and compliance Replace complexity with simplicity and mobility 7

8 A UNIFIED, 360-DEGREE VIEW OF THE CLIENT FOSTERS RETENTION AND IMPROVES SALES PRODUCTIVITY Attivio, the data dexterity company, provides an agile and flexible solution that enables you to deliver superior institutional platforms and investor applications faster and across more devices, improving client loyalty and driving significant revenue growth. Learn more about how we can help you deliver results today. For more information, please visit To create market-disrupting gains in sales productivity and client satisfaction, you must expand your existing view of the client. Pulling together all information about the client and their interactions with your institution, along with additional external market factors, gives you a unified view. By consistently adding and analyzing new and emerging data, your sales teams have the information needed to easily guide clients through the sales process and increases the opportunities for cross selling and upselling. Don t you want to equip your teams with a solution that improves sales productivity and fosters client retention? 8

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