Financial Services
Optimization of a business segment and institutionalizing client relationships
05 Jan 2024
Context- A
wealth management company wanted to identify inefficiencies existing within the
current business and develop strategies to achieve scalable business growth
which would ultimately improve both employee and customer experiences through
these enhancements
- It
also wanted to conduct a comprehensive analysis to identify strategies for
client retention in the event of a transition in relationship managers, thereby
enhancing the overall client experience and improving retention
Approach
For
optimizing business vertical
- Conducted
in-depth interviews with employees at different organizational levels, as well
as with management, to gain insights into the current setup pertaining to
technology, product, operations, management, marketing, and other relevant
areas
- Executed
system walkthroughs of employee facing applications / tools and customer facing
applications to analyze existing processes, benchmarking them against
industry-leading competitor standards
- Conducted
mystery visits at various company owned branches and competitors across cities
to analyze the services provided at different locations and compared the
variations in services amongst the different branches of the company and
benchmarked them with competitors
- Developed
a list of high impact initiatives to be carried out to enhance customer
experience and loyalty
- Mapped
the inefficiencies in the sales process and other customer touchpoints with a
target to find out means to drive the sales of certain high potential products
in the business vertical
For
institutionalizing client relationships
- Analyzed
industry benchmarks for the retention rates of Relationship Managers across
various Wealth Management firms, and assessed client transfer ratios in the
event of RM transition
- Mapped
RM touchpoints with clients throughout the customer journey, starting from
client onboarding. Identified strategies to minimize disruptions across all
touchpoints during an RM change
Praxis value delivered
- Provided
actionable initiatives aimed at diminishing inefficiencies in the current
business operations and provided strategies for scaling the existing business
model
- Presented
a list of initiatives to be undertaken to ensure client retention by
institutionalizing client relationships
Do you want to turbocharge your business using digital technologies and processes? Write to us below.