- FINANCIAL SERVICES Use Case
GROW SHARE OF WALLET
How Profisee can help financial services organizations effectively cross-sell and up-sell services to complex customers spanning investment banking, retail banking, commercial banking, private wealth, and other services.
Data-driven targeted cross-sell & up-sell
Growing share of wallet presents a huge opportunity: according to research from PWC, banks can generate up to a 70% return on initiatives targeting existing customers. To effectively grow share of wallet, banks must have deep insights not only into their retail DATA DOMAINS Customer, Beneficiary, Owner, Product TEAMS IMPACTED Sales, Revenue BUSINESS PROBLEM MDM IMPACT customers, but account holders and officers within their commercial accounts that could be targets for retail or high-net-worth banking services.
Data Domains
Customer, Beneficiary, Owner, Product
Business Problem
Unraveling complex customer relationships
Teams Impacted
Sales, Revenue
MDM Impact
Increased revenue, reduced customer churn
Business Problem
Data Strategy
Outcomes Business Problem
Lack of Visibility Into Complex Relationships
- Opportunities to expand customer services missed: Growing share of wallet is a priority beyond simple retail customers, and high-potential retail customers are likely to have more complex relationships across product lines and services.
- Inconsistent treatment across service lines: Without full visibility into the entire client relationship, a high net-worth elite customer may be treated as an order retail or credit card customer.
- Emerging customer needs fulfilled by competitors: Without full visibility into customer relationships, not only are cross-selling opportunities lost, but customers may be forging relationships with emerging competitors like FinTech and digital banks.
- Customer-facing teams impeded by lack of insight: Customer interactions are the ideal time to propose new services but are often missed due to poor insight.
- Customer churn: Ultimately, customers fulfilling services elsewhere may completely churn.
Data Strategy
Truly Understands Individuals & Households
- Leverage intelligent fuzzy-matching to resolved both retail and commercial identities: High potential customers typically have the most complex relationships across service lines, that may include corporates and trusts vs. just individual accounts. MDM can match officers, beneficiaries, and trustees to other banking relationships.
- Leverage similarity detection to identify households: Understand households not only by mailing address, but linkages between accountholders and beneficiaries to expand services across family members.
- Consolidate and share total customer value across all business lines: With a comprehensive view across business lines and complex company and trust relationships, easily understand total customer value to leverage optimized segmentation. High-value customers can be properly identified and tagged across all business lines and services.
Outcomes
Maximize Customer Lifetime Value
- Increase customer lifetime value: With effective cross-selling, customer lifetime value grows, impacting loyalty, profitability, and reducing servicing costs.
- Increase customer profitability: Apart from avoiding the costs of new customer acquisition, customers with multiple products and offerings present opportunities to streamline servicing costs, increasing overall profitability.
- Reduce customer churn: Risk of total customer churn has an inverse relationship to the number of products and services consumed. Customers with numerous products and services are far less likely to churn or fully adopt emerging competitors like FinTech and digital banking.
- Gain competitive advantage: Increasing share of wallet correlates to increased market share, customer loyalty, and risk mitigation.
