We are a global technology consultancy company that delivers exceptional outcomes and sustainable change

We are a global technology consultancy company that delivers exceptional outcomes and sustainable change

Case Study

Enhanc­ing Sales and Chan­nel Man­age­ment in the Bank­ing Industry

2023/03/27

BACKGROUND

Sales and chan­nel man­age­ment play a crit­i­cal role in the bank­ing indus­try and help banks reach and acquire cus­tomers, gen­er­ate rev­enue, and main­tain cus­tomer rela­tion­ships. By effec­tive­ly man­ag­ing sales and chan­nels banks increase cus­tomer sat­is­fac­tion, reten­tion, and loy­al­ty, which ulti­mate­ly leads to increased rev­enue and prof­itabil­i­ty. Remain­ing rel­e­vant and suc­cess­ful requires a robust sales and chan­nel man­age­ment strategy.

THE CHALLENGE

The bank of our Client was found­ed over 50 years ago and has con­tin­ued its expan­sion ever since. The Client want­ed to devel­op and imple­ment a Man­age­ment Con­trol Sys­tem (MCS) that would enable them to con­tin­ue its dynam­ic growth by being more effi­cient, and to increase new loans through a more effec­tive sell­ing effort and bet­ter cus­tomer ser­vice. To help dri­ve this effort, Reynard Con­sult­ing was engaged

ANALYSIS

The Client com­mis­sioned Reynard to analyse the under­ly­ing issues, iden­ti­fy oppor­tu­ni­ty areas and pro­pose high lev­el solutions.

A 3‑week Analy­sis iden­ti­fied the fol­low­ing major opportunities:

  1. The Sales process­es lacked a sys­tem­at­ic approach to plan­ning and con­sis­tent deliv­ery of sell­ing and mar­ket­ing effort.
  2. There was a low ‘Sales Vis­its to New Loans achieved’ ratio.
  3. A per­cep­tion that cus­tomers could be ser­viced more quick­ly, enhanc­ing their expe­ri­ence and satisfaction.
  4. Bet­ter uti­liza­tion of Branch staff dur­ing peri­ods of low cus­tomer activ­i­ty to sup­port sales efforts and increase over­all Branch productivity.

PROJECT APPROACH

Fol­low­ing the Analy­sis, the main tar­get was set to increase ‘New to Bank Loans’ (New Sales) by 7–13% through a MCS imple­men­ta­tion in 5 select­ed pilot Branches.

Reynard’s Focus Process® iden­ti­fied, quan­ti­fied and val­i­dat­ed the oppor­tu­ni­ties from the Analy­sis phase, begin­ning the buy-in and solu­tion devel­op­ment process. These solu­tions became the core of the MCS that was to be stress test­ed with­in the five very diverse Pilot Branches.

The Focus Process® struc­ture along with coach­ing by Reynard, also allowed the Client team to gain a thor­ough under­stand­ing of change man­age­ment tech­niques and the new and improved ele­ments of the MCS. The fine­ly tuned objec­tives along with the process, sys­tem and skill enhance­ments, were brought to bear dur­ing the Imple­men­ta­tion phase to achieve at least the agreed 7–13% improve­ment target.

The key ini­tia­tives and deliv­er­ables were divid­ed into three stages, rep­re­sent­ing the stages of cus­tomer inter­face: Sales Gen­er­a­tion, In-Branch Process­es and Cus­tomer care.

Sales Gen­er­a­tion

Enhanc­ing direct sales plan­ning, devel­op­ing sell­ing skills, and enrich­ing the month­ly Sales & Mar­ket­ing Activ­i­ty Plan were the key ini­tia­tives for this stage. Their results increased the val­ue of new loans by 38% to 57%.

The Enhanced Direct Sales Plan­ning and Month­ly Activ­i­ty Plan­ner focused on gain­ing addi­tion­al mar­ket share, rein­forc­ing the need for prop­er plan­ning of resources and pri­ori­tis­ing cus­tomers. As a result, the num­ber of face-to-face vis­its increased by 900%.

Final­ly, sev­er­al train­ing ses­sions and in-field coach­ing audits were con­duct­ed to devel­op the sell­ing skills and con­fi­dence of front-line Sales staff and new sales mate­ri­als were devel­oped to sup­port sales and ensure a con­sis­tent cor­po­rate mes­sage was delivered.

“ I am con­fi­dent that Reynard’s high empha­sis on sus­tain­abil­i­ty and organ­i­sa­tion­al align­ment work, com­plet­ed with­in Our Bank, will ensure the con­ti­nu­ity of the Sales and Oper­a­tional per­for­mance improvement. ” 

In-Branch Process­es

Intro­duc­ing Oper­a­tional Stan­dards (Rea­son­able Expectan­cies), Imple­ment­ing a Loan Pro­cess­ing Track­er, enhanc­ing Key Per­for­mance Indi­ca­tors (KPI) and a Dash­board track­er, and dai­ly brief­in­gs were the key ini­tia­tives for this stage. These changes decreased the Loan pro­cess­ing time by over 50%, decreas­ing cus­tomer wait­ing time and result­ed in a causal increase in new­ly imple­ment­ed cus­tomer sat­is­fac­tion track­ing mea­sures. The In-Branch ini­tia­tives also helped dou­ble Branch staff pro­duc­tiv­i­ty and sales by using avail­able time in indi­rect sell­ing efforts, e.g., oppor­tu­ni­ty analy­sis, sales calls, and mar­ket­ing letters.

The new Oper­a­tional Stan­dards enabled a mea­sure of pro­duc­tiv­i­ty and effi­cien­cy for each task, the Loan Pro­cess­ing Track­er iden­ti­fied and resolved sys­tem bot­tle­necks result­ing in a 70% reduc­tion in cus­tomer in-branch wait times and the KPI dash­board track­er and dai­ly brief­ing allowed each Branch to track the val­ue adding activ­i­ties, prop­er report­ing of KRAs, on-time fol­low up of tasks assigned, abil­i­ty to pri­or­i­tize and fix prob­lems and for proac­tive man­age­ment of the Branch.

Cus­tomer Care

To keep cus­tomers com­ing back and being hap­py with the ser­vice, the fol­low­ing things were intro­duced. They asked for feed­back from cus­tomers in real-time, used that feed­back to fig­ure out how to sell to them bet­ter, and made some changes like adjust­ing branch hours and offer­ing refer­ral pro­grams. They also intro­duced a tool to help cus­tomers com­pare loan options.

All these actions were aimed at mak­ing sure the cus­tomers were hap­py and would thus increase cus­tomer retention.

The ini­tia­tives result­ed to an increase on the month­ly net redeemed accounts, i.e., the net num­ber of accounts flow­ing to/from com­peti­tors, and a 50% cus­tomer sat­is­fac­tion score increase using the new­ly devel­oped feed­back mechanisms.

RESULTS

Key results:

38% to 57% 

Increased the val­ue of new loans 

900% 

Increased the num­ber of face-to-face visits 

50% 

Decreased the Loan pro­cess­ing time 

70% 

Reduced cus­tomer in-branch wait times 

50% 

Increased cus­tomer sat­is­fac­tion score 

CONCLUSION

This col­lab­o­ra­tion between the Client and Reynard over-achieved the agreed tar­gets of the pro­gram. We imple­ment­ed new sys­tems and process­es in a sus­tain­able man­ner with full adop­tion. Staff are ful­ly com­pe­tent and con­fi­dent with the new sys­tems, process­es and under­stand the goals.

Impor­tant­ly, the organ­i­sa­tion at the cus­tomer lev­el is now able to under­stand and improve their own per­for­mance and can make incre­men­tal improve­ments in their organ­i­sa­tion every week. This ensures they will keep gen­er­at­ing addi­tion­al val­ue for the fore­see­able future, long after the Project ended.

Share This Case Study

How We Can Help

Related Industry

Connect with us

Let us work with you to achieve exceptional results.

Share this case study

Other case studies

Rev­enue Growth

Case Studies

2023/03/27
By switch­ing to a new way of work­ing, a South­east Asian multi-finance com­pa­ny achieved US$4.5 mil­lion in savings

Oper­a­tional Excellence

Case Studies

2022/02/23
A major telecom­mu­ni­ca­tions com­pa­ny trans­formed its sales oper­a­tions and reduced prod­uct launch times by 43%

Imple­men­ta­tion

Case Studies

2021/09/29
A port oper­a­tions group stomps out fire­fight­ing and saves $10.3million

Case Studies

Imple­men­ta­tion

A food and bev­er­age com­pa­ny grows sales by 19% with new organ­i­sa­tion design
24 Apr 2022

Case Studies

Oper­a­tional Excellence

A health­care organ­i­sa­tion dis­cov­ers $10 mil­lion in opportunities
13 Jun 2022

Case Studies

Oper­a­tional Excellence

An agri-tech man­u­fac­tur­er opti­mis­es effi­cien­cy and saves $450,000
04 May 2021