BANKING & FINANCIAL SERVICES
There is hardly any other industry that has experienced the extent of changes that the banking and financial services sector has gone through in recent years.
One of the key changes is reflected in the increased customer orientation shown by many banks and financial institutes, from which they hope to attain profitable growth. But how can this be achieved when many customers see providers as highly interchangeable and consider the market to offer a lack of transparency and a limited focus on service? What do which customer groups want, and what do they need? How do products need to be configured and how should sales be structured? What is the role of digital media, etc., in marketing and sales?
Standing out from the competition will be crucial to the future success of banks and financial service providers. This not only holds true for advertising but also, and especially, for positive customer experiences with products and services, sales and customer management activities.
KEYLENS has spent many years working in successful partnership with banks and financial service providers on realigning their business concepts to suit the market.
Some of the aspects our consultancy focuses on:
- Image building and growth strategies
- Brand architectures and positioning
- Product development and innovation
- Loyalty concepts, customer management
- Efficiency improvement programs in marketing and sales
- Use of social media in marketing and sales
- Pricing concepts
- Sales communication and lead management
SELECTED KEYLENS PROJECT EXAMPLES
Major bank
MAJOR BANK
Issue:
Market offensive
Objective:
Significantly increasing customer numbers and new product sell-through
Results:
- We segmented customers and identified customer needs and brand awareness (of client's own brand and competing brands)
- Compared the product portfolio against customer needs to identify white spots; set the budget
- Established product development with process and contents in line with the identified customer needs
- Interleaved the planning of marketing activities in marketing and sales, incl. allocation of funds
- Set up a system of implementation and success tracking; rolled out the marketing measures
KEYLENS success levers:
In-depth analysis of customer needs, close coordination of marketing and sales activities, and active implementation support from KEYLENS for the start of the rollout
Private bank
PRIVATE BANK
Issue:
Marketing processes and budget
Objective:
Increasing employee satisfaction in marketing and determining the effective marketing budget
Results:
- We identified optimization potential in the marketing department's cooperation with other functions and in the process employed to draw up the marketing budget
- Determined and coordinated staff roles/key tasks, and regulated existing interfaces
- Calculated the actual budget and its component parts, and the underlying costing
- Established a new system of cost objects and cost types
- Set a target budget based on the new budget planning process
- Put in place systems for process and budget monitoring
KEYLENS success levers:
Detailed identification of optimization potential, pragmatic process definition, and intensive coordination of roles/key tasks and process rules
Insurance broker
INSURANCE BROKER
Issue:
Repositioning the company
Objective:
Reviewing and redefining the company's positioning as a basis for continued growth
Results:
- We identified the brand status in in-depth interviews with managers, staff, advisors, customers, and product partners
- Defined a new positioning with clear customer value and a great deal of competitive distinction
- Identified the requirements regarding the marketing mix and the organization for realizing the new positioning
KEYLENS success levers:
Management board to drive the project and intensive involvement of all major stakeholders right from the start
