Consumer_Research_Customer_Strategy_O by Sutherland Global Services

Case Study and Sample Slides Best Practices in Customer On-boarding Strategy

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Best Practices in Customer On-boarding Strategy Client • The client is a leading GCC Islamic bank, located in Saudi Arabia

Client Ask • The client commissioned a study to understand best practices in the customer on-boarding process • ‘On-boarding’ a new customer is a critical process that begins when a customer opens an account and continues through the first 60 to 90 days following the initial contact • Since such process is considered to be a sensitive period and is crucial to cementing loyalty, the client wanted Sutherland Research to benchmark the best practices followed by its competitors

Sutherland’s Solution • A combination of secondary and primary research was used to understand best practices in the customer on-boarding process • Sutherland Research studied different stages of customer lifecycle with a specific focus on the on-boarding process, and conducted a secondary research to understand the practice being followed by global banks for the current account product • Further, Sutherland Research conducted a primary research with senior executives including head of operations, head of customer service and relationship manager to understand the on-the-ground process and impact on customer profitability • Sutherland Research compared and evaluated the pros and cons of each action and suggested the best mix of practices

• Benefits to the Client • • • •

The study helped the client identify: Important customer experience elements of an on-boarding program Best practices in the on-boarding program for each type of customer segment Possible pitfalls of the on-boarding program

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Touch Points

Activities

Activities and Touch Points (1/2) Day 1

Day 2

Day 5

Day 10

Day 11

Account Opening

Welcome SMS

Welcome Email

Dispatch of Welcome Kit

SMS Confirmation for Kit Dispatch

• Re-emphasize benefits of the CA product

• Make the customer feel valued

• DO NOT CROSSSELL any other product at this stage

• Has the customer contact number handy

• Validate the email id • Allocate a name, thereby appointing a single point of contact • Gain the customer’s confidence

• Provide complete details of the product being opted and related services, e.g. internet banking, bill payment, salary transfer, etc.

• Customer realizes that the bank is professional and provides update on any significant development

• Branch executive/sales executive

• Technology • Customer support center

• Technology • Reference of Acc managers & Relationship managers

• Customer support center

• Technology • Customer support center

A robust on-boarding platform geared to address strategic and tactical challenges (E.g., HSBC uses Goldtier, Citibank used Microsoft’s FAST) © 2013 Sutherland Global Services Inc., All rights reserved. Privileged and confidential information of Sutherland Global Services Inc.

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Touch Points

Activities

Activities and Touch Points (2/2) Day 20

Day 20-25

Day 26

Day 60

Day 90

Courtesy Call

Face-to-Face Meeting for Product Demonstration

SMS Seeking Feedback on Experience of Visit

Incentivizing the Customer

Send an SMS for 3 Months’ Anniversary

• Resolve issues faced by the customer while using the current product • Seek additional inputs that are beneficial to bank’s marketing campaigns

• Remove the technology and security intimidation of the customer • Understand customer preferences • RIGHT time to sell or cross-sell any other RELEVANT product

• Indicative measure of the success of the program & help the bank identify issues in the training needs • Happy customers could subscribe for other bank products as well

• Identify active and dormant accounts after 60 days • Get back to dormant accounts and seek their feedback • Offer relevant products to active accounts

• Bank sends a congratulatory SMS to the 3-month old accounts • This way, it also seeks feedback whether the customers are satisfied with the services

• Account manager for mass customers • Relationship manager for Premium customers

• Technology • Customer support center • Operations department

• Account manager for mass customers • Relationship manager for Premium customers • Contact center

• Technology • Customer support center

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Day 1: Account Opening – Scenario I, A customer visits the branch (1/2) Scenario I: A customer visits the branch Complete the application form and update customer about the documents required

Welcome the customer with a smile

•

Collect the required documents from the customer

It is assumed that the customer is visiting the bank for opening a current account

Scenario II:

Call the customer to update him/her acknowledging his/her request and thank him/her for it

Ask the customer to submit any missing documents later •

•

A branch executive visits the customer upon an account opening request placed by the customer through a call to branch, customer centre/email

Update the customer on important and useful features. Enquire if he/she has any questions or requires more information

Check if the customer wants to submit the missing documents at the branch or Would prefer to get it collected from home/office and what would be a preferred time and date

Update the customer on the required documents & request for a convenient time & meeting location

• • •

•

Update the customer on minimum balance to be maintained in the account Customer can also use the account for salary transfer Provide information on the number of ATMs where debit card can be used Let the customer know of internet banking facility and emphasize that it is easy & secure Tell the customer that the account can be used for bill payments, which will help the customer avoid cash handling and waiting in queue

A Mass customer is attended by a branch or sales executive, and a Premium customer is attended by a senior branch executive © 2013 Sutherland Global Services Inc., All rights reserved. Privileged and confidential information of Sutherland Global Services Inc.

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Day 1: Account Opening – Scenario I, A customer visits the branch (2/2) A Mass customer is attended by a branch or sales executive

Mass Customer

Continued from the previous slide

Tell the customer that he/she will receive the welcome kit containing all account details within 10 days

Update the customer on call center/customer care numbers and their operational hours

Let the customer know that he/she can get in touch with the customer care or branch for any queries and thank him/her before leaving

A Premium customer is attended by a senior branch executive

Premium Customer

Hand over the nonpersonalized welcome kit to the customer and tell that a personalized kit would reach within 10 days

Emphasize that the nonpersonalized kit is being given so that he/she does not have to wait for getting started with the account

• Contains everything that would be a part of the welcome kit* including – Covering letter that states the account will get activated in 2 to 3 days, i.e. post KYC and the customer will be intimated of the same – Non-personalized cheque book (5 leaflets) – Non-personalized debit card – Include a request for not using the debit card and cheque book before the account activation

Update the customer on call center/customer care numbers and their operational hours. In addition, the executive should give his/her number Let the customer know that he/she can get in touch with the customer care or executive for any queries. Thank him/her before leaving

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Thank You