Customer Insight Management at Société Générale
A leading French retail bank
Reinforcement of customer insight management through the restructuring of the client portfolio, the improvement of savings & investment advisory and the management of regulatory constraints.
Objectives of the project
In a period of increasing regulation, BearingPoint has aided Société Générale through a dynamic transformation of its retail banking, particularly by reinforcing customer insight management through the development of the following areas: restructuring the client portfolio, respecting of regulatory constraints, savings & investment advisory and the effective piloting of commercial activity.
Measurable & concrete results
KYC / Regulation: Deployment of new processes, new organisation and new tools for client document collection and implementation of a cost-effective dematerialisation and compliance process for the 2,300 branches in France: 15,000 trained people and 1.5 million cases in year 1. Enhancement of customer insight management.
Improving response to customer needs: implementation of a new pre-sales financial savings advisory application and products repository. Increase of advice effectiveness with full respect of the regulatory constraints, development of commercial and regulation monitoring, and significant improvement in customer satisfaction and in savings products subscriptions (increase by nearly 15% with value-added financial advice). Design and execution of the change management strategy (communication, training and support) for the 2,300 branches in France.
Adjusting the organization and offer to customer needs:
- Restructured client portfolio: Definition of new client segmentation and a new structure of two-level bankers (senior and general); rebalancing of the business portfolio for 2 million customers in 1000 branches; recruitment of more than 650 new senior bankers (covered mainly by internal mobility); deployment of a new sales organisation
- Improved operational efficiency by adjusting the managing system of low-income population (5.4 million clients, 77% of PNB): increased PNB while improving quality in customer service
- Reinforced the multi-channel offer with a new online branch
Key success factors
Take advantage of the new regulatory constraints (MiFID / French Central Bank): to increase Customer Knowledge, to improve Sales Efficiency & to start the dematerialisation of the customer relationship
Special attention on a specific population-oriented, multidimensional and sustained change management strategy:
Communication: Targeted communication strategy
Training: Train The Trainers; Dedicated sales training for senior advisers; Champions role for supporting local actions
Support: Dedicated Call Centre service and Intranet site
Animation: Special actions to support loaded branches (for example: Handicapped Mission and Summer Trainees Operation)
Maintain the momentum: “TV series”
Measuring the impact
Focus sales efforts on identified customers
Maintain branches while downsizing
Reduce administrative tasks
Reinforce multi-channel contribution: ATM, internet, Call Centre,
Simplify the offers and focus on most profitable products
What BearingPoint did
T-project management (from scoping workshops to User Acceptance Tests (UAT)
PMO (Budgeting, Planning, etc.)
Change management: strategic planning by population, communication plan, training, newsletters, coordination and assistance on the end-users hotline, micro-management, etc
Definition and implementation of commercial and regulation dash-boards