A survey of bank managers revealed that many feel unprepared for the digital revolution. Complexity and the rapid pace of change make defining and implementing a strategy a challenging prospect.
Synpulse supports its clients with the digital transformation, i.e. in strategy development, provider evaluation, and implementation.
«By comprehensively analyzing our customer’s strategic position in the context of digitization, we strive to achieve competitive advantage for our clients in fast changing environments. With our experience and knowledge, we advise in the development of digital banking strategies, support in the implementation of new business models as well as innovative offerings.»
Digital Transformation & Client Experience
Digital Transformation for Banks
How much action actually needs to be taken in your bank? Where should the digitalization process begin? Are you on the right track? How do you develop a digital strategy? At this point it is worth noting that there is no digital strategy as such. The key is to have a corporate strategy for a world that is rapidly changing as a result of digitalization.
In 1969 Arpanet laid the foundation for today’s internet; in 1973 the first call was made on a mobile phone; and in 1989 Tim Berners-Lee developed a hypertext system that was to become the World Wide Web.
So why is it only now that we are talking about digital disruption if the technology has been around for so long? It is not the technology itself that is changing everything, but the users.
Bank customers are among those users. Anytime and anywhere, they can use their smartphone to compare terms and conditions, optimize their portfolio, get an expert opinion, and perform transactions. The channels a bank controls, like the branches, are playing a less important role.
At the same time, competitors and potential lateral entrants to the banking market are also users. They win customers by offering attractive services, and they operate at relatively low cost. They are quick to try out new things. Their time to market is short. If a business idea fails, generally speaking little damage is done. Young firms have the added advantage of being able to operate free of the «baggage» of legacy issues.
There are other stakeholders to consider on the market in addition to the above user groups, including suppliers and providers. Without listing them all, it is fair to say that the transformative effect of digitalization touches broad areas of the banking market and is not confined to technology.o develop a corporate strategy, it is important to know and understand the effects of digitalization as fully as possible. This applies even if you are only planning single steps or a gradual approach. Otherwise, there is a risk of starting at the wrong end and using resources to little effect.
The Synpulse Digital Health Check has been developed specifically in response to these needs. It is a structured method in which the digital «health»of a bank is analyzed in detail and charted in the Digital Health Profile. Synpulse then takes this as a basis to develop specific strategic action with the client. If you are interested in learning more, simply let us know. We will be only too pleased to help.
Offering & Pricing
As banks are confronted with falling margins and the loss of sources of revenue (e.g. retrocessions), Synpulse has developed a structured approach to efficient and effective «Offering & Pricing» projects to help them take on these challenges.
Following completion of the projects, our clients can expect to benefit from a sustainable increase in profitability and growing customer satisfaction.
Banks are confronted with falling margins and the loss of sources of revenue (e.g. retrocessions). Bank customers are increasingly better equipped to compare offerings from different banks, and they are no longer willing to pay for services they do not really need or bring them no noticeable benefit. This is the background against which banks must adjust their offerings (products and services) and their prices.
Synpulse has developed a structured project-based approach to taking on these challenges. Typically, we first make a detailed analysis of the customer structure and the earnings structure of the bank, and the profitability of its existing products and services. On this basis we devise a new product, service and pricing structure, which is verified using appropriate methods and tested on the market (among other things in pilot studies, customer surveys, and competitor analysis).
Synpulse then goes on to assist with detailed development of the offerings, analyzes and specifies any adjustments needed to the IT infrastructure, ensures integration in the sales channels, and where necessary provides training to the relevant employees.
The Synpulse approach is a basis for efficient and effective implementation of «Offering & Pricing» projects. Analysis of the initial situation and verification of the new offering structure on the market ensures that the new products and services match the customer’s needs and that customers will be willing to pay an appropriate price for them.
The bank benefits from a sustainable increase in profitability and growing customer satisfaction. At the same time, its solid yet flexible product, service and pricing strategy puts it in a position to respond faster and more easily to future market and regulatory changes.
Client Lifecycle Management
Today, customers decide when and how to interact with the bank. Besides complying with regulatory demands, leading banks started to embrace «customer centricity» and move from product- to customer-centric organizations. Only a state-of-the-art client onboarding process with a customer life cycle vision creates significant value to the bank with improved customer retention and relationship management.
Banks are currently facing the following challenges:
- Insufficient prospect management structures result in low net new money figures and poor prospect conversion rates
- Lack of end-to-end digitalization with a low first time yield rate lead to a lengthy onboarding process and poor customer experience
- Missing flexibility to cope with new regulatory requirements causes high implementation costs and compliance risks.
Synpulse has profound market insights in customer related processes. Based on a large number of client onboarding process review and implementation projects, we can provide you with exceptional expertise in this area. We truly believe operational efficiency and customer satisfaction starts with understanding the business and being capable of implementing change in the systems.
Synpulse follows a clear framework to increase the data quality and to streamline the client lifecycle. Yet we can offer you a bespoke service offering depending on your current challenge:
- The High Spot Process Review measures the process against quantitative / qualitative targets to identify bottlenecks and redundant activities. It proposes possible options (min / med / max) for the future.
- Our Business Case demonstrates which option is of most value to the organization.
- An analysis of the current state of the IT Front Architecture leads to a redesign of the organizational approach, processes, and solution architecture.
- New technology may be introduced in order to support the client onboarding. Our proven Platform Evaluation framework helps finding the right platform/tool.
- Together with all the relevant stakeholders from the front office, compliance and operations, an Implementation Roadmap is created.
- A Pipeline Management tool is introduced which includes control mechanisms such as KPI dashboard analysis and success rate monitoring.
Banks with an optimized client lifecycle management benefit from
- increased profitability and satisfaction through superior customer service
- unlocking cross-selling potential and revenue growth by attracting new customers
- improvement in operational efficiency by reducing process flow time and error ratio
- increased flexibility for upcoming regulatory requirements
Advisory – Financial Advice in Banks
Advisory services to bank customers are being redefined. Where in the past a meeting in person and the reliability of the bank advisor were the key factors, today digitalization, individualized advice, and regulatory compliance are taking precedence.
New laws and regulations place very great demands on the advisory process. Everything must be transparent, documented down to the very last detail and in keeping with the customer’s risk profile. The risks contained in portfolios require constant monitoring. Banking customers, meanwhile, tend to want individualized purchase recommendations, opportunities to get independent advice, and online access. They also welcome video consultation, because that saves them the journey to meet with an advisor.
All these new demands can only be met with a professional, integrated software solution. Synpulse advises you on finding the best solution for your advisory strategy. Our approach is to develop this solution together with you, based on the direction and orientation of your bank and your customers. Taking this as our basis, we orient organization, processes and IT systems toward providing the best possible support for your strategy.
Synpulse draws its own expertise from several studies and surveys relating to advisory services in banking. This, combined with our banking experience from countless implementation projects, enables us to develop for our clients bespoke solutions that build on and complement the existing organizational and IT infrastructure in the best possible way.
Using the Synpulse «Market Radar – Advisory Solutions», we are able to significantly shorten the process of evaluating appropriate advisory solutions and by doing so create greater added value for our clients.
With the benefit of several advisory studies and our many years of project experience in the banking industry, Synpulse is the right partner to join you in developing new and innovative advisory solutions and implementing them quickly and competently in your bank. We look forward to taking the step into the new digital age by your side.
Customer Intelligence & Data Capabilities
Digital Analysis and Data Management
Data is the new oil. What that means is demonstrated very impressively by internet giants like Google. But there are ways for banks to utilize data gainfully, too, for example in product development, process optimization, or marketing. In most cases, data is available in great quantities. The challenge lies in harnessing it for specific purposes.
Banks generate huge amounts of data every day. As communication shifts increasingly onto digital channels, the amounts of data are growing constantly. Yet digital communication is not the only major source of data. Data is collected elsewhere too, for example in CRM systems.
This data contains a great deal of untapped potential, if it can be evaluated and interpreted correctly. The challenge is that data is often not organized centrally inside a company. And it comes in various forms - some structured, others not. The latter, unstructured form includes text documents, film and audio files, all of them packed with information.
So how can companies put data to successful use? Descriptive analysis is a method widely employed to examine what happens and why. It is a way of finding out, for example, how product sales have developed and for what reasons. The insights gained through this process can be implemented in decision-making at a later stage.
Data can also be used to assess probabilities of future events and their causes. For example, once descriptive analysis has helped to optimize an offering, predictive analysis can show when a campaign for that product is likely to generate the greatest demand. Process optimization works in a similar way, also factoring in external events.
If you are looking for ways to employ data analysis gainfully in your organization, please do not hesitate to get in touch. We will be happy to support you in evaluating and implementing the right solution for you.
Banks and insurance companies are subject to constant organizational and technological change. Precisely where major restructuring or launch projects are concerned, professional training is key to success. In «Training Solutions», Synpulse has developed a methodology for mastering these challenges with modern and effective training solutions.
If you are facing the challenge of implementing a major change project in your organization, Synpulse is the ideal partner for your internal communication and training. «Training Solutions» is the methodology we have developed to prepare your organization well in advance for change.
Our first step is to explore with you your communication and training needs. Then we jointly decide on the most suitable training resources. Whenever possible, we use modern tools such as e-learning, webinars and e-classrooms. This gives you maximum effectiveness at minimal cost.
Precisely where international projects are concerned, it is essential that training can take place independent of time and place and that assessment is automated. Traditional training methods often break the agreed budget with the cost of travel alone, which frequentlyoften makes this option unviable.
We employ «Training Solutions» continually and successfully in projects and optimize it on an ongoing basis. Its pragmatic approach and the mix of training resources in particular mean that our clients can tailor the training process to their needs. It also means that we can make adjustments as and when they are required. Our customers additionally benefit from experienced Synpulse project team members, whose expert knowledge and skills from an insurance and banking background make them highly effective in putting together training packages.
«Training Solutions» is an ideal way of meeting a large-scale need for training. Our clients benefit from our many years of expertise. We help you to achieve maximum effectiveness from your training at minimal cost and working with modern tools and resources.