Igniting Client Relationships with Data-Driven Strategies

Great data drives excellent client experiences. This, in turn, leads to a more loyal and engaged client base. Relationship managers are crucial to maintaining client relationships but are limited by the available information. The ability to analyze large amounts of data to produce valuable insights is crucial for strengthening relationships and boosting revenue. However, achieving this task through human labor alone can be difficult.

Our client, one of the world’s largest multinational financial institutions, wanted to support their relationship managers in optimizing their relationship-building efforts.

Dynamic data for deeper banking Insights

Relationship managers relied on static and transactional data and client experience to understand each client’s needs. This manual data extraction and ad-hoc processing was time-consuming, delimiting the scope and efficiency of their relationship-building efforts.

Comprehensive client profiles with banking data

Our client already had all the data needed to achieve their goals. However, they needed a way to consolidate and analyze it. Their goal was to create a comprehensive information source about each client. Equipped with this information, relationship managers would then be able to enhance client engagement through proactive management. They would also boost revenue through newly identified opportunities.

We held discovery workshops with the client’s relationship managers and business and analytics teams. We wanted to understand what the client needed from their data fully. The outcome was a consolidated understanding of the corporate client and relationship manager personas and the relationship managers’ information needs.

Our Customer Genomics platform generated insights for relationship managers. Previously untapped resources — such as peer recommendations, improved balance, fund-flow tracking, and news and regulatory alerts — now contributed to the broader picture of each client. Harnessing machine learning, deep neural networks, Bayesian probability, and network analysis made relevant information from five distinct workstreams easily accessible now:

• Descriptive portfolio analytics

• New prospecting opportunities

• Leveraging of unstructured data

• Behavior-based triggers

• Next best action

What we provided:

Empowered relationship managers with AI analytics

Fractal designed an AI-powered solution providing a 360-degree view of the client. This formed the basis for AI-driven analytics to analyze client fundamentals, interactions, transactions, external events, credit, risk, and performance. After developing a centralized data hub, we created five use cases by applying AI techniques to the Client 360 data foundation.

We ranked the generated insights using the following cause-and-effect style parameters:

The immediate impact:

Upon deployment, relationship managers were equipped with an AI-powered insights hub. It provided them with more comprehensive information on each customer, enabling them to optimize their relationship-building efforts, using:

• Prioritized lists of prospective clients with relevant financial information

• Recommendations of the next best product to improve up-sell and cross-sell opportunities

• Firmographics to deepen existing client relationships and enhance long-term revenue potential

The long-term benefits:

Over time, the immediate benefits will translate into increased sales, efficiency, and better client experience. This improved client engagement is set to enhance revenue generation through: