This article was first published in the Winter 2014 issue of OnWindows
SpareBank 1 is an alliance of savings banks in Norway. Covering more than 20% of the Norwegian banking market, the alliance has built up a significant customer base since its inception in 1998. To remain competitive and relevant to a younger generation of consumers who favour online and mobile banking over in-person interactions with staff, SpareBank 1 knew its continued success hinged on a streamlined approach to managing customer relationships.
With Avanade and Accenture’s help, the organisation sought to realise its ‘one customer, one bank’ vision in three key ways.
First, it wanted to grow its insurance business market share through targeted cross-selling without increasing costs. The SpareBank 1 Alliance estimates that 25% of its banking customers also have purchased insurance products offered by the bank’s insurance division SpareBank 1 Forsikring.
Secondly, it wanted to use proactive tools for targeted customer outreach. SpareBank 1’s insurance division had no way to accurately identify, qualify and proactively sell to insurance prospects across the company’s 16 banks through the centralised call centre.
It also wanted to create a single source of truth about all of its customers. Information about banking customers existed in 17 disparate systems, making it difficult for call centre staff to even understand who best to target for insurance sales campaigns or to centralise and standardise outreach.
Working with Avanade and Accenture, the organisation deployed a new customer relationship management (CRM) framework built on Microsoft Dynamics CRM and Accenture’s Customer Analytics Record solution, with the aim of bringing together all of its customer information to provide call centre staff with more information to better serve customers, and bank associates with qualified leads, enabling them to proactively reach out to customers.
Today, SpareBank 1’s consolidated customer data repository and CRM platform underpins the company’s entire approach to maintaining customer relationships, giving it a single 360-degree view of its 1.9 million customers.
With all customer data consolidated into one view, call centre staff now have all information in one place for effective outbound outreach. This has led to a 100% increase in outbound insurance sales.
SpareBank 1’s bank associates are also now assigned more accurate lists of prospects from which to target their insurance sales efforts with specific recommendations for each customer. All interactions at the branch level are tracked in the new CRM platform so everyone knows their outcomes.
What’s more, insurance division sales and marketing teams have better understanding of why certain campaigns are more effective than others. They are also armed with critical data to understand why and where sales initiatives fail, ensuring distribution channels focus on the right message to the right customer.
“We’ve seen dramatic increases in our response rates with this new platform,” says Rune Hoff, director of SpareBank 1 Forsikring. “We can now more readily segment our customer base, which enables us to grow our market share without increasing costs.”
Share this story