Financial Services, $10B Bank
To support the five-year growth strategy for its commercial banking division, a multinational financial services institution wanted to improve sales processes for expanding current client relationships and attracting new clients.
Our team helped the bank design a digital first sales process to enable data-driven targeting and decision making that would accelerate new client acquisition, expand relationships with existing clients and upskill sales professionals for greater ROI.
return on investment in the initiative
new loans originated
The bank had aggressive revenue goals, and their existing approach would not be enough to get them there.
Instead the bank needed to elevate relationship managers’ potential to develop existing and build new client relationships. That meant equipping relationship managers with real-time data and training to better identify opportunities, segment their targets and create relevant, realistic plans for meeting their goals.
By taking a customer-first approach and better understanding their needs and pain points through data, relationship managers could have a competitive advantage in serving clients and enhancing their experience.
This was a challenge tailor-made for West Monroe—and one the bank knew they could count on us to deliver. We’ve been there for the bank many times in recent years, from improving their technology infrastructure to creating efficiency by introducing robotic process automation.
We rapidly mobilized a multidisciplinary team with commercial banking, technology, customer and employee experience, and organizational change management expertise. In particular, we brought deep knowledge of commercial banking front-office operations, including roles and processes for delivering solutions to clients.
After collaborating with bank leaders to define a vision and goals, we set to work on bringing those goals to fruition. Together, we redesigned processes – using data and technology to segment clients and create a standard approach that relationship managers can use to identify and act on cross-selling opportunities within their portfolios and to recognize optimal new prospects in the broader market.
We also know that success requires equal attention to the human and technology sides of change. So, we paired our Salesforce expertise with internal knowledge of the bank’s culture and best ways to engage and interact with system users. Together with line-of-business leaders, we:
The project is transforming the bank’s relationship managers into true trusted advisors, ready to help the bank achieve its revenue growth goals.
The multinational bank saw immediate results, and the new systems will create lasting, scaling financial impact.
$3.6 million in incremental revenue by originating $46 million in new loans and $9 million in new deposits
330 revenue-generating opportunities identified in account planning workshops
The new processes are working. Relationship managers are consistently completing high-quality sales calls, often in conjunction with product partners to improve cross-selling results. And Salesforce tools and dashboards are providing leaders and relationship managers with a single, data-driven picture of their customers, allowing them to access insight and manage sales effectiveness proactively.