How can banks inspire their customers for their services?

For Thurgauer Kantonalbank (TKB) it is clear that the customer's path to the goal, i.e. an attractive return on his investments, offers the most differentiation opportunities in competition. Therefore, it wanted to optimally align the investment advisory process with the customer requirements of the target groups. This includes determining the most important tools along the process and deriving their IT requirements as well as aligning the role profile of the client advisor with the new process in terms of tasks, competencies, responsibilities and remuneration.

In close cooperation with a cross-divisional team consisting of client advisors, segment managers, internal consultants, HR and IT, hpo revised the existing investment advisory process to align it with the needs of the identified target groups. Subsequently, the tool requirements were specified along the investment advisory process and coordinated with IT. Based on the findings of the process design, the role profile of the client advisors was further developed - together with the HR experts.

The project results flowed directly into the new product range. After the cooperation with hpo, TKB effectively differentiates itself in the investment business with the targeted customers:

• a cross-bank client experience (same language, approach, etc.) thanks to a standardised, FIDLEG*-compliant advisory process
• satisfied clients thanks to a consistent focus on the needs of individual target groups and thanks to new client-friendly approaches to risk profiling and monitoring
• more time for clients, as client advisors are more clearly focused on their role profile and are supported by intuitively usable tools
• a stringent process design developed as part of the organisational design, derived from a clearly defined value proposition, leads to a noticeably optimised customer experience.

The way customers inform themselves about products, how they communicate, get advice, and make purchase decisions has changed fundamentally in the digital age. In a market environment in which all banks essentially offer the same investment products and services, and no one can beat the market in the long term, an exceptionally good customer experience tailored to changing customer expectations has become an essential strategic differentiation factor.

There is potential for improvement in numerous areas at banks:

• simplified product structures in a timely manner;
• personalized services and offers;
• (digital) distribution channels;
• greater price transparency; and
• better access and optimized availability of information.

The following key issues need to be answered:

• Who do you want to offer what, and how?
• What are the most important customer contact points?
• How do you design an innovative, customeroriented, multi-channel-capable customer experience chain?
• How do you transform a product-oriented bank into a customer-oriented one?

Banks that find convincing answers to these questions focus on the needs of their customers and thus enable an inspiring customer experience. On the following pages, you can find out how this can work in practice by looking at the two examples relating to the Thurgauer Kantonalbank.

Aims of the project

The focus was on aligning TKB‘s range of services in the investment business with customer requirements and the changed market conditions, thus enabling profitable growth in the future. The following sub-goals were set:

• Formulation of a new value proposition
• Evaluation and adaptation of the service offer

Approach

To achieve the project objectives within five weeks, the project team chose a hypothesis-driven “top-down bottom-up” approach. First, different personas were described top-down as representatives of target groups.

These differed in terms of basic orientation, financial affinity (knowledge and interest) and origin of the money. The needs and requirements of these personas – in relation to their investment bank, the investment product, and the customer experience chain – were then identified and analyzed in customer-journey workshops with customer advisors, segment and product managers of TKB. This allowed deriving target group-specific performance promises and investment products. The project results were then efficiently tested with bank clients as representatives of the personas described to identify any errors in reasoning.

Results

Intensive engagement with the representatives of TKB’s target groups enabled the Bank to define performance promises and offers in a stringent and customer-optimized manner, thereby successfully differentiating itself from its competitors. Finally, the project results formed the basis for the design of the future role model and skill requirements for client advisors as well as the new advisory process and tools for TKB in the investment business.

Based on the new service promise and offer in the investment business of Thurgauer Kantonalbank (TKB), hpo was commissioned to design and enable an optimal customer experience.

Aims of the project

Various studies show that the path to the target (attractive return) offers the most opportunities for differentiation. Thus, the following objectives were defined:

• Alignment of the investment advisory process with the client requirements of the identified target groups
• Identification of the most important tools along the process and derivation of their IT requirements
• Alignment of the client advisor’s role profile concerning tasks, competencies, responsibilities and incentives to the new process

Approach

During the project duration of about six weeks, hpo worked intensively with a cross-divisional team consisting of customer consultants, segment managers, internal consultants, HR, and IT. The current investment advisory process, which was printed on large format paper, was extensively revised in interactive workshops to ensure that it is optimally geared to the needs of the identified target groups.

Next, the tool requirements were specified along the investment advisory process and coordinated with IT. Based on the findings of the process design, the role profile of the client advisors was further developed in close cooperation with the HR experts.

Results

The project results so far are impressive! The following factors should enable the TKB to differentiate itself effectively in the investment business after project completion:

• Cross-bank customer experience (same language, approach, etc.) through a standardized and FIDLEG-compliant advisory process
• Satisfied customers thanks to a consistent focus on the needs of each target group and new customer-friendly approaches to risk profiling and monitoring
• More time for clients, as client advisors are more clearly focused on their role profile and supported by intuitive tools