The client is a financial group for corporations, private individuals and institutions, head-quartered in Sweden. The group is one of four mayor full service banks in Sweden. The company’s main operations are in Northern Europe and the Baltic countries, but it’s branches stretch globally. Digitalization is one out of three focus areas with the ambition to digitalize and automate both customer facing interactions as well as internal processes. Differ was engaged in developing a customer strategy, including a potential model (share-of-wallet), in order to increase up- and cross sales – in an effective and data driven way.
The client provides services within four major service areas; insurance, payments, savings, financing. The financial industry operates in a mature market with few to none “un-banked customers” i.e. it’s a “churn and share-of-wallet game”. In addition, with a constant flow of new innovative fin-tech players, the financial industry is under an intensive period of change and disruption. Increased level of customer focus and digitalization have been identified by the client as key elements to keep its competitiveness. This means leverage sales efforts on customer insight and move towards a more relevant interaction with the customer – on both face-to-face and digital channels.
Within its B2B unit, the client had ambitious growth targets. The targets were to be accomplished without increased customer acquisition costs, i.e. by leveraging existing customer base. However, the client lacked proper customer insights to identify and realise the untapped potential hidden in the customer base. Consequently, current sales tactics and activities were “gut-feeling based” and lacked a data-driven approach.