Financial Services

Industry Situation

At the time, full-service banks experimented with different approaches for selling investment and insurance products from bank branches and call centers. Competitors challenged the traditional notions and roles of the branch and call center. Some banks tasked call centers with account acquisition, employing specialized hunters. Others believed branch presence provided a superior customer accumulation channel. 
 

Client Situation

This expansive full-service bank historically emphasized convenience and service. Senior leadership recognized the need to differentiate sales coverage in order to take stake from emerging low-cost and online competitors. Our client aimed to uncover and address the unique needs of mass market and affluent investors alike, winning share through sales coverage innovation.

Key Issues

The company asked AGI to:

	Intensify sales coverage assets on the affluent segment.
	Re-focus mass market producers on hunting; assign low-ticket transactions to sales support resources.
	Eliminate overlapping responsibilities; create additional sales time for each channel.

AGI Solutions

AGI worked with the client to evaluate growth opportunities in the mass market and affluent segments, breaking out conversion, penetration, and retention revenue. Additionally, we analyzed growth by core product area, including: mutual funds, fixed income, insurance, fixed annuities, variable annuities, and equities. Using a fact-based approach, we developed three alternative coverage models. After helping our client select the most beneficial coverage model, based on revenue uplift potential and cost, we redesigned job roles, rules of engagement, and sales crediting rules.

Outcomes

The new coverage model led to a 9% revenue growth in the affluent sector and efficiencies in the mass market. Overall sales productivity grew in both the branch and call center channels, with a 20% increase in new business per sales resource.