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The eNova Partnership

Chancery Exchange
10 Furnival Street
London
EC4A 1AB

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Contact Email: info@enovapartnership.com
Contact Phone: +44 207 766 9879

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The Financial Services Prioritisation Model

Delivering Cost Effective Customer Engagement with Bionic Advice in Financial Services

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The Financial Services Prioritisation Model

We believe that Financial Services is next in adopting multichannel thinking and understanding the vital need for digital transformation. Using and adapting all of our multi-channel experience, we’ve come up with an approach to financial services that has parallels with the transformation that has driven retail over the past 10 years…

The situation for financial services in 2016 is similar that of retail on 2005:

  • RETAIL 2005:  high street closures, online pure play challenge, standalone retailer websites, with less than 5% online sales
  • FINANCIAL SERVICES:  branch closures, online pure play challenge, low take up of Robo Advice and increasing cost to serve

The Opportunity

The FSPM will be developed to meet the specific requirements of each business it is applied to. In general the model is applied in three distinct phases

TRADITIONAL
(BRANCH NETWORK)

Costly engagement

High cost to serve

High customer confidence

Low volume

High conversion

Inconvenient

BIONIC
(MULTICHANNEL)

High customer confidence

Low cost engagement

More engagement

Convenient

Better conversion than pureplay D2C

Drive traditional efficiencies

Higher margins

New Market

ROBO
(ONLINE DIRECT TO CONSUMER)

Medium cost engagement

Low cost

Low customer confidence

Low conversion

Low revenue

The Multichannel Prioritisation Model (FSPM)

What is the Opportunity?

  • Assessment of sector & company specific Multichannel propensity
  • Strategic review of current customer proposition
  • Size of the opportunity
  • Optimal customer journeys mapped
  • High level business case
  • High level prioritised roadmap

DURATION: Typically 10-15 days

Phase2_heading

What should I Invest in first?

  • Sector and business specific Multichannel propensity modelling
  • Cut through the complexity of digital & multichannel innovation.
  • Strategic review of current customer proposition
  • Prioritised delivery roadmap

DURATION: Typically 12 weeks

How do I deliver it profitably?

  • Business wide review of your existing capability to deliver multichannel growth. Support implementation of multichannel customer journeys
  • Understand and reduce the cost to deliver current and potential activities
  • Focus on driving efficiencies

DURATION: Typically 8 weeks

To find out more how the Financial Services Prioritisation Model can help your business contact us today