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Situation
- One of the world's largest mutual fund companies
- Sells mutual funds through a distribution network of financial advisors
- Experiencing tremendous growth and putting customer relationships at risk due to inadequate processes and systems
- One of the first in its industry in Canada to adopt a corporate wide quality program while embracing the need for ongoing customer feedback to drive tactical and strategic planning
Objectives
- Determine the impact of existing customer service and marketing on customer loyalty
- Calculate the financial risk associated with pending customer defections
- Determine key drivers of customer loyalty and identify key problem areas in all aspects of contact management
What We Did
- Conducted a Revenue@Risk Baseline Study to identify the problems customers were experiencing and how those problems impacted and influenced a financial advisor's loyalty to the company; included an action plan to address problems
- Conducted a Revenue@Risk Baseline Study among members of the distribution channel, including financial planners, brokers and their respective assistants
- Implemented a Revenue@Risk Monitoring Program to track the effectiveness of problem resolution and accuracy of transactions
Conclusions and Actions
- Determined that 10% of the company's revenue was at risk to pending customer defections
- Discovered that customer loyalty was below industry average
- Developed and drove a corporate-wide focus on service quality
- Cost-justified significant investments in new customer service technology, processes and organizational changes
Business Impact
- Had the top market share increase among all mutual fund companies over a two-year period
- Currently among the top 5 mutual fund companies in Canada
- Within two years, ranked number one in sales and customer service, according to an independent market research study
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