With more than 20% of the Norwegian banking market, SpareBank 1 has built a significant customer base since its inception in 1998. To remain competitive and relevant to a younger generation of consumers who favour online and mobile banking over in-person interactions with staff — and to more effectively cross-sell its portfolio of insurance products — SpareBank 1 knew its continued success hinged on a streamlined approach to managing customer relationships.
With Avanade and Accenture’s help, SpareBank 1 sought to realise its “one customer, one bank” vision in three key ways:
- Grow its insurance business market share through targeted cross-selling without increasing costs. The SpareBank 1 Alliance estimates that 25% of its banking customers also have purchased insurance products offered by the bank’s insurance division, SpareBank 1 Forsikring.
- Use proactive tools for targeted customer outreach. SpareBank 1’s insurance division had no way to accurately identify, qualify and proactively sell to insurance prospects across the company’s 16 banks through the centralised call centre.
- Create a single source of truth about all of its customers. Information about banking customers existed in 17 disparate systems, making it difficult for call centre staff to even understand who best to target for insurance sales campaigns or to centralise and standardise outreach.
"We’ve seen dramatic increases in our response rates with this new platform. We can now more readily segment our customer base, which enables us to grow our market share without increasing costs."
With its new CRM framework built on Microsoft Dynamics CRM and Accenture’s Customer Analytics Record solution deployed by Avanade and Accenture, SpareBank 1 has realised numerous business benefits. They include:
- A 100% increase in outbound insurance sales. With all customer data consolidated into one view, call centre staff now have all information in one place for effective outbound outreach.
- Better customer prospect lists for bank staff. With the ability to better align the right insurance products with the right customers, SpareBank 1’s bank associates are now assigned more accurate lists of prospects from which to target their insurance sales efforts with specific recommendations for each customer.
- A single 360-degree view of the bank’s 1.9 million customers. SpareBank 1’s consolidated customer data repository and CRM platform underpins the company’s entire approach to maintaining customer relationships.
Improving customer service and creating more precise sales and marketing efforts:
- Call centre staff are better equipped to identify banking customers who are most likely to purchase additional insurance products from SpareBank 1’s insurance division.
- Bank branch account managers receive qualified leads from which to proactively reach out to customers. These interactions at the branch level are tracked in the new CRM platform so everyone knows their outcomes.
- Insurance division sales and marketing teams better understand which campaigns are most effective. They are also armed with critical data to understand why and where sales initiatives fail, ensuring distribution channels focus on the right message to the right customer.