Financial Services
Optimization of a business segment and institutionalizing client relationships
05 Jan 2024
  • A wealth management company wanted to identify inefficiencies existing within the current business and develop strategies to achieve scalable business growth which would ultimately improve both employee and customer experiences through these enhancements
  • It also wanted to conduct a comprehensive analysis to identify strategies for client retention in the event of a transition in relationship managers, thereby enhancing the overall client experience and improving retention
For optimizing business vertical
  • Conducted in-depth interviews with employees at different organizational levels, as well as with management, to gain insights into the current setup pertaining to technology, product, operations, management, marketing, and other relevant areas
  • Executed system walkthroughs of employee facing applications / tools and customer facing applications to analyze existing processes, benchmarking them against industry-leading competitor standards
  • Conducted mystery visits at various company owned branches and competitors across cities to analyze the services provided at different locations and compared the variations in services amongst the different branches of the company and benchmarked them with competitors
  • Developed a list of high impact initiatives to be carried out to enhance customer experience and loyalty
  • Mapped the inefficiencies in the sales process and other customer touchpoints with a target to find out means to drive the sales of certain high potential products in the business vertical

For institutionalizing client relationships

  • Analyzed industry benchmarks for the retention rates of Relationship Managers across various Wealth Management firms, and assessed client transfer ratios in the event of RM transition
  • Mapped RM touchpoints with clients throughout the customer journey, starting from client onboarding. Identified strategies to minimize disruptions across all touchpoints during an RM change

Praxis value delivered
  • Provided actionable initiatives aimed at diminishing inefficiencies in the current business operations and provided strategies for scaling the existing business model
  • Presented a list of initiatives to be undertaken to ensure client retention by institutionalizing client relationships
Do you want to turbocharge your business using digital technologies and processes? Write to us below.

Ready to talk?

I want to talk to your experts in:

We work with ambitious leaders and transformative clients who are defining the future. Together, we achieve extraordinary outcomes.

I have read the privacy policy and I agree to its terms.