Adapting your distribution model
Spirit Advisors specialises in operational excellence for the banking and insurance sectors. We help banks and insurance companies to define and implement an effective and appropriate distribution model.
Striking a new balance
In the banking and insurance markets, the rise of digital players and processes has profoundly changed customer habits and behaviour. As a result, footfall in physical branches is falling steadily, forcing distribution networks to rethink the role of the advisor. This transformation is also having an impact on employment, particularly for mutual banks and insurers, who are faced with the challenge of maintaining jobs and contributing to the local economy.
To remain competitive, distribution models need to adapt to these new realities and find innovative responses to meet changing customer expectations.
New challenges
Adapting your model
Adapting the value proposition to evolve customer expectations shaped by digitalization and, more recently, the emergence of AI, by promoting a multichannel and omnichannel approach.
Also, adapt the regional network, branch models, and services offered to counter the decline in branch visits and meet new customer expectations regarding advice.
Optimising customer relationships
Defining a relational model and a contact strategy tailored to different customer segments and their usage patterns. This allows to adjust the size of advisors’ portfolios and enhance service quality. Lastly, reduce task interruptions (mainly due to multiple communication channels and work disorganization) to reinvest the time saved in proactive sales efforts and/or client interactions.
Rethinking the business management
Adapting management systems and control mechanisms to the company’s challenges by focusing on performance management (revenue, customer net banking income, equipment rate), activity (number of appointments, conversion rates, etc.), or quality (satisfaction rate, recommendation rate, etc.).
Focus activity management around a limited number of indicators using reliable and intuitive tools to encourage adoption by managers and employees.
Major gains through adapted distribution model
Performance
Improve sales performance with a a significant increase in time available for business development (number of sales meetings, customer portfolio coverage rates, etc…) and production (impact on net banking income, number of products sold by customer, etc…).
Agility
Tailor your value proposition to your markets and targets, increase customer satisfaction, and become more agile and adaptable in the face of digital players
Development
Improve skills of sales teams, capitalise on its local roots, and trigger the conquest and development of new markets
Complete overhaul
of a regional Bank's distribution model
Our client is a regional subsidiary of a major French banking group. It is built on solid foundations : a strong territorial network, valued customer relationships, advanced digitalisation and committed teams. But in order to respond to its new business plan, our client wanted an external opinion on its distribution model.
The project identified 10 areas for improvement and launched 4 priority projects.
Spirit Advisors’ distinctive point : We spent more than 80 days in the field and interviewed more than 100 employees, including 40 managers.
