Finance

Enhancing Personalized Financial Advisory Services for a Financial Services Firm

Focus Areas

Customer Relationship Management (CRM)

Digital Transformation

Data Analytics and Visualizations

Business Problem

A mid-sized financial services company was having trouble providing its expanding clientele with individualized financial advice. The company used manual, ineffective, and error-prone procedures to evaluate credit ratings and tailor savings solutions. In addition to slowing response times, these antiquated procedures led to inconsistent service delivery, which frustrated customers and raised operating expenses.

Key challenges:

  • Personalised Advice: Manual and inefficient processes stopped the firm from providing its clients with personalised advice.

  • Customer Experience: The manual processes led to slow response times and human errors, frustrating customers.

The Approach

To improve the firm’s capacity to deliver precise and timely financial advice, Curate’s consultants collaborated closely with the company’s internal IT, customer support, and financial advising teams as well as external partners in charge of data analysis and reporting tools to come up with a comprehensive, seamless solution.

 

The solution entailed automating critical processes by combining a strong Customer Relationship Management (CRM) system with financial data analysis tools. This would allow advisors to promptly assess credit scores and provide tailored savings advice. 

Key components of the solution:

  1. Phase 1: Needs assessment and system selection

    • Following a thorough evaluation of the company’s present financial advising services procedures and meeting with important stakeholders, such as IT leaders, customer support teams, and advisory managers, our consultants identified key issues and opportunities for development.

    • The team recommended integrating a CRM system with SQL-based financial data analysis tools, and Power BI for reporting and visualization. These technologies were specifically chosen since they allowed advisors to provide clients with real-time insights as well as more accurate, personalized advice for their financials.

  2. Phase 2: Design and Integration

    • After selecting the right tools, Curate’s experts designed an integrated system that automated the manual procedures for reviewing credit scores, financial data analysis, and generating savings recommendations. Key components of the solution were:

      • CRM Integration: To ensure that all client data was readily available to the registered investment advisory teams, a centralized CRM system was put in place to store and manage client information.

      • SQL for Data Analysis: Client financial data such as credit ratings, income levels, and expenditure trends were automatically extracted and analyzed using SQL-based tools.

      • Power BI: Advisors could now swiftly identify opportunities and present tailored savings advice thanks to interactive Power BI dashboards that visualized important financial information.

    • The Curate team ensured the new system integrated seamlessly with the existing infrastructure to minimize disruptions to daily operations. Simultaneously, the team worked with the company’s external data vendors to guarantee accurate and smooth data transfer between platforms.
  3. Phase 3: Implementation and Training

    • The Curate team supervised the implementation of the new CRM system and financial analysis tools by migrating existing client information to the new CRM system and setting up SQL queries to automate data extraction.

    • The company’s customer service and financial advisors teams were given training on using the new system. Advisors were trained to draw insights from the financial data visualizations in Power BI and use this information to personalize recommendations for clients more efficiently.

  4. Phase 4: Ongoing support and optimization

    • Curate’s consultants offered continuous assistance to make sure the solution was operating as expected following the new system’s successful implementation. The team kept a close eye on user feedback and system performance and modified the SQL queries and Power BI dashboards when needed to improve accuracy and usability.

    • To ensure that any issues within the system were promptly fixed, the team implemented a feedback loop with the firm’s customer service team. Our team continued to work with internal teams to ensure that the system evolved with the growing customer base and changing regulations.

Business Outcomes

The transition from Waterfall to Agile, led by Curate Consulting, resulted in transformative improvements for the healthcare provider:

Reduced Operational Costs


Automating manual processes decreased labor costs and errors, contributing to the reduction of overall costs.

Improved Advisory


Advisors could now provide more precise and customized savings options by utilizing real time insights from their clients' financial profiles.

Enhanced Customer Service Efficiency


Advisors were better and quicker at tailoring suggestions due to the automation of the analysis of financial information and credit scores. It resulted in decreased response times and increased customer satisfaction.

Sample KPIs

Here’s a quick summary of the kinds of KPI’s and goals teams were working towards**:

Metric Before After Improvement
Time to Generate Financial Advice 5 days 1 day 80% reduction in response time
Operational Costs Related to Manual Processes High Reduced Significant cost savings
Data Accuracy for Financial Profiles 85% 98% 13% improvement in accuracy
Customer Satisfaction Score 70% 88% 18% increase
Advisory Team Efficiency 60% 90% 30% improvement in efficiency
**Disclaimer: The set of KPI’s are for illustration only and do not reference any specific client data or actual results – they have been modified and anonymized to protect confidentiality and avoid disclosing client data.

Customer Value

Curate Consulting’s expertise in Agile methodologies not only improved operational efficiency but also enhanced the healthcare provider’s ability to serve their patients more effectively:

Increased time-to-market


The CI/CD pipeline improved the capacity to promptly provide new financial services to customers by cutting the time needed to implement new features by 40%.

Improved uptime and reliability


Customers received improved service thanks to a 35% reduction in downtime which was brought on by deployment problems and configuration errors.

Conclusion

The Curate team’s close collaboration with the firm’s internal teams, vendors, and other stakeholders transformed their financial advisory services. The team implemented a CRM system integrated with high-powered financial tools to improve data accuracy, streamline operations, and offer tailored financial advice, resulting in stronger client relationships and growth in market position.

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