Proposition design
Orbium reviews a client’s product and service offer against customer need, available channels (including hybrids) and customer journeys to ensure it is providing a commercially viable targeted offering.
Banks are continuously seeking to develop and optimise revenue, from new and existing sources. Orbium can support these initiatives by analysing and improving the way the front office operates, in particular by holistically reviewing the products, services and pricing offered, along with the sales and distribution processes, people and systems.
An offering enabling banks to pivot the front office to focus on value adding propositions and capabilities in order to compete effectively.
Growth is often difficult to achieve because:
For many organisations, a legacy IT often lies at the heart of the problem. Complex, disparate and inflexible, it makes it hard to be efficient and develop the new products and services their customers want.
Taking both a tactical and strategic view, Orbium aligns the front-office capabilities with the needs of today’s wealth management sector.
Tactical options include: rebalancing advisor workloads by shifting non-customer-facing processes and activities to the middle office. This can increase advisor-customer time by 10 per cent and increase AUM with the same number of RMs. Pricing management through benchmarking and associated sales scripts can also ensure that products and services are delivered at the right price.
Strategic options include: designing and implementing new front-office solutions and reviewing existing propositions. Leading organisations are moving towards hybrid digital/ human front-office customer journeys that simultaneously provide improved efficiency and personalised service. Customer engagement has led to much more focused propositions, such as expanded real advisory services or combined investment and wealth management services targeting entrepreneurs.
Orbium reviews a client’s product and service offer against customer need, available channels (including hybrids) and customer journeys to ensure it is providing a commercially viable targeted offering.
Pricing practices against the value delivered to customers is reviewed to minimise discounting and maximise revenues.
Orbium examines how RMs spend their time and looks for digital tools that can make them more efficient without compromising client satisfaction.
A review of RM work practices against industry benchmarks to help banks adopt and extend best practice to support RM’s including new recruits to deliver the highest level of productivity and results.
