The future of banking
With over 30 years in the market, our client has grown into one of the ten largest banks operating in Brazil and Latin America. Its diverse operations include corporate banking, capital markets, and international trade, among others. It strives to be a multi-product digital bank offering innovative solutions across accounts, cards, loans, insurance, asset management and private banking.
Since 2014, the bank has prioritized digital transformation and innovation through its innovation laboratory, and partnerships with fintechs and startups.
A holistic cross-selling experience
The private banking division reached out with a significant business challenge: to structure a more integrated vision between its diverse products and services, with the goal to enhance cross-selling. This required a shift from a transactional focus to a relational journey, understanding each customer's needs, and identifying the right moments to make relevant offers.
The new strategy focused on two key factors:
Customer relationships: Becoming the main protagonist of the customer's journey and positioning themselves as the partner of choice for car financing customers.
Relational focus: Enabling integration and intentionally bringing innovation to the brand, always based on data and a deep understanding of their audience.
The private banking division’s challenge went beyond building a single solution or restructuring car financing channels. It needed to create an integrated ecosystem, transforming the customer journey by linking car financing with other bank services. This complex project involved considering various factors and understanding the impact on current workflows and future results. Collaborating closely with the client's team, we co-created solutions enriched by extensive data, enhancing the project's potential impact.
A two-stage process
The project was divided into two main stages: immersion and strategy building.
Immersion stage
We conducted internal interviews with key players in the car financing journey, as well as speaking to the bank's customers to identify pain points and opportunities. These insights were captured in a journey blueprint, making the data accessible and practical.
Methods used:
Strategy building
Based on our findings, we developed a strategic plan to integrate the ecosystem and create a future vision co-created with the team. This included identifying pain points and aligning business expectations with strategic moves. We proposed five ideas to mitigate their pain points:
Concierge: An AI-powered tool designed to bridge the relational gap between the bank and customers. It answers queries, actively collects data, and provides support throughout the customer journey, positively impacting conversion, retention, and repurchase metrics.
Customer/Lead area: A platform that reduces dependence on the seller by allowing customers to monitor and manage financing quotes. Customers can independently advance proposals, upload and validate documents, manage financing, and oversee vehicle care post-financing.
Loyalty program: This initiative transforms the bank’s relationship with customers by leveraging the entire product ecosystem to enhance retention, engagement, and loyalty. It consolidates all bank benefits into one place, offering personalized perks based on customer history, including assisting with vehicle care and maintenance.
Best financing quote: A web/app environment that curates and searches for the best vehicle offers from partners, ensuring customers receive the best combination of car and financing conditions.
Payment flow: This feature allows customers to customize their payment model during contract formalization and adjust it throughout the financing experience. Customers can skip installments or redefine monthly payments, making it more flexible and accommodating to their needs.
Project deliverables
We outlined our recommendations for immediate, intermediate, and long-term actions, enabling the parallel development of multiple solutions. This approach enhanced and expanded the user experience in the new financing journey. Additionally, we defined and described each solution, categorizing them into distinct phases in comprehensive product booklets.
The impact
You managed to consolidate several impressions that we had. It's very important to have this vision of how to converge, and with this map, we can understand the size of the challenge and how we can get started.
The project was complex, requiring us to consider various challenges and understand the impact of each decision on an already functioning workflow, and its results over the next five years. By working closely with the client's team, we engaged in extensive co-creation and ideation, enriched by a wealth of data. This collaborative approach not only enhanced the process but also increased its potential for significant impact.
Of the ideas we suggested, the bank has prioritized the Loyalty Program. Our results reinforce the bank’s confidence in some of the projects it is already working on, aligning with our beliefs.
With a clear roadmap to follow and a strengthened strategy, the bank is now poised to transform its customer experience, setting a new benchmark in the industry. This partnership underscores our commitment to driving innovation and delivering sustainable value.
