Does your customer view you as one company or many different organizations they need to navigate to buy and service their products with you?

Financial services companies are examining how to improve their fulfillment practices to offer a distinctive customer experience throughout the customer lifecycle and across the full suite of products and services.

To achieve fulfillment excellence, many financial services companies are shifting from a vertically-aligned, siloed business model to a seamless customer-centric model that enables scalable and efficient fulfillment practices.

We see a continuum of four fulfillment models emerging as a result of the shift (Figure 1):

High-performance fulfillment - Becoming a Customer-Centric Organization
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Model 1—Channel and Operating Group Silos

This is the current state of most organizations where each operating group has multiple sales and service channels. Customers serve as the integrator because there is no internal integration across companies, products or channels. Due to the lack of integration, there is little opportunity for cross-selling or suggesting the next best offer.

Model 2—Channel integration with an operating group

This model is the next step for most organizations. In this situation, service and sales are integrated in one operations group. For a client to request a change in mailing address, they will need to separately contact both the life insurance operating group and the P&C operating group.

Model 3-Channel integration across operating groups with fragmented back ends

For this model, operating groups appear integrated to the customer. The customer experiences one point of contact, making requests appear seamless. The back-end processes, however, are not well-integrated and require extensive manual effort and rekeying to fulfil customer requests. This model enables better positioning for increasing the quantity and variety of products sold per household.

Model 4—Channel integration across operating groups with streamlined backend

This fully integrated model unifies operating groups and has a high level of back-office automation. The customer relationship is at the organization level, creating the ability to design segmented customer experiences that drive customer loyalty through excellent service and successful cross-selling.

Join me next week as I discuss the “fulfilment sweet spot” and examine considerations for fulfilment transformation.

To learn more, download: The Transformation of Fulfillment: Seamless Integration across Diverse Businesses.

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