Business Innovation & Growth - Banking • synpulse
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Business Innovation & Growth

Financial institutions are encouraged to constantly challenge their existing business model, invest in innovation and actively seek growth opportunities. Synpulse supports financial institutions in innovating their business and capitalizing on their growth potential.

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«By comprehensively analyzing our customer’s strategic position in the context of business innovation and growth, we strive to achieve a competitive advantage for our clients in fast changing environments. With our experience and knowledge, we advise in the development of strategies, support in the implementation of new business models as well as innovative offerings..»


 

Lars Sørstrøm
Partner
lars.soerstroem@synpulse.com
 Lars Sørstrøm

Client Lifecycle Management

Today, customers decide when and how to interact with the bank. Besides complying with regulatory demands, leading banks started to embrace «customer centricity» and move from product- to customer-centric organizations. Only a state-of-the-art client onboarding process with a customer life cycle vision creates significant value to the bank with improved customer retention and relationship management.

Banks are currently facing the following challenges:

  • Insufficient prospect management structures result in low net new money figures and poor prospect conversion rates
  • Lack of end-to-end digitalization with a low first time yield rate lead to a lengthy onboarding process and poor customer experience
  • Missing flexibility to cope with new regulatory requirements causes high implementation costs and compliance risks.

Why Synpulse

Synpulse has profound market insights in customer related processes. Based on a large number of client onboarding process review and implementation projects, we can provide you with exceptional expertise in this area. We truly believe operational efficiency and customer satisfaction starts with understanding the business and being capable of implementing change in the systems.

Synpulse follows a clear framework to increase the data quality and to streamline the client lifecycle. Yet we can offer you a bespoke service offering depending on your current challenge:

  • The High Spot Process Review measures the process against quantitative / qualitative targets to identify bottlenecks and redundant activities. It proposes possible options (min / med / max) for the future.
  • Our Business Case demonstrates which option is of most value to the organization.
  • An analysis of the current state of the IT Front Architecture leads to a redesign of the organizational approach, processes, and solution architecture.
  • New technology may be introduced in order to support the client onboarding. Our proven Platform Evaluation framework helps finding the right platform/tool.
  • Together with all the relevant stakeholders from the front office, compliance and operations, an Implementation Roadmap is created.
  • A Pipeline Management tool is introduced which includes control mechanisms such as KPI dashboard analysis and success rate monitoring.

Banks with an optimized client lifecycle management benefit from

  • increased profitability and satisfaction through superior customer service
  • unlocking cross-selling potential and revenue growth by attracting new customers
  • improvement in operational efficiency by reducing process flow time and error ratio
  • increased flexibility for upcoming regulatory requirements
André H. Burger
Partner
andre.burger@synpulse.com
 André H. Burger

Advisory Products & Services

Advisory Products & Services – Financial Advice in Banks

Advisory services to bank customers are being redefined. Where in the past a meeting in person and the reliability of the bank advisor were the key factors, today digitalization, individualized advice, and regulatory compliance are taking precedence.

New laws and regulations place very great demands on the advisory process. Everything must be transparent, documented down to the very last detail and in keeping with the customer’s risk profile. The risks contained in portfolios require constant monitoring. Banking customers, meanwhile, tend to want individualized purchase recommendations, opportunities to get independent advice, and online access. They also welcome video consultation, because that saves them the journey to meet with an advisor.

All these new demands can only be met with a professional, integrated software solution. Synpulse advises you on finding the best solution for your advisory strategy. Our approach is to develop this solution together with you, based on the direction and orientation of your bank and your customers. Taking this as our basis, we orient organization, processes and IT systems toward providing the best possible support for your strategy.

Synpulse draws its own expertise from several studies and surveys relating to advisory services in banking. This, combined with our banking experience from countless implementation projects, enables us to develop for our clients bespoke solutions that build on and complement the existing organizational and IT infrastructure in the best possible way.

Using the Synpulse «Market Radar – Advisory Solutions», we are able to significantly shorten the process of evaluating appropriate advisory solutions and by doing so create greater added value for our clients.

With the benefit of several advisory studies and our many years of project experience in the banking industry, Synpulse is the right partner to join you in developing new and innovative advisory solutions and implementing them quickly and competently in your bank. We look forward to taking the step into the new digital age by your side. 

André H. Burger
Partner
andre.burger@synpulse.com
 André H. Burger

Customer Intelligence & Predictive Analytics

Digital Analysis and Data Management

Data is the new oil. What that means is demonstrated very impressively by internet giants like Google. But there are ways for banks to utilize data gainfully, too, for example in product development, process optimization, or marketing. In most cases, data is available in great quantities. The challenge lies in harnessing it for specific purposes.

Banks generate huge amounts of data every day. As communication shifts increasingly onto digital channels, the amounts of data are growing constantly. Yet digital communication is not the only major source of data. Data is collected elsewhere too, for example in CRM systems.

This data contains a great deal of untapped potential, if it can be evaluated and interpreted correctly. The challenge is that data is often not organized centrally inside a company. And it comes in various forms - some structured, others not. The latter, unstructured form includes text documents, film and audio files, all of them packed with information.

So how can companies put data to successful use? Descriptive analysis is a method widely employed to examine what happens and why. It is a way of finding out, for example, how product sales have developed and for what reasons. The insights gained through this process can be implemented in decision-making at a later stage.

Data can also be used to assess probabilities of future events and their causes. For example, once descriptive analysis has helped to optimize an offering, predictive analysis can show when a campaign for that product is likely to generate the greatest demand. Process optimization works in a similar way, also factoring in external events.

If you are looking for ways to employ data analysis gainfully in your organization, please do not hesitate to get in touch. We will be happy to support you in evaluating and implementing the right solution for you.

André H. Burger
Partner
andre.burger@synpulse.com
 André H. Burger

Open Banking

Regulations (PSD2, CMA), competition from digital giants, changing customer expectations, and the rise of open API technology and next generation infrastructure are the emerging forces unbundling the business model in the financial industry. Open Banking – a platform-based business approach – is a strategy for harnessing the emerging forces to revolutionize how banks generate value.

Open Banking offers financial institutions the opportunity to expose data, products, and services through application programming interfaces (APIs) to add additional value and create new revenue streams.

Banks are at risk if they fail to address Open Banking. They could miss out on new business models (the API economy), and they could fail to provide the seamless digital experiences their customers expect.

Synpulse Open Banking Offerings and Services help financial institutions embrace Open Banking. We support organizations with Open Banking Services and Products ranging from business strategy and proposition definition through to open API implementation and target operating models.

Dr. Simon Alioth
Associate Partner
simon.alioth@synpulse.com
Dr. Simon Alioth
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