Our IT Director helped this financial service provider in delivering a digital transformation strategy. This helped them in improving the way in which they communicate with their customers.
This company provides financial services including savings, pensions, home and car insurance, health insurance, personal loans and mortgages to 400k members of a medium-sized mutual company.
To design and deliver a digital transformation strategy that will enable the company to deliver and embed a single view of members across all channels and products, improve digital channels, deliver insight-led marketing campaigns, and the processes to embed this in the business.
What Our Director Did
Define and Deliver The Transformation Strategy
The Board asked the Director to help define the strategy, outline a roadmap, and develop a business case to support this. Once the Board approved it, they asked him to deliver and embed the solution and ensure the benefits were realised. Furthermore, given the spending involved the roadmap had a series of checkpoints with the Board to ensure that governance and oversight were in place throughout the delivery.
Designed And Delivered A Roadmap Of Application Transformation
The IT Director assessed the business and IT landscape. Then, the director designed a roadmap to create a Single Customer View (SCV). This SCV would deliver CRM with next best actions and aimed to automate marketing campaigns. Then, a target operating model was developed, which supported data collection, use, and management. The CEO and executives sponsored this delivery which lead to business-wide leadership ensured its success.
Delivery Of The Foundations And Early Benefits
The Director led a programme of transitional projects that looked to deliver early value whilst delivering the building blocks of technology, process and people change. The Director outlined an approach that ensured they were building good foundations for robust technology. They delivered early benefits to validate the business case and ensured that the business remained resilient, future-proof, and adaptable in the face of changing working practices.
Improved Process Efficiency Through Information Sharing, Application Integration, And Cultural Training
Improved application integrations enhanced campaign effectiveness. CRM campaigns development made information timely and accurate. This also aligned with increased sales in business teams. These building blocks supported a new digitised business and the business now works in a more integrated agile manner.
Upon completion of the transformation project, the organisation had become more efficient, delivering the anticipated financial benefits in 1/3 of the expected timeframe. In addition, the organisation was better placed to make faster decisions, delivering campaigns in less than 25% of the previous timescale, allowing more campaigns to be delivered with the same resource.
The campaigns used AI and machine learning to optimise performance and therefore were seeing 20% better results for 15% less cost. The business became much more responsive to market needs and the cultural training also helped move the customer contact centre from providing a passive service to looking for sales and cross-sales whilst continuing to give great service. This initiative underpinned the business growth of 20% pa over 5 continuous years.