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Channel Innovation in Financial Services: A Practitioner's Guide to Development and Integration Product Image

Channel Innovation in Financial Services: A Practitioner's Guide to Development and Integration

  • Published: December 2010
  • Region: Global
  • 154 Pages
  • Searching Finance

How do I set up a sales agent network? How will I control it? How much time will it take to build? How should I layer functionalities across different electronic channels? How to design the best contract for brokers and alliance partners? Are there any templates I can trust to evaluate potential branch locations? What to ask for in terms of customer relationship management (CRM) to best integrate my sales channels? How should my service quality benchmarks change across channels? What works, and what does not, in ‘social media’ channels? What could be the next big thing in internet banking? What is ‘community banking’ and how can I use it to build my network? If you ever asked yourself questions like these, this book is for you. Channel Innovation in Financial Services: A Practitioner’s Guide to Development and Integration gives you a practical guide through the many different channel possibilities that exist today in financial services, with examples, implementation templates, case studies, ‘to dos’ and ‘watch out fors’.

Review
- "If you want a true 'hands-on guide' to best practices in today's global retail banking, this READ MORE >

Introduction

Chapter 1 Branches – the basics
- Location selection
- Macro criteria
- Micro criteria
- Macro scorecard
- Examples
- Comments
- Micro scorecard
- Premises
- Results to be expected

Chapter 2 Branch agents – ‘near sourcing’ to local entrepreneurs
- Definition
- Different concepts
- Benefits
- Key benefits to banks
- Benefits to agents
- Consumer benefits
- Control
- Start-up support
- Overview
- New versus existing locations
- Interest-free loan
- Promotional budget
- Rental subsidy
- Training
- Salary
- Financial implications
- Location
- Premises
- Size
- Appearance
- Layout
- Products
- Services
- IT support
- Organisation
- Staging the introduction
- Organisational level of agents
- Integration and reporting
- Support functions
- Recruitment
- Training
- Risk management
- Control and audit
- Legal / regulatory
- Contract
- Overview
- Duties and authorised activities
- Exclusions
- Remuneration
- Scope of contract
- Commission
- General commission design
- Commission structure
- Key questions
- Knock-out criteria
- Sample commission structure
- Financials
- Comparisons
- Implementation
- Summary
- Case study 1: Volksbank's Romanian branch agent (branch franchise) set-up
- Case study 2: Branch franchising and kiosk combination by ING
- Case study 3: Community banking, using the agent banking model in Australia

Chapter 3 Sales agents – single-minded focus on acquisition efficiencies
- Overview
- Definition
- Different concepts
- Benefits
- Case study 4: Limited promotional sales agent test
- Case study 5: Ongoing national sales agent test
- Products
- Number of products
- Types of products
- Additional products
- Product sales process
- Services IT support
- Other support
- Control, risk management, audit
- Organisation
- Roles and responsibilities
- Career progression
- Training
- Start-up training
- Ongoing training
- Recruiting and dismissals
- Recruiting process
- Success factors
- Dismissals
- Contract
- Remuneration
- Starting up the commission system
- Commission structures
- Sales agent commissions
- Team leader / senior leader commissions
- Financials
- Implementation
- Summary
- Appendix A – Sample prospect contact rules for sales agents
- Appendix B – Sample sales agent contract Attachment No.1 Attachment No.2 Attachment No.3 Attachment No.4 Attachment No.5
- Appendix C – Sample list of content for sales agents' handbook

Chapter 4 Intermediary channels: maximising third-party relationships Introduction Basic principles Case study 6:
- Example 1 – North America Case study 7:
- Example 2 – Europe Contracts – overview
- Third-party types
- Financial intermediaries
- Retailers – point-of-sale (POS) sales finance
- Other Benefits
- Benefits to partners
- Watch-outs
- Case study 8:
- Operational cost problems
- Structures
- Joint ventures
- Revenue / cost / profit share
- Straight commission system
- Compensation
- New sales versus portfolio
- Commission plus incentives
- Floor price approach
- Other support
- USPs
- USPs for end-customers
- USPs for intermediaries
- Additional USP for both
- Physical and process designs
- Physical set-ups and integration
- Retail POS finance
- Process design
- Sales generation
- Direct sourcing
- Broker sourcing
- Retailer sourcing
- Funds disbursement options
- Loan repayment options
- Customer ownership
- Communicating through intermediaries
- Partner selection
- IT requirements

Chapter 5 Remote electronic channels: the limits of cost efficiency
- Traditional electronic channels
- Overview
- Main types, roles and evolution
- Telephone banking
- Internet banking
- ATMs
- Kiosks
- Challenges
- Addressing the challenges
- New types of electronic channels
- Mobile banking
- New internet developments
- Virtual money
- Virtual banking
- Peer-to-peer banking
- Social media-based channels

Chapter 6 Buying, managing and controlling your channels
- Introduction
- Mergers and acquisitions – buying your channels
- Due diligence checklist
- Overall business strategy fit
- Marketing and sales review
- Customer base
- Prospect base
- Intermediary contacts
- Brand strength
- Marketing infrastructure
- Distribution and service channels
- Credit risk management / lending products portfolio
- Savings and deposits products portfolio
- Personnel Information technology, other
- Customer relationship management – managing your channels
- Definition
- Key issues
- Benefits
- Alignments needed
- Architecture
- Case study 9: How things can go wrong with CRM implementation Service quality – controlling your channels
- Appendix A – M&A evaluation guidelines summary – a sales / marketing perspective Reason Components to review Values to be assigned
- Appendix B – CRM architecture – summary of basic business requirements Marketing data mart Contact management / sales force automation Marketing planning
- Appendix C – Service standards definition and measurement – sample outline for branches Basic deliverables SQ dimensions Methods of measurement Service standards (benchmarks, expectations) Appendix D – Service standards definition and measurement – sample outline for call centres Basic deliverables SQ dimensions Methods of measurement Service standards (benchmarks, expectations)

Introduction Why this book? How do I set up a sales agent network? How will I control it? How much time will it take to build? How should I layer functionalities across different electronic channels? How to design the best contract for brokers and alliance partners? Are there any templates I can trust to evaluate potential branch locations? What to ask for in terms of customer relationship management (CRM) to best integrate my sales channels? How should my service quality benchmarks change across channels? What works, and what does not, in ‘social media’ channels? What could be the next big thing in internet banking? What is ‘community banking’ and how can I use it to build my network? If you ever asked yourself questions like these, this book is for you. How is it different? The idea behind the book is to give you, the reader, a practical guide through the many different channel possibilities that exist today in financial services. The focus is on the practical: with examples, implementation templates, case studies, ‘to dos’ and ‘watch outs’. Practical also means looking at frequently neglected channels such as intermediaries, sales agents, branch agents and alliance deals. While social media is more fashionable these days, third-party channels are still a good bet for an immediate, practical way to boost scale and flexibility, and to cut costs. What does it have? We start with the basics of branches: location selection and layouts. Next comes outsourcing to local entrepreneurs, via branch agents or franchises. Independent sales agents and building and managing third-party relationships are also discussed. We also examine remote electronic delivery: internet, phone, mobile, kiosks, ATMs, even ‘virtual banking’ and social media channels. How will it help me? By the time you finish this book, you should feel comfortable evaluating, recommending and starting to build any of the channel options reviewed. You will know what to expect, what to watch out for, how to cover the downside and how best maximise the potential. And, hopefully, you will have a few creative ideas of your own, using the examples from the book and developing them in different ways. And if you are not a practitioner yourself, then you will learn how to help those who build your channels and what to expect from them in return.

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