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Leveraging Channels for Growth in Financial Technologies

About Client

Digital banking division of a global financial services group.

They wanted to use channels like restaurant chains to let people directly and digitally open new bank accounts. Channel partner store staff was mandated to handle the process end to end (explaining benefits, KYC, account opening on system, etc.).

Strategic Objectives

  • Ride on channel partnerships for rapid growth and reaching the right target group
  • Protect and promote a positive brand image by ensuring channel represents brand in the right manner

Key Bottlenecks

  • Lack of visibility in channel capability and execution
  • Manual KPI tracking of teams responsible for training and monitoring channel partners
  • Experience of end consumer not captured
  • Delays in corrective action leading to lost leads

The Solution

Our solution tracked everything from channel partner training to

end consumer experience.

Daily action items were generated and assigned to various functions.

Channel partner accountability was improved by measuring SLAs against execution.

TAT for corrective action improved, ensuring better channel and end consumer satisfaction.

Best practices were captured and spread through the system.

End consumer feedback was captured and made a key metric along with lead conversions.

Results

  •  Enquiry to conversion ratio increased by 27%
  • ROI on channel and marketing costs improved by 31%
  • New channel deployment time was reduced by 45% using the data driven learning from the first channel

Client Comments

“Our weekly management discussions with channel partners were focused on detailed region-wise actions for improvement rather than finger pointing”.

“We had thought of discontinuing channel partnerships because the brand image of the bank was getting hit due to poor end-user experience in the initial days. Soon redquanta came into the picture––and after deploying their improvement system, we winded up with twice as many channel partner signups!”

“Usability was our biggest concern. We needed a system which could be used by the store teams of channel partners in the smallest of the cities. redquanta application was easy to use and thus was readily adopted by various teams”.