Delivering Consistent Financial Advise
Intellix serves both insurance companies and banks with expertise automation systems that enable them to offer customers the best total value across their broad range of products.
Delivering Consistent Financial Advise
Intellix serves both insurance companies and banks with expertise automation systems that enable them to offer customers the best total value across their broad range of products.
For bankers, investment advice is a complicated area. Many factors influence the choice of an investment strategy, since this requires investment knowledge and the ability to understand and match a strategy to a customer’s situation. Such expertise exists centrally in most banks, but the challenge lies in distributing that expertise to bank’s client advisors in all its branches.
Customer story: Jyske Bank
Jyske Bank offers a complete assortment of financial services solutions to both private persons and small to medium sized enterprises. With its 120 branches, and DKK 541 billion (USD 80 billion) in total assets, Jyske Bank is Denmark's 3rd largest bank (2014).
Intellix was instrumental in rolling out Online Investment Advisor product to major Danish financial institution, Jyske Bank. The Online Investment Advisor has consequently been able to provide investment advice support to all investment advisors in Jyske Bank – allowing a consistent approach in assessing the needs of customer and recommending an investment portfolio based on this.
In line with the bank's service vision, employees are educated from the start on how to handle customer interactions and the bank's full range of products. They receive regular training and are supported by a network of specialist investment advisors. Despite this, consistency in the advice given from one advisor to the next varied widely, while the range of products recommended by an individual advisor developed a distinct pattern. Despite a customer's willingness to accept a degree of risk in their investment portfolio, advisors would recommend a low risk portfolio for fear of damaging the customer relationship.
Online Investment Advisor
Online Investment Advisor
The Intellix solution introduced a structured interview process as the first step in assessing a customer's investment needs. The customer is left with the clear impression that they have been handled professionally, as an individual, and that all possible factors have been considered. Furthermore, the customer receives a recommendation for a portfolio that accurately matches his risk willingness.
Seamless and convenient for advisors and clients
Customer needs are determined through a series of questions asked by the system. The Online Investment Advisor uses patented neural network technology so that based on the answers initially given, and the direction the questioning takes, an individual process leads to the establishment of the "most suitable investment strategy" for the customer.
The expert learning process at work
The Online Investment Advisor was originally 'trained' using examples of daily advice sessions where customers had received investment counselling from the most experienced and knowledgeable experts in the bank. Using those cases as a base, sufficient expertise was gained for the Online Advisor to act independently and today the system is able to recommend an expert solution for nearly any situation.
“As a customer counsellor and dealer, I am certainly not an IT expert. Despite this, I am able to train the Intellix system, and I am living proof of how easy the system is to use. That was a key issue when choosing Intellix.
Some of the profiling questions we asked in the past may not have carried the value we needed. So, turning things upside down and formalizing our practices has been a valuable lesson to us.”
All Jyske Bank's investment advisors have access to the system; a plus for branch offices located throughout Denmark or even in outlying Danish islands. Investment strategies and portfolio recommendations are updated on a daily basis from a central location.
Results and benefits
Results and benefits
The results have been far beyond expectations with a near 100% sign-on rate for both new and existing customers. Although data was not previously collected on lost businesses, Jyske Bank is of the clear opinion that the new business rates are considerably higher after the introduction of the Online Investment Advisor.
Improved operational efficiency
By automating investment case evaluation, the consultation time needed by customer advisor is reduced. Therefore, the advisor is free to spend more time on the more complicated issues, and of course on inter-personal relationships, vital in the banking industry. Additionally, investment advisors are able to rise to the challenge of the more sophisticated cases, while both centralized and local investment experts are called on less frequently to handle exception cases. Bank's key experts are freed up to concentrate more in processes that challenge their expertise - and to put more creativity and innovation into their work.
The end of compliance concerns
The incidence of claims for compensation for allegedly poor investment advice is on the increased right across Europe as companies truffle to deal with industry imposed standards as well as both national and European consumer protection legislation. Not only does the Online Advisor meets Danish legislation on broker ethics, it also provides the bank with a strong legal-compliance tool as it documents the original reference criteria in detail as well as the advice given.
“Jyske Bank views Intellix technology as an excellent vehicle for developing solutions for knowledge sharing and optimizing processes, such as sales process.”
Intellix knowledge solutions allow an organisation's business experts to capture, maintain and distribute their key knowledge or expertise. Leanr more about solutions benefits and our technology.