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.