Customer-led growth and Digital Transformation

An Asian B2B enterprise had ambitions to further its reach worldwide and identified an opportunity to obtain a digital wholesale banking licence. With this, it aimed to support its existing networks and businesses across multiple industries and grow market presence in the APAC region.

While the enterprise had the ambition for the license, the client needed support to shape its business strategy, define a differentiated value proposition and offerings and translate the vision into a highly competitive market positioning. It also is a convener of a large B2B ecosystem and needed to leverage the strength of its consortium and partnerships.

Solution

LMC was brought in to lead the strategy definition and application development. A multi-disciplinary team including strategy, technology, risk management and compliance was set up to complete the digital banking application. We understood the power of leveraging the existing customer base on the client’s multiple platforms and partner ecosystem to define target segments and develop a clear customer value proposition. From strategy to execution, we helped identify differentiated product, service and channel offerings, digital business model and a business case with detailed growth plans, financial forecasts and enabling capabilities while ensuring legal and regulatory compliance.

Impact

Focusing on underserved customer segments, the digital bank would enable Singapore SME’s to gain access to finance and support their business growth. MAS is to announce the digital banking application results in the latter half of 2020.

A rapidly-growing Asian insurer established a new Customer Experience (CX) vision, setting ambitious targets to accelerate growth by enhancing CX through innovative digital solutions. The group office led a multi-market exercise in the APAC region to implement Closed Loop Feedback to measure CX and address issues in real-time.

Solution

LMC helped the insurer leverage best practices for a future state CX across the end to end journey, identifying critical interactions and touchpoints. These were mapped to existing CX drivers and operational metrics before being translated into a cross-market leading edge feedback gathering mechanism based on best practice and stakeholder insights. The feedback was then translated into business reporting dashboards on the Voice of Customer (VoC) platforms and formed a new way of measuring and transforming customer experience.

Impact

Identified priority interactions with the highest impact on customers across the end-to-end experience and re-designed for the Voice of Customer programme. This program was piloted through a VoC technology platform across multiple markets and translated into an organization-wide CX measurement mechanism.

A large, AsiaPac organisation aspired to be the leader in achieving transformed customer experience over the next two years. Having invested in Customer Experience (CX) over the years, the insurer wanted to quantify their returns to experience through a robust measurement model.

Solution

Legal Matters Consul’s Customer Strategy, Actuarial and Data & Analytics teams jointly worked with the client to develop a conceptual measurement framework. This was done through hypothesizing relationships among customer metric(s), financial returns underlying operational drivers as well CX investments and activities.

Further, we worked collaboratively with the client’s Data & Analytics team to validate the theoretical relationships to ensure feasibility at an early onset.

Impact

Provided our client with a conceptual measurement framework that can be readily translated into a model to enable the quantification of their investments into CX.

A global bank was looking to transform the way they engage with their customers and to find innovative ways to attract new customers, cross-sell and retain existing customers. They were operating on legacy systems that were inflexible and challenging for marketers to use. They knew that something needed to change to move the dial on their ongoing operating model.

Solution

LMC ran a large-scale engagement whereby we assessed the current business and technical landscape and compared it to best in class reference architectures across data and analytics, martech, and a core banking platform. This identified an extensive list of process and system recommendations that were anchored to macro omnichannel customer journeys developed by the team. In addition, the client was given a detailed immediate and future focused implementation roadmap, and our recommendations formed the basis of subsequent technology transformations.

Impact

Provided our client with a strategic vision, technology stack, transformational implementation plan and customer centric omni-channel customer journeys.