Manual processes and analytic limitations put comprehensive, timely views of customers out of reach for most financial advisors at MLC, the wealth management division of National Australia Bank. Any new customer relationship tool also had to be built with ease-of-use to ensure adoption by the approximately 17,000 independent advisors spread across the continent.
MLC worked with Teradata to construct My Client Leads, which for the first time at the 125-year-old fiscal institution brought advisors automation, integration and notifications on their client information. Logging onto MLC’s Web portal, advisors set up and receive event-based “trigger campaigns” each tied with a series of actions and objectives. Those triggers are tied to transactional data, and the tool helps determine changes in customer behavior. Advisors typically juggle more than 450 customers, with a range of needs and premiums, so an advisor would be alerted, for example, when a customer is reaching retirement age or may be in need of additional business coverage. The front-end facing product for advisors is connected to an existing Teradata data warehouse at parent company NAB.
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