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.
After a 12-month development-to-rollout period, the solution was introduced in November 2010. Slowly at first but growing with each quarter, approximately 14,000 advisors now make regular use of the solution. In the first year of use, the number of automated alerts set up and sent to advisers topped its target of 200,000 by 95,000, and there were four-times as many clients retained as expected. On the financial side, sales of additional insurance premiums were expected to hit $572,000 (AUD), but rocketed to $21.7 million (AUD) over the first year My Client List was in place.
MLC Operations Manager Atay Erginay attributes adoption to a “big groundswell from within” of advisors sharing their satisfaction with their colleagues. Erginay says advisors were “hungry” for this data, only available previously with self-created and maintained spreadsheets. Tapping into this desire for fast, unified and automation was vital for a pool of money managers spread across Australia, and an easy-to use solution was necessary due to little in the budget in the way of in-person training.
“Never in our wildest dreams did we envision such success in our initial launch,” Erginay says.
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