Competitive Intelligence Financial Services Case study on market share

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Competitive Intelligence Financial Services on how to improve market share case study

Our client, the CEO of a well-known firm of UK financial advisors, wanted to know how to bring technology efficiencies into their business and improve their competitive advantage. This case study offers an example of a competitive intelligence financial services project.

What Was The Situation?

A UK financial services company sought to comprehend why its customers still favoured human financial advisors while its competitors were transitioning to automated online tools. The firm’s reliance on a vast financial advisor network put it at a competitive disadvantage, and the CEO faced pressure from the board of directors to implement changes. The firm of advisors needed to identify whether the issue lay with the: 

  • Quality of its online tools
  • Peculiarities of its customer base
  • Something else 

Spoiler: it was something else :-)

What We Did

Through extensive analysis of multiple interviews, we successfully uncovered the reasons behind their clients’ reluctance to adopt an online-first advisory model. Our findings revealed that customers were not interested in engaging with the firm through new and exciting digital channels but remained loyal to their financial advisors. Furthermore, years of unsuccessful attempts to introduce online tools within the firm had led to internal conflicts among team members. Although online advisors could handle routine client concerns more efficiently than human advisors, who occasionally required breaks, clients rejected the tools without supportive financial advisors in the field, and such support was not readily available.

What They Got

The analysis revealed that the client’s preference for human advisors stemmed from a deep-seated need for personalised and empathetic interactions. The experienced financial advisors had established long-standing relationships with the clients, understanding their unique financial goals, aspirations, and concerns. This personalised touch and the ability to provide tailored advice based on individual circumstances were crucial factors that automated online tools lacked.

To address this gap, the firm implemented a hybrid model that integrated the strengths of human advisors with the convenience of online tools. The financial advisors were equipped with sophisticated digital platforms to provide personalised advice and seamless online interactions. 

The Result

Clients could now engage with trusted advisors through digital channels while still receiving the human touch they value. The firm also invested in comprehensive training programs to upskill its advisors in utilising the new tools effectively. This ensured that the advisors could leverage the technology to deliver enhanced customer experiences and maintain the loyalty of their client base.

The strategic shift paid off as clients embraced the hybrid model, appreciating the convenience of online interactions combined with the expertise and empathy of human advisors. Customer satisfaction increased, and the firm regained its competitive edge in the market. The success of this transformation prompted the company to explore further innovation opportunities.

Leveraging technology to augment the capabilities of their financial advisors and provide an even more seamless and personalised customer experience. By adapting to their client’s evolving needs and preferences, the company solidified its position as a trusted financial services provider in the digital age. Armed with this information, the firm reevaluated its approach to online customer service. It actively involved its human advisor network in exploring the question, “How can online tools enhance and improve customer relationships?” As a result, the firm experienced a resurgence in its earnings.

Competitive Intelligence Financial Services Case study improves market share

A competitive intelligence project case study is needed to understand a financial services firm’s customers better. Octopus brought this real-life case study to you. We’re all about your real competitive advantage. We are the global bespoke people-powered global competitive intelligence agency creating the insight you can do something with.

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