A full-service bank, with nearly 80 offices and regional service centers located across the United States, wanted to offer its business clients an integrated, exceptional online experience.

by: Jon Magin

A full-service bank wanted to offer its business clients an integrated, exceptional online experience. Each of the bank's online services uses its own log-in and entitlement process, which in turn required the bank’s business clients to manage multiple credentials.

As the bank continues to expand its online offerings and serve increasingly sophisticated business needs, its executive team wants to consolidate delivery of all online services through a world-class portal—one with a federated single sign-on capability, personalization and dashboard features, and support for advanced analytics and workflow functionality. For assistance with creating an integrated and differentiated online experience for its clients, the bank turned to West Monroe Partners.

Segmentation and client insight provide the foundation for strategic direction.
To help the bank take the first step toward defining its portal strategy, we contributed experience in treasury management, online banking, and customer segmentation/research—along with proven approaches that have worked well in similar situations.

Online user segments. To help the bank begin its quest to develop a world-class portal and online experience strategy, we consolidated data from the disparate online systems into a common database. Then, we analyzed that data—including volume and range of usage types, frequency of transactions, usage combinations across products, and user- and product-level entitlement administration. From that analysis, we were able to identify and profile seven distinct online business client segments.

Segment research. Based on the segmentation scheme, we developed and distributed an electronic survey to collect additional client and segment insight. We used preliminary findings from this survey to conduct follow-up interviews with a sample of clients representing each of the key business segments. Based on this research, we created user personas for the key types of clients that use their online systems. 

Strategy Articulation Map. The West Monroe team documented key points of differentiation online, identified specific business portal initiatives, and developed the portal strategy—presented in the form of a strategy articulation map that is now guiding the bank forward.

Moving toward a differentiated online client experience.
First and foremost, this effort provided the bank with a deeper and clearer understanding of the things that matter most to its most profitable clients. It has served, in effect, as a starting point for developing and prioritizing detailed requirements and features for the bank’s portal and enhancements to its online client experience.

In addition to driving a more satisfactory and compelling online experience, the bank will gain additional business benefits—ranging from simplified administration and enhanced security to greater staff efficiency and stronger marketing and branding—as it begins to implement the next steps and move toward developing the client portal.