For immediate release
Keywords: MiFID II, regulation, sales tool
S-Bank is a Finnish in-store bank which belongs to Finnish S Group and offers services related to saving, payments and financing. Cooperation between FA Solutions and S-Bank started when S-Bank discovered a need to become even better at serving their customers in personal saving and investing services by improving needs analysis and customer relationship management. Before getting their own customized solution, as partly owned by LocalTapiola, S-Bank used LocalTapiola’s parallel solution which was also developed by FA Solutions. Since S-Bank was pleased with the former system but in a need to get own, specifically customized application, it felt natural to choose FA Solutions as their IT system provider and partner. “FA Solutions had just the right kind of knowledge of building and implementing similar platforms”, justifies development manager Lilian Bergström from S-Bank.
There was a lot of requirements from customer interface to statutory documentation for the solution needed. Main purpose was to be able to offer customized solutions for individual customers based on their situation, needs, and wishes, in other words to improve customer experience, but at the same time do it more efficiently and fulfill complex documentation needs of regulatory. The solution is developed to support customer meeting situations and to find the best possible solution for an individual customer. System is used both in face-to-face and telephone meetings.
Working with the tool in practice starts with filling background information about the customer, e.g. wealth and former investing experience. Platform takes into account for example customer’s adventurism, expected return, and investment horizon, and based to that information the tool forms a proposal to fit the customer profile. At the same time the system collects and saves information for future customer meetings and statutory documentation.
S-Saving plan formed by the tool can be given to customer immediately after needs analysis. “We’ve already got positive feedback from our end customers. Customers have been happy to get something to go home with so that they can go through the plan once more”, Lilian describes the feedback from customer interface.
Using the software guarantees that all important information is gathered before doing the needs analysis to provide the best possible solution for end customer. S-Bank can also be sure that all situations are handled in the way required by regulation. Precise documentation improves also the customer experience: customer information is always available and for example former saving plans can be found quickly and easily.
Developing the solution was done in close collaboration. “Working with FA Solutions was easy and conversational, and we worked together to find the best solutions for S-Bank. Their knowledge of finance sector gave us a big help and new perspectives. Actually the first phase was completed in record time: 14 weeks including Christmas holidays! So working was really effective”, Lilian comments happily.
S-Bank predicts that the solution provides long-term benefits. Markets and products are changing all the time but that’s not a problem since S-Bank can easily manage and change product range and attachments in final output, for example graphs and product descriptions.
“The tool is versatile but easy to use. At the same time we are able to serve customers effectively and individually and produce needed materials and reports. While computer is taking care of the documentation and reporting, people working in customer interface can concentrate on what’s the most important, the customer”, Lilian summarizes. “FA Solutions has proved to be diverse and reliable partner. We have been really satisfied on working with them. S-Bank can willingly suggest them to similar projects!”
partner and Chairman of the Board, FA Solutions
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