Creation of financial services Internet modules for a Retail Bank:
In the late ’90’s a new sales distribution channel was seen in the ‘Internet’. Travel agencies, banks and second hand market places immediately understood the advantage of direct sales in a one-on-one internet-based online market place.
In order to cross-sell different products, a retail bank expressed plans to develop an online platform to answer questions as how to save money for your child’s education, or plan your retirement beyond the basic pension plan, and the likes.
A cross-departmental team was formed, including a financial planner and a communications specialist to deliver the project. The modules were developed by an Internet developer and hosting provider while the communications department assessed and checked the layout against the house style.
The final delivery created a set of modules guiding a customer through various Q&A’s resulting in offering a mix of savings, stocks and bonds as well as insurance related products customized to the client’s needs.
The team of external advisors and web module developers, together with the bank specialists delivered quickly and cost efficient, with a positive and excited mindset on the market opportunities.
Eventually the modules were never launched to avoid discussions with the independent intermediate distribution channel. Already the financial services industry is conventional by tradition and the insurance related products always have
The project is an explicit example of the business rationale to be guarded during the complete lifespan of the project. Still, the timing might not have right for full deployment of the solutions, the job was a success as the organization learned about the possibility and took a conscious decision. Who knows for the future..
As teamwork and delivery a success, with a happy and pleased project principle.