case studies

Case Study #1

RESULTS

  • Product penetration up from 1.30 to 3.05
  • Service quality and loyalty scores more than 11%
This $630 million financial institution began Mosaic's sales and service development process in 1999. The institution faced two challenges: 1) an operational orientation with no focus on sales production and 2) a three state footprint which made delivering training and managing the sales and service process difficult. Mosaic assisted by implementing a comprehensive sales and referral measurement system, service quality interviews and a customized sales and service training program that allowed delivery throughout their branch network. In the 10 year period from 1999 to 2009 this client has increased their product cross-sell ratio from 1.30 to 3.05 and simultaneously increased their service quality scores by more than 11%.

Case Study #2

RESULTS

  • Deposit accounts/household 1.10 to 2.25 in 1 year
  • Service quality scores moved from 82% to 94%
  • Reduced advertising expense 9%
Our client for case study two is a $2.1 billion financial institution that brought a unique challenge to Mosaic. They had a limited deposit product offering with no checking accounts, credit cards or consumer loans. The demographic profile of their client base was above average income and assets. The goal was to increase accounts per household, increase deposits and in turn, reduce the money spent on expensive local newspaper advertising. Mosaic worked with this client on the complete sales and service development process including establishment of service standards, sales and referral measurement systems and service quality interviews. Mosaic developed a customized sales training program that concentrated on cross-selling core deposit products and securing a "second sale" from customers. In the first year of implementation, deposit accounts per household increased from 1.10 to 2.25, allowing this client to reduce their advertising budget by approximately 9%. During the same year, service quality scores increased from an overall score of 82% to 94%.

Case Study #3

RESULTS

  • Loan close ratio up 20%
  • Deposit product referrals up 12%
  • Product penetration increased 110%
This $350 million financial institution came to Mosaic looking to 1) increase the close ratio on loan applications and 2) increase the cross-sell effectiveness and service quality scores for retail. The engagement began with the lending area. Results from Mosaic's needs assessment survey indicated a gap in product knowledge and employee concern regarding manager's coaching and support. Mosaic recommended the financial institution hold off on sales and service skills training and assisted in developing a product knowledge certification program. Six months later, loan representatives attended Mosaic's On-Target Sales & Service program and the management team attended Mosaic's On-Target Sales Management program. Within three months of training, the loan close ratio had increased 20% and referrals to retail had increased 12%. The following year, the program was introduced to retail and resulted in a 110% increase in cross-sell effectiveness. Additionally, this financial institution now consistently scores 95%+ for overall service quality (based upon post-transaction interviews).

Case Study #4

RESULTS

  • Interdepartmental referrals doubled
  • Product penetration increased from 1.48 to 3.00
Mosaic began working with this $5.6 billion financial institution in 2001. Based upon market location and several acquisitions, this client had acquired sales personnel from a variety of competitors. As a result, there was inconsistency in the customer experience and increased "silo building" in the various departments. The goals for this engagement included: 1) increase teamwork between lending, trust, investment and retail, 2) inculcate a common approach to sales and service in all departments and 3) increase sales and referral results. Mosaic worked with this client with the complete sales and service development process. The curriculum that was developed was appropriate for all customer contact employees and allowed for simultaneous facilitation to lending, trust, investment and retail. Within the first two years, interdepartmental referrals doubled and have remained steady in subsequent years. Cross-sell ratios for the retail operation started at 1.48 and are currently just below 3.00.

Case Study #5

RESULTS

  • New customer product penetration increase of 226%
  • Existing customer product penetration up 131%
This $3.1 billion holding company has multiple banks with different products, leadership and marketing. The challenge for this client was to introduce one universal approach to the customer experience, increasing sales and referral results while maintaining already high service scores. Mosaic assisted with the full sales development process including implementation of a sales and incentive measurement system, sales and service skills training, sales management training, several customized workshops and incentive compensation consulting. For this client, Mosaic has delivered all of the sales training directly to employees since 1999. Cross-sell ratios for the bank started at 1.40. As of the most recent set of sales measurement reports, the overall cross-sell ratio is at 3.87, the cross-sell ratio for new customers is a 4.57 and the ratio for existing customers is a 3.24.