Festina advisor

New IT system provides more and better time with customers

Middelfart Sparekasse has launched a new IT system called Advisor that will contribute greatly towards the daily tasks that its advisors perform for its customers. The savings bank believes the system will free up time for customers and improve the customer experience.

Many life-changing decisions require a visit to the bank, whether  it is moving to a new job in another part of the country, the arrival of a second child or buying a cottage by the beach. The  relationship between the advisor and customer plays an essential role, according to Middelfart Sparekasse.

“Although many things are becoming digitalized, we believe that we can make a difference by meeting the customer in person. We support them when they make life-changing decisions and we generate trust by meeting face-to-face,”
says Kristian Gren, who manages  marketing and business development at the bank.

That approach pays off. Customer satisfaction with the bank has been at a high level for many years, according to Finanswatch and research agency Wilke. Middelfart Sparekasse has had the best brand among banks for  three years in a row and been awarded best workplace in Denmark four times. The soft values do not mean that  the bank  does  not  apply new technology. However, the Advisor system that Middelfart Sparekasse is implementing has been adopted primarily to generate more time with customers and enhance the customer experience.

“We are well underway in implementing Advisor, and even though it takes time and requires adaptation to implement a new advisory system, we believe that Advisor is a gain for both customers and advisors - which can benefit us in streamlining our business,” Gren says.

Improves Meeting in Person
The  new software in Middelfart Sparekasse will strengthen the customer relationships. With its comprehensive, visual approach, the software provides a better overview and insight into what  the advisor is discussing, while the customer can follow the explanation on screen. That understanding provides the best prerequisites for fulfilling the customer’s aspirations.

“The system is fast becoming our new  advisory platform.  Here, we can visualize, create scenarios and make specific simulations in real-time. If the customer is about to buy a house, we can  create different scenarios and show how it will impact their economy. The customers are responding well to it, feeling that they are getting a better overview and understanding,” according to Gren.

Instead of just looking at their economy right now, the Advisor system can take the customer’s plans into account and construct  scenarios. For example, will it be possible to afford an extensionto the house if a second child is on its way, and what if someone in the family loses their job? The software isn’t just providing insights on the economy yesterday and today, but also for the future.

Streamlining Frees Up Time for What’s Important
The Advisor system automates a series of routine tasks – e.g., customer applications and data collection  – freeing up valuable time that  the advisors can spend with customers instead.
“The processes are getting faster.  That obviously streamlines the business, but it also allows us to create a better customer experience because we can answer the customers faster and spend more time with them,” Gren says.

Despite web banks and robot-advisors, the personal contact with clients is still crucial to Middelfart Sparekasse.
“Long-term, the customer might be able to simulate their economic future by them-selves from home, but we still want them to come to the bank to meet us  in  person. We emphasize that customers should be advised by real people like you and I and not by a robot. We have to use IT to become more efficient where it makes sense, but it can’t be robots instead of real advisors,” he says.

About Middelfart Sparekasse
Middelfart Sparekasse is a guarantor savings bank with approximately 16,500 guarantors. From being a small bank at Funen, Sparekassen is today a regional bank with over 300 employees and 77,000 customers spread across 13 branches at Funen, in the Triangle area, East Jutland and Esbjerg. With a focus on their costumers lifesituation and needs, Middelfarts Sparekasse sets itself high standards in order to give their costumers the best personal advice.