Innovating customer experience for long-term financial contracts
Building societies offer their customers long-term financial services such as Home-loan-savings or mortgage contracts. However, the relationship with customers often weakens over time. BHW is therefore looking for solutions to build more resilient structures and create closer, lasting relationships with customers so that they can remain a reliable partner throughout many years.
#InnovateFinance #CustomerEngagement #FinancialRelationships
✅ Completed 🏁 Winner Congratulations to Modulr Design & Unicorn Makers!
🏆 Prize EUR 5,000 prize pool + collaboration after the challenge
🌎 Scope 🇩🇪 The solutions should be explicitly tailored to the special requirements of the german market.
🪙 Future Finance This challenge is part of the Future Finance Innovation Program
In this tab, you can find all the relevant information for your submission. The following contents must be submitted for participation
How to submit
- Submission template (mandatory)
A standard template is available. The template will help you structure your solutions and approaches and provide answers to all relevant questions and frameworks. Download the Submission Template here - optional content
You can try to stand out and also supplement your submission with prototypes, image and video materials, or other concepts or visual elements - simply submit these files additionally via our platform.
Criteria & guidelines
Scope
The proposed solutions must align with the building societies core business in the german market appropriate for retail clients in Germany. Focus on the customer engagement within construction financing and building savings contracts.
Framework
Mortgage accounts as well as home-loan-savings-accounts are maintained digitally in online banking as well as traditionally with postal account statements only.
Customer interaction
Advisory services are generally available through our own sales forces in branches and agencies as well as after sales services through our central call center. Potential solutions should ideally cover different customer groups (eg. customers that can be contacted by phone/e-mail as well as customers that can only be contacted by postal mail).
Avoid the development of completely new products
The proposed solutions should not lead to the introduction of a new building society product (as this is a very complex and highly regulated process).
Compliance
There are strict regulations for the introduction of new financial products, and any proposed solution in that direction must comply with these regulations.
Objectivity
The solutions should not be incentivized to sell a particular product or service that may be more profitable for the bank. The solutions proposed should not affect the objectivity of customer consulting. The proposed solutions must ensure objective customer consulting.
Feasibility & Cost-effectiveness
The proposed solutions should be practical and feasible to implement. The following criteria must be considered: low process complexity, short implementation time and a convincing cost-benefit analysis.
Customer-centric
The solutions should be designed keeping the customer's needs and preferences in mind.