Omnium integration for St. Galler Kantonalbank
Paradigm shift in consulting with Omnium
Today, Omnium is the central tool for providing customer advice at St.Galler Kantonalbank. Face-to-face consulting with Omnium is standardised among advisors across topics – i.e. for analyzing life situations, the mortgage business and retirement planning. Third-party solutions for the investment business are also integrated.
The new consulting process with Omnium is highly rated by advisors as well as customers. This is the result of a comprehensively supported approach.
The initial situation
In 2017, St.Galler Kantonalbank adopted a new strategy of goal-based holistic advice. The paradigm shift also involves supporting customers through their live cycle. Based on this strategy, a solution was sought in the market for implementation.
In spite of gaps in the functionality of Omnium, the already existing modules, the underlying concepts and the proposed approach convinced bank representatives. As a result, Braingroup was awarded the contract with Omnium.
The management of St.Galler Kantonalbank did not simply commission the introduction of a tool for consulting. It started a long-term change process to establish the holistic goal-based consulting philosophy. Tool-based consulting with Omnium as the central application is thus much more than just an IT solution.
The entire project was implemented in stages — with a clear vision from the very beginning. The most important project stages were:
- Introduction of the Omnium module Basic Consulting with the following objectives:
- Focus on the customer with consideration of their goals and wishes
- Providing an overview of the financial situation of the clientele (entire household)
- Development of measures to achieve the financial goals of the clientele
- Formation of a basis for deepening in follow-up discussions (financing, investing, providing for the future)
- Introduction of the investment advisory module, i.e. integration of the existing portfolio management application “FINFOX Touch” with following objectives:
- Realization of goal-based investment advice
- Improved consulting experience due to interactive simulations
- Access to relevant information/documents such as recommendation lists, fact sheets, etc.
- Introduction of the Omnium module Pension provision with following objectives:
- Raising customer awareness of risk events such as disability, death and old age
- Market positioning as a holistic bank
- Gateway to special advisors
- Introduction of the Omnium module Financing with the following objectives:
- Assessment of a property value through the integration of hedonic estimation models
- Showing the clientele their viability for real estate financing
- Offer customers various financing options and mortgage products within one system
- Increasing the customer experience in consulting through the integration of external additional services
- The bank has established a customer-centric, digital advisory approach with Omnium.
- Consultants and customers rate the consulting experience with Omnium highly
- Thanks to well thought-out and consistent processes, the bank has created flexible foundations for further consulting topics.
- The comprehensive change program was widely supported by the bank at all levels
Success-Story St.Galler Kantonalbank
«The continuous and holistic support of consulting processes across all relevant specialist topics with Omnium as the central application is an enrichment for the consultation and inspires our customers.»
Mario Laubscher, Head of Private Banking Division of St.Galler Kantonalbank AG
As a universal bank with regional roots, St. Galler Kantonalbank has been advising private and business customers on all aspects of money for over 150 years.
Newly developed «St.Galler Financial Consulting» consulting philosophy
At the time of the evaluation, advisory processes at St.Galler Kantonalbank were heavily paper-based. Therefore, the process of how a consultation was conducted varied a lot by advisor. Thus, the challenge was to provide up-to-date and relevant information, but also to connect emotionally with the customer. In order to live up to our positioning as advisory bank, it was time to develop a standardized consulting concept and a corresponding tool, from meeting preparation to follow-up. The main objective was to provide our customers with holistic advice and to place their goals and wishes at the center. The modular consulting solution from Omnium is consistently aligned with the new “St. Gallen Financial Advisory” and optimally supports all aspects.
With the introduction of the Omnium modules Basic Advice, Retirement Planning, Financing, and Investing, the new advisory process is geared much more closely to the life situation and needs of bank customers. Holistic and goal-based advice gives customers a sense of assurance, which strengthens customer loyalty.
«With Omnium, we have a standard software which, in addition to the high level of system integration with the core banking system and the relevant peripheral systems, also impresses with its ease of use,” says Mario Laubscher, Head of Private Banking Division Management and Project Manager at “St.Galler Finanzberatung”. “The visually appealing user interface, the comprehensible customer journey and the well-prepared customer output round off the solution.»
Comprehensive change process
The introduction of the new solution required St.Galler Kantonalbank to rethink its advisory philosophy: away from traditional product sales and toward holistic, life-stage-oriented advice. During the rollout, the bank invested heavily in the training of its employees. The focus was always on the advisory philosophy and best practices. Omnium increases standardization and of the advisory process and is an important element in the consistent implementation of the bank’s hybrid advisory strategy.
After a detailed examination of the technical as well as business requirements, Omnium prevailed due to the scope of services as well as the credibility and authenticity of the employees. Mario Laubscher emphasizes: «With more than 24,000 consulting sessions in the meantime, we look back with pride on what we have achieved. We would like to thank Braingroup for their competent support.»