Raiffeisen Polbank: rapid increase in sales of banking products
Piotr Czarnecki, former CEO of Raiffeisen Polbank
100% – this is how much we exceeded our very ambitious sales plans with the help of Strategy&Results. Year-on-year turnover with a specific customer segment increased by 20%.
We decided to cooperate with Janusz after Raiffeisen Bank Polska took over PolBank EFG. It turned out then that a significant part of the purchased customer portfolio is unprofitable, so it cannot generate the planned profits. We urgently needed to make the intercepted mass of customers fully profitable.
This goal seemed completely unreachable to us because the tradition of our bank has always been high quality customer service and high productization. Meanwhile, newly acquired clients (there were 1.5 million of them) not only had a relationship with the bank based on one product to a large extent, but they were also used to completely different service standards. In addition, together with the clients, we took over the staff that worked in a completely different organizational culture and service standards. Where we expected additional resources and added value, we found significant risks and additional costs.
Janusz insisted that if we ask customers exactly what they need, we will find out where we can get a 10% increase in revenue. We were not convinced about this concept, because even though we had piles of market research reports from the largest global companies, no one wanted to approach the problem in this way. But we did not have much to lose. Therefore, we decided to take the risk that Strategy & Results consultants would help us discover the potential of such a huge mass of clients, which has so far been practically unused. Janusz’s report was created in 2 weeks and it cost us a fraction of what we normally pay for this type of research. On its basis, we designed a product and a sales strategy, which we implemented with the help of Strategy&Results.
That is why I recommend Strategy&Results to anyone who needs to increase the profitability of their business.