Financial technology companies, like other companies, are most likely to succeed when they keep the customer’s interests in keen focus when designing and offering solutions. One company that does exceptionally well in this regard is SigFig. Recently, they launched a platform to help retail banks efficiently and accurately determine which of its products it should suggest to prospective customers.
This new platform, dubbed “SigFig Atlas”, comes on the heels of the Company’s other recent platform launch of SigFig CoPilot that assists wealth management advisors. The Company has developed and is executing on its strategy to out compete in the market by employing a one-customer mindset. Such mindset is an integrated approach to customer relationship management putting the onus on SigFig to stay on top of each customer and their various needs.
In theory, the one-customer mindset also facilitates cross selling products. "After years of working closely with our banking partners, we found an opportunity to take our experience in innovation and customer experience and apply it to solve other needs of banks and their customers," CEO and co-founder Mike Sha said in a statement.
With SigFig Atlas, Sha aimed to solve the primary issue of accuracy in product offering. Prospective customers may not accurately answer about their financial profile when speaking directly to a retail banking professional simply because they may feel time pressured or feel the need to manage perceptions.
"There's a social pressure to give the right answer as opposed to the truthful answer," Mr. Sha said. "[Atlas] takes out that personal and difficult element of gathering some of the basic facts and information."
By enabling such customers to answer through an intuitive online interface the appropriate questions, the retail bank obtains more accurate data and is then better equipped to suggest the right products.
The platform’s data analytics engine can determine which products are best suited for each prospective customer therefore drastically reducing the chances of human error or missed opportunities which occurs when advice is provided based primarily on the bank professional’s qualitative judgement.
According to Sha, he wants to "Make sure they are giving good, personalized advice and delivering that through the right person,” referring to SigFig’s portfolio of bank clients.