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In the post-crisis world, many banks are still grappling with methods for establishing stability, with growth as a distant goal. Huntington Bank was hurt badly by the losses it suffered. But when CEO, Stephen Steinour joined in 2009, he saw an opportunity to invest in growth by creating an effective customer referral process across 18 business unitswhich would increase customer walletshare. The company has raised $1.8 Billion in new capital and invested it in growth.
challenge Huntington Bank, like many in the financial industry, suffered during the 2008 United States financial
crisis. That the bank was still operating under a siloed mind set across its 18 business units added to an already difficult situation. There was little collaboration and no insight into how customers interacted with the bank. The bank's new leadership recognized the opportunity to transform into an agile organization strong enough to pull through a difficult market environment. strategy Huntington Bank laid out its strategic plan and partnered with Bluewolf on its implementation of collaborative cloud-based technology for a 360-degree view of customer profiles across its 18 business units. Huntington used the Bluewolf Agile Business Transformation framework to embrace change through technology with an iterative process. The focus is on sustainable innovation to continuously add new processes and functionality rapidlyas often as business needs changewithout
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We measured the impact of the implementation by the number of referrals from one business unit to another, the quality of referrals, and the amount of time we turn a referral into a customer. Our close rates on internal referrals has gone from 25% to 50% overalland 56% on qualified customers, said Afzal. He attributes the success not just to the technology, but also to the cultural shift. We have not just gone about business as usual with a new system, but used it to support a major change in the way we do business. The soul of our innovation is in the shift to being progressive in our marketing tactics and flexible enough to benefit our customers. We embraced cloudbased technology and the constant change that it offers us as far as functionality.
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about us > Bluewolf is your guide on the journey to enterprise agility. We partner with clients to sync business and IT to create a new level of business responsiveness. From cloud enabled customer life cycle innovation, to IT staffing, to agile managed services, Bluewolf knows how to get your business to the next level of innovation. Our clients include Time Warner Cable, GlaxoSmithKline, ADP, Dow Jones & Company, United Way, Chevron and more.
results Huntington Bank: One common sales management platform across the company Increased percentage of customers with four or more Huntington consumer products by 4.4% from Q4 2009Q2 2011 Generated 600,000 customer referrals through mid-2011 Increased close rates on qualified cross segment referrals by 56% Experienced six consecutive quarterly increases in profit as of Q2 2011 Is now the 35TH largest bank holding company in the US Has a loyal customer base of 1.3 million customers
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