Product Factsheet. enhancing business performance

Transcription

1 Product Fctsheet enhncing usiness performnce

2 Consumer Profile is prt of our Finncil Clrity offering. We re prtnered with Experin, the leding UK Credit Reference Agency, enling Finncil Clrity to now contin end investor demogrphic informtion. This informtion is mpped nd modelled ginst Experin s Finncil Strtegy Segments, llowing our customers to exmine their investor types ginst the mrket.

3 So, wht is Consumer Profile? Consumer Profile is n dditionl nlyticl lyer tht further empowers Finncil Clrity s cpilities. It does so y enhncing the visiility of fund distriution chnnels to the end-investors, llowing in-depth own nd mrket consumer demogrphic profile nlysis. Consumer Profile is composed of three key dt sources: Trnsctionl dt Trnsctionl dt (Gross, Net nd AUM) which is collected every month from Fund Mngement Groups, Life & Pension Compnies nd Pltforms. We currently collect over 90% of ll intermedited retil trnsction dt from the UK Finncil Services industry. Finncil Advisers contct detils Finncil Advisers contct detils which mke up the UK s most comprehensive dt source, the Mtrix Finncil Intermediry Dtse (MFID). Experin s Finncil Strtegy Segments Experin s Finncil Strtegy Segments (FSS) the UK s most widely used nd comprehensive consumer demogrphic model for the Finncil Services industry. How does it ctully work? In ddition to the norml trnsction informtion tht we collect from our Finncil Clrity clients nd contriutors (vlue, type, dte, intermediry contct nd usiness profile) we now collect three new investor vriles which re ppended to ll these trnsctions t source: dte of irth, postcode nd gender. This genertes vst mount of new fctul informtion which cn e further hrnessed through our unique prtnership with Experin. We receive regulr updtes on the typicl investor profile of every single postcode in the United Kingdom, which llows us to segment the investors ehind ech finncil trnsction into one of Experin s 45 Finncil Strtegy Segment types. (See the FSS Section for full explntion of ll the investor types.) By giving users ccess to informtion out the demogrphic profile of their end investors in conjunction with fctul own nd mrket sles trnsctions, you cn now develop specific sles nd mrketing strtegies tht re segmented ccording to their end-investor profile for the first time. Furthermore, the vriles provide key insight for complince tems to ensure products re eing sold to the right investors. Wht re the enefits? Consumer Profile hs mjor enefits for Industry Complince s well s Product Development, Mrketing & Sles Strtegy nd Environmentl Awreness. Product suitility - Gives you detiled understnding of the end investor s profile nd whether your products re suitle for their needs. Provides view of oth your own products nd/versus the rest of mrket to identify oth existing trget mrket suitility nd new opportunities. Complince/regultory requirements - In conjunction with Experin s Finncil Strtegy Segments, Consumer Profile enles you to ccurtely segment your investor se in line with common industry stndrd. The detiled results from the service help you to demonstrte tht you re treting your customers firly nd will id your mngement of Conduct Risk. Mrketing - Are the right investors eing trgeted with the correct communiction? You cn identify the groups nd types of individuls you re fter nd mke sure the right messge gets through to your relevnt udience nd identify loctions nd intermediries who hve ccess to tht udience. It s lso very useful tool for ny Product Risk review requirements. Product Fctsheet

4 How cn it help me sell more products? Twenty yers go doing usiness in the UK ws reltively strightforwrd; Investors simply pproched finncil dvisers who plced their orders directly with fund mngers nd/or life & pension providers (L&Ps). But the dvent of intermedited nd direct pltforms hs hd profound effect on the industry. Their role s conduit of finncil service provision chnged the rules of the gme for Fund Mngers, Intermediries nd Regultors like. The introduction of dditionl steps in the distriution chin hs creted confusion in terminology nd perception, s well s lck of understnding of which chnnels re ctully driving product nd fund sles. Finncil Clrity dt hs historiclly lwys een orgnised into two lyers of dt: The first level covers the primry genertors of usiness (those with the end investor reltionship) nd these re known s Primry Business chnnels. The second lyer encompsses chnnels tht ggregte sles from the Primry Business chnnels which re known s Wholesle Distriution chnnels. They include life nd pension groups, intermedited pltforms nd lso fund mngers (direct intermediry) who still ttrct certin volume of usiness direct from intermediries.intermedited pltforms re not stnd-lone distriution chnnel, ut insted provide services with cler trnsctionl nd dministrtive enefits for fund mngers, intermediries nd end consumers. Becuse of the wy in which the purchsing of funds hs een complicted, mrket prticipnts nd Asset Mngement Compnies in prticulr re now less le to understnd their end investors. In ddition other mrket prticipnts need cler view of the differing types of investors who interct with ech Primry Business chnnel, product type or individul distriutor to get full mrket view. The prtnership with Experin nd the inclusion of Investor profiling informtion mpped to individul postcodes hs een creted to ddress this precise issue. Consumer Profile cretes insight once gin out the end investor types in every postcode in the UK, llowing mrket prticipnts to dpt their usiness model to trget the right investors for their products. Our prtnership with Experin In April 2013 we nnounced strtegic prtnership with Experin llowing us to crete the Consumer Profile tool. We ve een working to mp ll of the dt supplied y our clients ginst the Experin Finncil Strtegy Segments to help illuminte the demogrphic nd purchsing ehviour of investors in prticulr regions. In Beumont, Chief Executive Officer t Mtrix Solutions sid: By incorporting consumer fctul informtion with this dded level of detil from Experin, our clients will e le to understnd who is investing in their products nd how this vries y chnnel, product, sector nd distriutor ginst the rest of the mrket. The result is n incredily powerful mrket intelligence tool tht enles clients to etter understnd their customers nd mtch their rnd nd mrketing strtegy to the right products nd chnnels, s well s demonstrte to the FCA tht they understnd their client se. Richrd Crisp, Hed of Finncil Services t Experin sys: Finncil Strtegy Segments dds vlule insight out consumers nd their uying hits nd dovetils exceptionlly well with Finncil Clrity. By fully understnding their own investor nd prospect ehviour clients cn use the link into Experin s Consumer View to ct on the intelligence glened nd develop trgeted multi-chnnel mrketing strtegies to grow their usiness. Product Fctsheet

5 Wht is Finncil Strtegy Segment? To communicte effectively with consumers it is importnt to segment their ehviour t the level t which the finncil decision is mde. This my e s n individul or collectively s household. Clssifying consumers purely on the sis of the neighourhoods in which they live fils to ccount for the incresingly complex pttern of people s finncil ehviour. FSS ddresses this prolem y distinguishing etween the finncil ehviour of individuls nd the households in which they live. It recognises tht mny finncil trnsctions such s cquiring pension pln or pplying for lon re personl driven y n individul s spirtions nd personl preferences. Other trnsctions such s otining mortgge or purchsing home insurnce re more closely ssocited with the household. FSS provides insight on the types of finncil product or service consumed, nd segments ehviour on the sis of person or household s net worth, equity, investments, indetedness, credit risk, ttitudes nd preferred trnsctionl chnnel. The clssifiction segments the totl popultion of the UK into 93 individul ehviourl types. These re then ggregted to 50 household types nd 14 household groups. Providing clssifiction tht discrimintes the ehviour of individuls nd households ensures tht you cn trget your services more effectively nd improves response to communiction. Affluence c c c c c c 14 c 44 c c c c c Lifestge Finncil Strtegy Segments Fmily Tree nd Dt Sources How is Finncil Strtegy Segments uilt? The dt used to uild FSS hs een chosen for its ility to ccurtely descrie finncil ehviour. It is chrcterised y its volume, qulity, consistency nd sustinility. To qulify for use within the clssifiction the dt must meet the following criteri: Identify nd descrie consumer segments y individul or household Mximise discrimintion Allow for the identifiction of wide rnge of finncil ehviours Be updted nnully to ensure the clssifiction mintins n ccurte nd consistent view of finncil ehviour t ny point in time The informtion selected must e cple of distinguishing ehviour round series of key dimensions including demogrphics, personl equity, investments, orrowings, det, ttitude, spirtion nd chnnel choice. In uilding the clssifiction. Experin hs incorported key ehviourl dt from YouGov Finncil Omnius Survey nd other YouGov inputs. It provides detiled informtion on people s use of finncil services nd enles Experin to identify individul product preferences nd trnsctionl ehviour. Using this dt, Experin hs uilt series of person nd household level propensity models, which re used to ugment our understnding of consumer ehviour. Product Fctsheet

6 Key Fetures of Consumer Profile A simple nd secure we-sed pltform Consumer Profile employs highly intuitive nd user-friendly dshords, which re uilt using the sme technology s Finncil Clrity. They re n open pltform which llows users to drill into ny prticulr re they re interested in nd view tht selection in oth Consumer Profile nd Finncil Clrity dshords. Their formt encourges users of ll skill levels to emrk on interctive nlysis since the dshord design llows ll of the informtion to e displyed t once. As soon s user mkes selection, ny unusul segment will jump out nd encourge further nlysis. The dvntge of Consumer Profile is it enles users to see the linkge etween Investor chnnels nd Intermediries - not only cn they profile their product, distriutive chnnel, IMA sectors, ut they cn lso profile ll Intermediries (provided there is visiility), nd strt nlysing whether ny prticulr Firm/Brnd ttrcts prticulr type of investors. Over time we expect to lunch dditionl dshords sed on feedck from our clients. Here is rief description of the initil set:these chrts re interctive so you cn esily identify different ccounts for different products or sle regions, nd you cn set minimum/mximum revenue rnges to ensure tht the intermediries growth rtes/mrket shre re relevnt. Hving identified your focl ccounts, dditionl informtion cn e extrcted though the Account Anlysis dshord for ech outlet. Own Profile nd Mrket Profile This is centrlised dshord designed to show you holistic view of the consumer. Own profile will enle users to nlyse their own consumer se y multitude of vriles. Mrket Profile provides the mrket view where users cn nlyse the mrket consumer rekdown. Mrket Profile dshord Own Profile dshord Own Vs. Mrket This dshord provides comprison of Own ginst Mrket investors cross rnge of vriles, enling user to see how their consumer mke-up differs from the mrket y reltive volume nd mrket shre. Consumer Metric This dshord is dt extrct point, where users re given the flexiility to compile their own tle. There is lrge choice of vriles nd time periods ville to users to produce their required espoke reports for export. Own Vs. Mrket Over Time This dshord is designed for trend sed nlysis, enling users to see how their own nd the mrket consumer se chnges over time, enling users to spot trends nd lso query specific time periods to understnd ny nomlies nd unusul spikes within their sles. Own Vs. Mrket Over Time dshord Product Fctsheet

7 Some Exmple Queries We hve produced detiled user-guide nd study of prticulr queries, so if you would like more informtion out these specific exmples then plese contct the Sles tem for informtion on queries such s: 1. Anlysing own or mrket consumer rekdown using ny vriles currently ville in Finncil Clrity. 2. Mking consumer relted selection, then toggling ck to Finncil Clrity (Key Customers) to see which Intermediries these investors re uying their funds through. 3. Mking selection nd nrrowing it down to group of Firm/Outlet, then switching to Consumer Profile to see their client se rekdown. 4. Mking some selections sed on your own products, nrrowing it down to group of your own investors, then selecting those investors, nd removing other selections to see where else in the mrket they re investing their money. 5. Wht is our shre of wllet of our entire client se? 6. Investors tht invest vi Finncil Advisers, wht other chnnel do they use? Or how mny of those investors uses other chnnels nd how much? Product Fctsheet

8 Consumer Profile 55 New Oxford Street London WC1A 1BS T +44 (0) F +44 (0) E support@consumerprofile.co.uk W consumerprofile.co.uk