Delivering client-specific products to help manage industry-specific pain-points and providing a full range of products are the key factors that define an effective and practical coverage model for any financial institution. Coverage models are important to build and sustain long-term relationships with clients across industry sectors and segments. Majority of clients today have become sophisticated and are more self-reliant. Therefore, business teams within banks are increasingly demanding tailor-made solutions that can help meet client expectations across industries.
The challenge that banks face here are two-fold – One, investing in development of right set of products & services and second, identifying the right micro-markets within the region and opportunities to cross-sell or acquire new clients. Another aspect that financial firms usually miss out to incorporate in coverage models is the risk factor. The attractiveness and risk of industry groups varies by economic cycles and the nature of the economy.
How we add value
- Cedar performs a fast-track diagnostic review of current coverage model to identify gaps through series of interview sessions with key executives. Cedar reviews and understands current coverage of clients across micro-markets through its well-defined “micro-markets to industry” grid developed for major cities across geographies. Cedar follows this through assessment of current gamut of products & services offered compared to industry best practices. With the help of its rich experience and network within the region, Cedar conducts primary interviews with industry experts, to further assess and identify current market sentiments and growth trends across industries. Based on the current state assessment and external market research, Cedar delivers a new transformed coverage model with clearly defined target micro-markets.
- Leveraging its 12X58 model, Cedar identifies prospective industries for new opportunities mapped with new set of recommended products and services. Cedar’s proprietary 12X58 framework provides banks with a clear view on which sectors to prioritize for lending. Cedar develops a way forward for banks to identify attractive opportunities for lending across key sectors. Due to its global network and vast experience, Cedar also deeply understands the end-user industries that banks lend to.
- Cedar has helped multiple marquee clients with redefining the coverage model through a standard, well-tested methodology. Cedar is uniquely qualified to help clients beyond strategy formulation with the execution of a new coverage model and assist clients through their journey of transformation.