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Exchanging owners while keeping customers
When Boursorama decided to exit the UK market, its share dealing subsidiary Selftrade faced a serious risk that customers may follow its parent company out the door unless nine out of ten of them consented to be moved. To complicate matters, an anti-money laundering process was underway with regulators which meant Selftrade needed a watertight database of details for every client it had. The scale and complexity of customer communications ahead was mammoth. Lansons stepped in to manage every aspect, resulting in 90% of Selftrade’s customers staying with the platform after the sale.
This demanded a hands-on approach and we moved a Lansons team onsite to get under the skin of the challenge. They worked closely with Selftrade’s team and the restructuring consultants to project manage the entire process. This included taking on the company’s dialogue with the Financial Conduct Authority, all customer communications and overseeing a website redesign so vital information would reach target audiences.
Lansons crafted methodical systems to cope with what could have been an overwhelming challenge; there were myriad customer profiles which each needed tailored communications, all requiring sign-off from the legal and compliance team. Our team handled engagement with staff and advised on how to communicate difficult restructuring decisions while creating a plan to handle the exit of the legacy marketing team. Against this backdrop we conducted a cautious media containment strategy which minimised reputational impact and closely monitored relevant online forums to keep in tune with customer sentiment.
Our work with Selftrade sat at the crossroads of many areas of Lansons’ expertise – managing a behemoth regulatory, customer and internal communications challenge. Underpinned by months of onsite teamwork, Selftrade was well positioned to start life under its new owner having lost only a minimum of customers.