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Best Practice Database
Customer Service » Customer Relationship Management
Metrics, Detailed Process Map
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"In Search of Operational Excellence: Key Findings for Retail Financial Services Companies"
The intensely competitive nature of the retail-banking industry prompted members of the Barbadian retail financial services community to collectively explore multiple challenges facing their industry. Customer service excellence is the goal of these organizations in an effort to retain customers and improve operational efficiencies, as heavy merger and acquisition activity from foreign operators tightens the purse on competition even more.
Best practice and performance metrics obtained from surveyed participants reveal how innovations in the operational areas of Sales & Marketing, Human Resources and Technology are being implemented to positively impact all-important customer service measures. While benchmark partners were limited to financial institutions with a Caribbean presence, the findings presented are transferable to any retail financial services player seeking to better compete in crowded, localized markets.
The Best Practices research team conducted in-depth interviews and surveys with key industry executives at seven participating financial institutions to harvest qualitative insights, process excellence observations and managerial lessons learned.
This study comes from report OP-100, Benchmarks for Excellence in Caribbean Retail Financial Services. Other documents orginating from this report include: