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Products & Services Customer Service Customer Relationship Management

In Search of Operational Excellence: Key Findings for Retail Financial Services Companies

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ID: 4867


Features:

Metrics, Detailed Process Map


Pages/Slides: 10


Published: Pre-2014


Delivery Format: Online PDF Document


 

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"In Search of Operational Excellence: Key Findings for Retail Financial Services Companies"


Study Overview:


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.

Sample Key Findings:


  • Customer Service Excellence: Design all processes, both front and back office, to improve the overall customer experience and customer service levels.
*One clear trend observed was the push to make all frontline staff responsible for the customer experience. When the lines are getting long, for example, one company pulls employees from areas not as busy, perhaps even loan personnel who may have been former tellers, to create new lines. People in the loan areas are expected to monitor the lines as well, and offer help when loan areas are light.
  • Sales and Marketing: Focus marketing efforts on customer relationships and leverage all staff to execute marketing strategies to capture not only new customers but also increase the depth of assets within existing accounts.
*According to one participant, there are several important reasons for this transition. First, products are easily copied, but strong relationships are not. Second, by establishing close relationships, companies are better able to leverage their relationships and increase the amount of “wallet-share” from each client.

Methodolgy:


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:

Industries Profiled:
Banking; Financial Services; Retail


Companies Profiled:
Royal Bank of Canada; Scotiabank; Butterfield Bank; City of Bridgetown Co-Op Credit Union; Barbados Public Workers' Co-operative Credit Union Ltd.; Barbados National Bank Inc.; RBTT Bank

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.