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

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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.

• 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.

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:

• #4868 Marketing and Sales Strategies for Satisfying and Retaining Bank Customers
• #4869 Achieving Retail Baking "Customer Experience" Excellence
• #4870 Performance Management Success Strategies for Retail Financial Services Companies
• #4871 Tactics for Transnational Excellence in Retail Financial Services Companies

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