Tactics for Transactional Excellence in Retail Financial Services Companies

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"Tactics for Transactional Excellence in Retail Financial Services Companies"

Study Overview:

Transactions are an integral part of financial services and form the heart of the business. Nevertheless, from the customer's perspective, there is little, if any, interest in how a bank performs its transactions, so long as the transactions get done as accurately, quickly and seamlessly as possible. Transactional glitches and problems have the power to negatively affect customer confidence in the institution and, therefore require vigilant process improvements and technology enhancements. Operations managers and executives at any retail financial institution can use the information and insights in this research document to realize measurable improvements in internal operations. It includes the executive summary as a separate PDF.

Key Topics:

• Back Office Processing
• Loan Processing

Sample Best Practices:

• Use an integrated, shared services approach and move transactional activities out of the branches to boost productivity and increase the focus of the branches on the customer.

• Use OCR and imaging to improve check-processing speed and enhance overall customer service.

• Use telephone-based screening and pre-qualifying for loan applications and make loan applications appointment-based to reduce customer wait time and decrease loan processing time.

Methodology:

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:

• #4867 In Search of Operational Excellence: Key Findings for Retail Financial Services Companies
• #4868 Marketing and Sales Strategies for Satisfying and Retaining Bank Customers
• #4869 Achieving Retail Banking "Customer Experience" Excellence
• #4870 Performance Management Success Strategies for Retail Financial Services Companies

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