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Products & Services Business Operations Financial Management

Tactics for Transactional Excellence in Retail Financial Services Companies

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ID: 4871


Features:

Metrics, Graphics


Pages/Slides: 10


Published: Pre-2013


Delivery Format: Online PDF Document


 

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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.
*One benchmark company has implemented a centralized back office that performs about 80 percent of the back office processes with a relatively small number of people.
  • Use OCR and imaging to improve check-processing speed and enhance overall customer service.
*According to an executive, “Implementing an imaging system has allowed us to reduce costs and improve member services. Credit union staff can now more quickly access customer account information and immediately retrieve customer documents via their PCs. They no longer have to make requests for documents and await their arrival, enhancing customer service levels by enabling staff to address member requests more rapidly.”
  • 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.
*One company uses a telephone-based approach to screen and pre-qualify the loan applicants, ensuring that they have the correct documentation.

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:

Industries Profiled:
Financial Services; Retail; Banking


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


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.