Abstract
Benchmarks for Excellence in Caribbean Retail Financial Services evaluates multiple fronts of retail financial services operations that have the greatest impact on customer service excellence. For example, certain marketing programs call for coordinated process interactions between frontline employees and back-office staff to avoid sabotaging customer service expectations. Marketing must take care not to set unrealistic customer expectations, which could eventually lead to poor customer perceptions. Human resources practices that focus on hiring, training, career path development and performance management foster employee retention, which promotes continuity in customer relationships. Moreover, the varied application of technology across the industry reveals an important area of focus for improved efficiency aiding in customer retention.
The intensely competitive nature of the retail-banking industry prompted members of the Barbadian retail financial services industry to join together to explore common "pain points" experienced by retail banks and credit unions in their search for customer service excellence. This benchmarking report was part of a "pilot" program in the Caribbean to demonstrate the efficacy of benchmarking as a productivity improvement tool. While the information presented in this report is particularly relevant to the Caribbean market, many guiding practices are transferable to the broader financial services industry.
This report offers insights into the critical need for a cohesive interplay among back-office staff and frontline employees for building and supporting customer relationships. Moreover, clear-headed marketing strategies, targeted human resources initiatives, as well as technology consolidation and training emerged as essential aspects of a holistic customer service experience.
Chapters in this report highlight best practices and metrics for marketing and sales excellence; service excellence;
Table of Contents
EXECUTIVE OVERVIEW
- Project Background
- Study Methodology and Benchmark Class
- Report Structure and Organization
- Key Findings and Insights
- Path Forward
INTRODUCTION
- Figure I.1-Key Retail Financial Services Metrics
- Figure I.2-Framework for this Project
- Figure I.3-Financial Service Excellence Grid
- Figure I.4-Budget Allocations by Category
MARKETING AND SALES EXCELLENCE
- Overview
- Figure 1.1-FTE Allocation by Function
- Figure 1.2-Budget Allocations by Functions
- Figure 1.3-Evaluating Product Opportunities
- Figure 1.4-Revenue vs. Assets
- Figure 1.5-Customers vs. Revenue/Customer
- Adopt a Marketing and Sales Strategy which focus on Customers
- Utilize all Staff to Deliver Personal Sales Opportunities
- Figure 1.6-In-Person Customer Technology
- Figure 1.7-Remote Customer Technology
SERVICE EXCELLENCE
- Overview
- Design Customer Service Processes around Customer Delight
- Figure 2.1-Annual ATM Transactions/Customer
- Develop Customer-Oriented Employees
- Design Customer Service Measures to Ensure Alignment
- With Customer Excellence Goals
- Figure 2.2-In-Person Transaction Minutes
- Figure 2.3-Recent Customer Satisfaction Ratings
- Figure 2.4-Quality Service Metrics Used
- Customer and Technology Practices Used
- Figure 2.5-Adoption of New Technology
HUMAN RESOURCES AND MANAGEMENT EXCELLENCE
- Overview
- Staffing and Development Practices
- Figure 3.1-Effectiveness of Hiring Factors
- Performance Management Practices
- Figure 3.2-Effectiveness of Motivational Tactics I
- Figure 3.3-Effectiveness of Motivational Tactics II
- Training
- Figure 3.4-Types of Informal Training
- Figure 3.5-Effectiveness of Training Topics
TRANSACTIONAL EXCELLENCE
- Overview
- Back Office Processing
- Figure 4.1-Internal Technology
- Loan Processing
