Benchmarks for Excellence in Caribbean Retail Financial Services

Publication Date	January 2006
Publisher	Best Practices
Product Type	Report
Pages	75
ISBN Number	not applicable
Product Code	BPC00021

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Summary

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; human resources and management excellence; and transactional excellence.

Content

Executive Overview
- Project Background
- Study Methodology and Benchmark Class
- Report Structure and Organization
- Key Findings and Insights
- Path Forward
Introduction
Marketing and Sales Excellence
- Overview
- Adopt a Marketing and Sales Strategy which focus on Customers
- Utilize all Staff to Deliver Personal Sales Opportunities
Service Excellence
- Overview
- Design Customer Service Processes around Customer Delight
- Develop Customer-Oriented Employees
- Design Customer Service Measures to Ensure Alignment
- with Customer Excellence Goals
- Customer and Technology Practices Used
Human Resources and Management Excellence
- Overview
- Staffing and Development Practices
- Performance Management Practices
- Training
Transactional Excellence
- Overview
- Back Office Processing
- Loan Processing
List of Figures
- 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
- 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
- Figure 1.6-in-Person Customer Technology
- Figure 1.7-Remote Customer Technology
- Figure 2.1-Annual ATM Transactions/Customer
- Figure 2.2-in-Person Transaction Minutes
- Figure 2.3-Recent Customer Satisfaction Ratings
- Figure 2.4-Quality Service Metrics Used
- Figure 2.5-Adoption of New Technology
- Figure 3.1-Effectiveness of Hiring Factors
- Figure 3.2-Effectiveness of Motivational Tactics I
- Figure 3.3-Effectiveness of Motivational Tactics II
- Figure 3.4-Types of Informal Training
- Figure 3.5-Effectiveness of Training Topics
- Figure 4.1-Internal Technology