How banks can reconnect to their customers
There continues to be relentless pressure on financial services organisations to change their processes and the way they work. This need for change is understandable, given the crisis the industry has been through, and it is coming mainly from the FCA and PRA in the form of enhanced conduct and prudential regulation and a more demanding supervisory regime. The need to change is also driven by the need to rebuild reputation and trust in an increasingly competitive landscape.
The aggressive timescale for implementing many of the regulatory changes has given rise to higher levels of complexity for the industry. In many cases, this has resulted from a 'sticking plaster' approach to achieving compliance, rather than the design of new, forward looking processes that deliver better value to customers. Unintended consequences of this include higher operating costs and a 'tick box' approach to compliance that is designed to reduce risk but does little to enhance customer experience or improve the confidence and engagement of staff.
The question for the industry is whether it is wise to continue with this piecemeal, reactive approach? The alternative is to grasp this opportunity for a more fundamental review of the underlying processes:
By engaging your staff in the design of a new and seamless way of working. The potential benefits are considerable: less complexity; more consistency in compliance; a reduction in costs and the development of front line staff with the confidence to offer better customer service.
We unlock the ideas of your people by engaging them in identifying process problems and in the design of a new and more effective solution. We break down silos and create ownership of a new way of working that ensures that the changes are sustained for the long term.
View our Core Capabilities - they demonstrate how we can build a lasting capability in your organisation to seek continuous improvement in customer experience and outcomes.
People are at the centre of our approach, which is grounded in the methodology we use in our own businesses to deliver value to our customers. Click on our case histories to see its effectiveness in meeting many of the challenges facing the financial services industry today.
Put simply, we enable financial services organisations to realise the benefits of operational changes and to ensure that they last.
Watch: Delivering sustainable performance improvement for a global insurance company.