Think Global. Serve Local: Helping A Global Bank In Its Efforts To Increase Competitive Advantage
Source: Deloitte LLP
A global bank needed to improve the customer experience of clients in its highly profitable "Transaction services" business. As the business evolved and clients expanded their global footprint, the bank's traditional country-specific approach to service needed to evolve. Although local business practices remained important, clients were increasingly demanding more consistent processes and service, and a global view of their transactions. The bank is addressing the issue by implementing a new global service model with the flexibility to accommodate local and regional needs, and by completely revising the processes and technology to support the model. The resulting process and platform improvements have increased customer service speed of resolution by 30 percent, boosted productivity by more than 20 percent and reduced operating costs by $15 million annually. A large company, government or financial institution typically conducts thousands of bank transactions each day. Handling these transactions - which banks refer to as the "Transaction services" business - can be extremely lucrative, but also extremely demanding. Transaction services clients have many options for allocating transactions between different banks. Customer experience is one of their main decision factors. They expect top-notch service, and if they don't get it, they take their business elsewhere. This is a serious problem because the loss of a single large transaction services client can have a visible impact on a bank's bottom line. Deloitte helped the bank conduct a global assessment of its existing customer service operations. Then we made detailed recommendations on ways to improve.