Sec 33 Financial Service Industries

FINANCIAL SERVICE INDUSTRIES
1
INTRODUCTION
assets. There are seven types of service that financial services institutions may perf
ing of customer instruments (stock and bonds, for example), and guarantee of minimum fi
cial
to
s’ relationship, including billing and tax information.

(common to all kinds of companies).
2
Sec 33 FINANCIAL SERVICE INDUSTRIES
THE FINANCIAL SERVICE SECTOR
es are organized by industry, where each industry is concentrated on a common lin
ons of the recent past. Labels like “bank,” “savings and loan” and “credit union” a
e first steps to reduce differences between commercial banks and thrift instituti
3
THE FINANCIAL SERVICE SECTOR
e through underwriting activity. They can sell securities and the insurance of ot
branch. Such cooperative arrangements enable the bank to offer a more complete lin
now takes place between sectors.
4
DEFINITION OF QUALITY IN FINANCIAL SERVICES
the ever-growing capabilities of available computer hardware and software. One re
services: fiduciary responsibility; return on an investor’s investment (ROI) (from
f the customer. It includes keeping the customer’s assets safe, as well as those o
ustomer’s perception that it is being exercised. Once the customer loses faith in
5
ity (the annual cost of money, in percent) from two different viewpoints—that of
I =ROI= (S-P)/P
of one year.
taxes, and the like are introduced. As the computation becomes more complex, it al
6
a transaction is generally expressed in terms of the uncertainty of success, in t
ure performance.
el of risk is always associated with profitability, irrespective of the product, s
7
bly low.
to reward is an important measure of quality in financial services.
d certificates too late to complete a trade, unavailability of an automatic telle
8
environment, creating and maintaining uniform service of the highest level is ext
Fast, competent, friendly and high-value service from a fast-food restaurant, a dr
s, quality circles in the 1970s, and culture modification in the 1980s. Having trie
9
ks in the United States fell from 14,000 to 12,000, and by 1996 to 9800—a reductio
on, ongoing efforts at productivity improvement and cost reduction have created a
significantly. Unfortunately, it also keeps customers out of the branches, where s
10
PROOF OF THE NEED — EVIDENCE OF QUALITY TROUBLE IN FINANCIAL SERVICES
hold customers with the quality of the goods and services available to them. The i
onal ACSI was 74.5. This baseline measure is the benchmark for comparing customer
11
grams, creation of written policies and procedures, analysis of quality informatio

in process; checking, balancing, verifying, and final inspection of account transac
ports, and rework of incorrectly processed work.
ssing of an item, scrap due to improperly processed or incorrect forms or reports,
rate is referred to as “cost of poor quality.” These are costs which would disappe
12
the purchasing behavior exhibited toward a financial services provider by a custo

eans keeping a customer as a buyer
lty and customer retention are often so

st each year, equivalent to a complete turnover in a little over 3 years.
r loyalty and poor customer retention, the costs are almost always larger than the
s to the company. Deeper analysis frequently reveals that in earlier times—say 6
a little at a time, not all at once, and in that time took substantial business a
13
DESIGNING WORLD - CLASS FINANCIAL SERVICES
a of great potential benefits around which a marketing effort is developed.
lop new products which bears mentioning. It is to copy competitors in introducing
of these customers, are established. Information from the listening posts helps t
14
DESIGNING WORLD - CLASS FINANCIAL SERVICES
accounts. While the basic transaction is the same for both customers, the require
tion must be expressed in days, minutes, or seconds. “Easy” portfolio liquidation m
15
CONTROLLING QUALITY AND CUSTOMER SERVICE
in terms of the features that matter to the customer— primarily the external cu
eds of internal customers.
e customer satisfaction survey process.
scale to measure satisfaction performance.
16
CONTROLLING QUALITY AND CUSTOMER SERVICE
at the list of questions can be narrowed to a few which capture the essence of cu
iscover best practices within the organization so as to make them the performance
17
THE CUSTOMER AS A SUPPLIER
e customer education, errorproofing customer input, and monitoring the quality of
count) revealed that a major cause of the condition was the occurrence of unsegr
ers. Those few customers were targeted for training.
18
THE CUSTOMER AS A SUPPLIER
ssist electronic entry. Requiring the customer to verify a playback of the entered
le— to correct errors quickly and to keep error costs down. The ideal is to moni
19
QUALITY IMPROVEMENT — THE NEVER - ENDING JOURNEY
The customer-complaint desk is a particularly effective listening post for improv
est that they are greeted by knowledgeable personnel who have available all the t
roduct (including service) quickly, conveying a sense of understanding and empathy
20
QUALITY IMPROVEMENT — THE NEVER - ENDING JOURNEY
y of dissatisfaction to business colleagues who are potential customers; (4) they w
ies of scale with consolidated accounts and statements.
21
IMPLEMENTING AND GETTING STARTED WITH TQM IN FINANCIAL SERVICE
quality from becoming an adjunct activity and elevates it in importance, as it sho
esignation of a chief quality officer, with responsibilities analogous to those o
22
day; this is especially true in retail services. In banking, there is a fundamenta
were electronic; the figure is projected to be 60 percent by 1998. Soon, it will n
have personal computers; an even higher percentage of businesses have them. This
t 10 years ago.
23
y that enables it to be electronically loaded with monetary value and be relative
inancial services. There will, no doubt, be more jobs requiring higher skill level
24

Sec 33 Financial Service Industries

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FINANCIAL SERVICE INDUSTRIES

s’ relationship, including billing and tax information.

es are organized by industry, where each industry is concentrated on a common lin

now takes place between sectors.

the ever-growing capabilities of available computer hardware and software. One re

services: fiduciary responsibility; return on an investor’s investment (ROI) (from

a transaction is generally expressed in terms of the uncertainty of success, in t

el of risk is always associated with profitability, irrespective of the product, s

to reward is an important measure of quality in financial services.

d certificates too late to complete a trade, unavailability of an automatic telle

Fast, competent, friendly and high-value service from a fast-food restaurant, a dr

significantly. Unfortunately, it also keeps customers out of the branches, where s

grams, creation of written policies and procedures, analysis of quality informatio

the purchasing behavior exhibited toward a financial services provider by a custo

lty and customer retention are often so

a of great potential benefits around which a marketing effort is developed.

lop new products which bears mentioning. It is to copy competitors in introducing

tion must be expressed in days, minutes, or seconds. “Easy” portfolio liquidation m

eds of internal customers.

e customer satisfaction survey process.

scale to measure satisfaction performance.

e customer education, errorproofing customer input, and monitoring the quality of

ers. Those few customers were targeted for training.

The customer-complaint desk is a particularly effective listening post for improv

roduct (including service) quickly, conveying a sense of understanding and empathy

y of dissatisfaction to business colleagues who are potential customers; (4) they w

ies of scale with consolidated accounts and statements.

quality from becoming an adjunct activity and elevates it in importance, as it sho

esignation of a chief quality officer, with responsibilities analogous to those o

day; this is especially true in retail services. In banking, there is a fundamenta

were electronic; the figure is projected to be 60 percent by 1998. Soon, it will n

y that enables it to be electronically loaded with monetary value and be relative

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