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;
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