• No results found

Delivering the Journey: Building Client and Employee Centric Banks. Kunal Chopra Sr. Director CIBC R&BB Process Management

N/A
N/A
Protected

Academic year: 2022

Share "Delivering the Journey: Building Client and Employee Centric Banks. Kunal Chopra Sr. Director CIBC R&BB Process Management"

Copied!
17
0
0

Loading.... (view fulltext now)

Full text

(1)

“Delivering the Journey:

Building Client and Employee Centric

Banks”

Kunal Chopra Sr. Director – CIBC

R&BB Process

Management

(2)

Page 2

Agenda

• Example of bad client experience and discussion 5 Minutes

• Client experience as a driver of business growth 2 Minutes

• Complexity of delivering a targeted experience / journey including methodology 3 Minutes

• ETE Digital Process Management 20 Minutes

• Background

• Data and Analytics

• ETE process and operating capabilities transformation

• Results to date of CIBC’s “Right for Client” process management transformation

• Key Take Away’s 2 Minutes

• Predictions for 2015 2 Minutes

• Q&A 15 Minutes

(3)

Page 3

Bad Client Experience

Let’s Watch: http://www.youtube.com/watch?v=AJQ3TM-p2QI As you watch the video, please consider:

• Why is this a bad client experience?

• Did the employee have the right enablers ( technology, information, knowledge and skills) to do their job?

• Did the organization miss any key opportunities?

(4)

Page 4

Client Experience as a Driver of Business Growth

• “55% of consumers would pay more for a better service experience

1

• “One-third of financial services customers experience a service issue every year”

2

The revenue at risk from dissatisfied clients is potentially enormous and should be a concern given how clients view financial services firms

1. SalesForce.com: http://blogs.salesforce.com/company/2013/10/customer-service-stats-55-of-consumers-would-pay-more-for-a-better-service-experience.html 2. Corporate Executive Board, Operations Council “Customer Experience Survey” 2010

3. Corporate Executive Board “ Managing the Unheard Voice of the Customer: Unlocking the Value of the Hidden Dissatisfied” pg. 11

Rates of Frequent Dissatisfaction by Industry3 Customer Views of Financial Services Firms3

For a midsized US bank, hidden dissatisfied clients and ineffective issue resolution represent a $536 million annual risk of revenue loss

due to attrition

3

(5)

Page 5

Our Business Challenge

The business needed to improve its client and employee experience

Employee Experience

• Siloed functions and behavior

• Poor employee experience: many cycles and lots of churn

Operating Capabilities

• Transactions get stuck in the process

• Limited technology investments

• Limited definition of accountabilities and role purity

• Inefficient business and credit rules

Data

• No end-to-end process measurement

• Many “Urban Myths” and limited insight into true operating performance

Strategy

• Limited client service segmentation and design of targeted client journeys

(6)

Page 6

The Strategic Framework for a Solution

To deliver targeted and consistent client experiences requires the alignment of an organization’s strategic, employee, operational and data capabilities

• Is your organization committed to client centricity from a strategic perspective?

• Are you prepared to invest in this strategy?

• Are your employees aligned, motivated and incented to be brand ambassadors?

• Are your operating capabilities aligned end-to-end to optimize service delivery at each moment of truth along the client journey?

• Are you continuously and accurately measuring

satisfaction, service delivery and efficiency to find ways to improve?

Client centricity must be

“engineered” into service delivery design and

expectations as part of the DNA of the firm

Select Considerations

(7)

Page 7

How its Done: Two Transformations

Measure It Improve It Change It

Key Activities

 Identify moments of truth and key milestones

 Inventory processes

 Lead with (ETE) analytics

 Measured process performance ETE

Dispel “Urban Myths”

Identify improvement opportunities

Use analytics to identify and prioritize deep dive into opportunities

 Prioritize areas of opportunity against defined criteria

Assess opportunities

holistically. We evaluated all our operating capabilities recognizing existing issues are not just process related

 Develop relationships

Dispel myths and reveal truths without exposing people (built trust)

 Syndicate issues and recommendations

Listen to partners

 Continuously deliver quick wins. These build credibility!

ETE Digital Business Process Management Transformation

Client and Employee Centric

Bank Transformation Implement It

(8)

Page 8

ETE Digital Business Process Management Transformation

Business Process Management is “a management science that focuses on improving corporate performance by managing and optimizing a company’s business processes”

1

Application Submission Initial Client

Contact

Adjudication Fulfillment

Origination

Adjudication

Retail Distribution Retail Operations

Time to initial Decision

Time to Final Approval

Funded Products Key Lending Moments of Truth

We needed a solution which allowed us to:

1. Measure true process performance and service delivery at client key moments of truth

2. Identify improvement opportunities and prioritize service delivery enhancements

3. Help change culture and align employees and operating capabilities end-to-end

4. Build, monitor and manage processes on an ETE basis

ETE Process Management in support of the client and the employee experience improves:

Institutions who have effective ETE Process Management grow revenue 42%

faster and improve process efficiency by 28%

2

1.Theodore Panagacos (25 September 2012). The Ultimate Guide to Business Process Management: Everything You Need to Know and How to Apply It to Your Organization. CreateSpace Independent Publishing Platform. pp. 6–7

2.Corporate Executive Board “ Managing the Unheard Voice of the Customer: Unlocking the Value of the Hidden Dissatisfied”

1. Client and employee experience

2. Understanding of what drives value (e.g.

application quality), allowing us to focus our transformation effort

3. Employees’ understanding of how they impact the client experience

4. Growth and ongoing continuous improvement 5. Operating capacity

(9)

Page 9

Examples of our ETE Measurement

Lending Moments of Truth

Revenue and Growth

Management Process Effectiveness

By Product By Lender

Time to Decision

Number of Submissions

Days to First Response Sales

Pipeline

Volume Errors Cycle Time

We can measure and manage multiple aspects of the business, client experience and process on an ongoing and ETE basis nationally allowing us to truly manage the business. Select examples include:

Sales Pipeline/ Client

Experience Manager Branch Quality Process Step

Dashboards

(10)

Page 10

Using Analytics to Identify and

Quantify Improvement Opportunities

Project Prioritization Benefits Estimation and Validation

Client Satisfaction Transactional

Process

Operational Risk

v

Strategic Priorities including Clients

Employee Priorities

Projects not aligned to strategic priorities

Projects not aligned to client and employee drivers

Potential Benefits

v

 Projects which align to strategic, client and employee priorities with the highest benefits

 Actual data drives benefit projections and business case calculations

ETE process analytics allows us to improve our project prioritization and benefits calculations

Data

Benefits are in the tens of

millions

(11)

Page 11

The ETE Client and Employee Centric Process Transformation Methodology

...Enables Client-Centric Transformation and Continuous Improvement:

Coordinate and align the evolution of business, technology and operational processes to strategic priorities including client experience

Envision and articulate what you need to do to satisfy the wants and needs of employees. They are key to delivering a positive client experience

Apply metrics and measurement to change the dialogue on an ETE basis. Measure, monitor and continuously refine based in clients needs and employee experience

Convert strategy and business needs into complete, coordinated, sequenced business models, processes and projects to drive operational excellence and improve business performance through a positive client and employee experience

The Client and Employee Centric Process Transformation Methodology….

At each process Step, identify:

1. How does this step support the target client journey?

2. Are employees enabled with the right capabilities?

3. What does the data tell us?

4. Is the process effective and efficient?

Viewing the ETE process in the context of all operating capabilities and designing for the client and employee experience allows us to deliver significant operating improvements

Strategic Alignment

Employee Focus

Operations Capabilities

Data, Metrics & Analytics

(12)

Page 12

It Is Often Not Just the Process

Delivering upon client and employee expectations at each moment of truth in the process involves aligning and optimizing each relevant capability at each step in the process

Pricing and Amount

Increased relevance

Confidence on what I can buy

Funding on Time Decide Application

Increased relevance

(13)

Page 13

Client Centric Process Transformation - Design from the outside in

Starting with an understanding what our clients, employees and stakeholders need and expect from us, we challenged existing process, capabilities and beliefs to transform service delivery

The Client and Employee Centric Transformation Journey

 Identify and focus on expectations at client moments of truth and employee experience

 Establish baseline analytics that track and measure the journey within the ETE process

 Engage employees and identify what matters to them

 Address their concerns in the process and capabilities you design

 Optimize operating capabilities at each point on the journey map focusing on what's right for the client and employee experience

 Continuously measure, monitor and improve business, process and operational performance against changing client and employee expectations

Identify Client Service and Employee Experience

Expectations

Document the Current State

Align and Prioritize

Transform

Continuously Measure and Improve

(14)

Page 14

Client Centric Operating Capability Design Principles

Client Journey Employee Experience

 Harmonize, align and simplify policies, procedures, controls so the client understands what is expected of both parties in the transaction.

 Standardize processes, make them simple and easy

 Capture data once and reuse it for all products

 Pre-populate forms and information using available data

 Allow client to acknowledge acceptance of terms electronically

 Reuse of client data and history to serve

 Elimination of unnecessary data entry

 Minimize client visits. We can take their

information, forms documents in any channel using the method they prefer

 Enable process and technology integration across multiple channels with one point of access for employees

 Minimize errors and processing delays by pre- populating client info from front to back

 Provide the lender information/guidance to capture case details completely and accurately,.

 Integrated workflow and integrated decision where auto and manual decisions work together to

complete cases as appropriate

Electronic Data Capture Standardize &

Simplify

Multi channel

Automation

Examples of Client and Employee Centric design principles include:

(15)

Page 15

Results to Date

We are well down the path of significantly improving the client experience at key moments of truth, modernizing the bank and improving overall business performance

Overall projected benefits are in the tens of millions once we complete implementation

• Clients are starting to feel the difference

• Employees are starting to notice the difference

• Improved pull through: 10-15%%

• Reduced the number of submissions (touch points): 15-20%

• Reduced time to decision: 5-10%

• Reduced time to final approval: 25-35%

• Increased auto approval rates: 3-5%

• We achieved these improvements while volumes have increased: 15-20%

Service Delivery Enhancements Financial Benefits

Application Submission Initial Client

Contact

Adjudication Fulfillment

Origination

Adjudication

Retail Distribution Retail Operations

Time to initial Decision

Time to Final Approval

Funded Products Key Lending Moments of Truth

(16)

Page 16

Key Take Aways

As you set forth on enabling positive client experience journeys, the following will contribute to your success

1

Strategy

The potential revenue at risk from dissatisfied clients is substantial. Client centricity must be part of an organizations strategy.

2

Employees

Employee satisfaction, motivation and inspiration creates brand

ambassadors. Engaging, understanding and resolving employee challenges to improve their experience is critical to positive client service delivery.

3

Capabilities

To enable a positive client experience, organizations must think broadly about their capabilities (process, technology, policies, human capital, business rules, organization structure) at each point in the ETE process .

(17)

Page 17

Trends for 2015

The following trends will help shape the industry in 2015

1

2

Data and Analytics

Will continue to play an increasing role in segmenting client service delivery, measuring and delivering on all aspects of the client experience.

3

Process Management

Will play an increasing role in linking operations to effective service delivery and allowing organizations to manage their business end-to-end via process and detailed analytics.

Client Service Delivery

Will continue to become increasing complex to deliver as clients continue the rapid adoption of technology and demand an integrated and customized multi-channel experience.

References

Related documents

REVIEW AND DOWNLOAD THIS WHOLE USER GUIDE OR TROUBLESHOOTING SECTION TELEPHONE ANSWERING SERVICES USA, TO SUPPLIES THE ANSWER AND THEN FOR ANY POTENTIAL BENEFIT... TELEPHONE

No estudo do efeito da temperatura e umidade relativa do ar no desempenho de suínos da raça Landrace, Duroc e Large White, com os dados de 1974 e 1975, observou-se, pela análise

A maneira como os primitivos semânticos FIGURA, MOVIMENTO, TRAJETÓRIA, FUNDO e os coeventos MODO e CAUSA são gramaticalmente expressos nas línguas é que vai indicar

Section 5 recalls the one factor interest rate model and the classical bond pricing equation, and in section 6 we expand the framework to fractionally integrated processes and derive

Four simultaneously treated eyes and 6 sequentially treated eyes were excluded from the analysis of refractive out- come because of intraoperative flap complications that

For continuing education and Summer session academic credit classes, a one hundred percent (100%) refund may be authorized to students officially dropping a class(es) or

Anchor supports shall be capable of transferring the required axial loads to the pipe without causing overstress of the GRP pipe material. Anchor clamps are

Additional inf or mation, including rights and per mission policies ,is av ailab le at http://jour nals .inf or ms .org/.... We consider the optimal consumption and investment