|
|  |
Vici consultants were engaged in a process-driven project with the credit card issuing business within one of Ireland's largest banking institutions.
This bank's card function was facing a number of challenges:
- Customer complaints were rising and the function's image externally in the market as well as internally in the bank was suffering as a result.
- Cards staff were fire fighting day-to-day problems and concerns and had little capacity to pro-actively manage the increasingly competitive business.
- The branch network, a key selling vehicle for cards, had lost confidence in the cards function's capacity to deliver on promises and as a result were reluctant to promote cards to their customers.
One of the core Vici Consulting team, then part of a separate business consulting company, led a team of process experts which produced the following results:
- The rate of approved applications went from 50% to 75% meaning the cards function issued 25% more cards than they had previously.
- A 10-fold increase in the applications from a number of pilot branches.
- Confidence in customers and the branch network that promises made by the cards function would be met.
- Capacity created in the cards function's staff to concentrate on business development, rather than day-to-day issues.
These results were achieved through:
- An initial diagnosis of the issues with cards including interviews with customers, branch staff and cards staff.
- Production of a detailed map of the sales to activation process, which was the root cause of most of the customer and branches declared issues with the cards function.
- Identification and agreement of a compelling promise to the customer in the sales to activation process. That promise was then used to identify five core individual responsibilities which, if met, would ensure consistent delivery of the promise.
- Building simple tools to measure the five core responsibilities for each card application and highlight any applications that were in danger of going outside tolerance.
- These steps, combined with traditional process improvement interventions (e.g. improving upstream quality to avoid exponential waste downstream), achieved the results outlined above.
The key customer described the results achieved in the assignment as 'powerful'. A rollout of the new process, which was not part of the assignment, was agreed to make an annual €500,000 bottom-line benefit to the business achievable.
|
|
