myi: What do you see as the big issues facing the financial services industry?
One of the biggest challenges is that financial services groups are under pressure to improve the service they provide to customers and third parties, while simultaneously cutting operational costs. They seem like incompatible objectives but there’s a growing realisation that certain types of technology can support the achievement of both.
We all know about the delays that can occur while a company processes an application, enquiry, complaint or account change. And we all know the frustration of having to phone in to chase up information. The financial services industry suffers more than most because of the complexity of processes it handles, from mortgage applications, ISAs, loans and account migrations to insurance claims and complaints.
These processes often require the input of multiple stakeholders, both internally and externally, and where the lines of communication and workflow are not strongly linked, there’s a greater risk of delays, errors, inefficiencies, rising costs and unnecessary crossover. This industry in particular faces the additional burden of being closely policed by the FSA, with the associated threat of fines and public criticism.
These risks are not to be taken lightly by companies that can ill afford damage to their reputation or their running costs. In highly competitive markets, protecting the bottom line and protecting the customer relationship have never been more important.
myi: Why do you think these problems haven’t been addressed before?
Fundamentally, the technology hasn’t been there. Legacy IT systems with one-size-fits-all functionality are often incompatible with each other, and incompatible with a number of the tasks companies are fulfilling in today’s more agile, responsive and multi-faceted working environment.
What we’re seeing now is the arrival of web-based solutions like MATS® (Multi Application Tracker System), which has the advantage of being adaptable to any number of individual business processes, quick and easy to deploy, highly compatible, extremely cost-effective and demonstrable delivery of ROI. There’s a growing realisation that this approach can deliver significant improvement in service levels, without spiralling costs. In addition, there’s a growing acknowledgement of the symbiotic link between what happens internally and what can be delivered externally.
A great customer service initiative will achieve little if the internal building blocks are not in place.
myi: Sounds great in theory but how can companies deliver better service without spending huge sums?
The solution lies in linking workflow or process management capabilities with communication tools, which in turn generate automated updates to customers or intermediaries, via email or SMS text, for example, when predetermined key stages of a particular process are reached. It reassures the customer or third party and reduces the need for them to make chaser calls, which tend to be costly, frustrating and time-consuming for all parties.
It’s a more proactive approach to communication that helps manage expectations. Deployments of MATS®, for example, have had an immediate impact on customer service ratings. Countless studies have shown that existing and prospective customers are attracted by good service, and will even recommend a company to friends and family on that basis.
myi: Doesn’t the delivery of improved service simply place more pressure on staff and stakeholders?
No, it doesn’t have to be like that. With a system like MATS®, you lift the pressure in two very important ways. Firstly, it takes care of bulk communications that are time-consuming and laborious for staff, as well as reducing those stressful and costly inbound and outbound chaser calls. Secondly, all the individuals or departments involved in a process have relevant access to a common platform on which progress is logged and prompts are activated to suggest what further steps are required.
What’s more, time limits can be applied to individual stages in order to identify and prevent any delays. This kind of process visibility has a major role in clarifying roles and responsibilities, and improving the flow of information between departments or individuals where there is disconnection. It’s a smarter way of working that’s more efficient and more effective, and allows staff to focus on doing what they do best, even if it means being redeployed elsewhere in the organisation.
Our own research has shown this strategy can have a dramatic effect on job satisfaction, staff retention, reduction in sick days and so on.
myi: How does it affect brokers, intermediaries and advisors?
Again, it’s primarily about making life easier. For example MATS® can automatically send a broker an email every morning containing a list of customer cases that have, in the previous 24 hours, changed in some way. Each case also has a link which will take the broker to the specific case web page where audit trails of all activity relating to the case is stored.
All this means that if the broker’s customers call asking for updates the latest informatuoin is available so the broker doesn’t need to make a chaser call to the lender and then call the customer back. Another big advantage of MATS® is that it allows for case documents to be uploaded online, instead of being faxed or posted. Also, e-forms at the front of the MATS® solution means that cases can be created online without form filling and re-keying data.
A number of lenders that deal exclusively with intermediaries have recently deployed the system
