Case Study

Transforming Service Operations in a Financial Services Firm

At a prominent financial services firm, the Operations team faced a critical challenge. Financial Advisors were experiencing delays and inconsistencies in receiving responses to their service requests. This issue was causing a significant uptick in service complaints, potentially impacting the Advisors' business, integrity, and service levels. The absence of defined roles for service staff and lack of localized processes for managing multi-branch locations further exacerbated the problem.

  • Approach: Analyzed and categorized types of service requests received over time to understand the demand and complexity.

    Implementation: Established new job responsibilities for support staff, admin, and operations teams based on the categorization of requests.

    Outcome: More efficient allocation of tasks led to quicker and more consistent response times.

  • Approach: Defined SLAs based on the priority and complexity of each request type.

    Implementation: Rolled out embedded projects to support new SLAs, including training for staff and communication with Financial Advisors to set expectations.

    Outcome: Clear SLAs ensured accountability and set clear expectations for response times, significantly reducing complaints.

  • Approach: Identified the need for proactive communication and robust internal processes to manage SLAs.

    Implementation: Implemented new communication protocols and internal processes to manage and uphold SLAs.

    Outcome: Improved internal coordination and communication led to a more agile and responsive service operation.

Conclusion

The transformation of the service and operations sector in the financial services firm was a resounding success. By identifying key issues, redefining roles, and implementing strategic solutions like SLAs and improved internal processes, the firm significantly enhanced its service efficiency. This not only led to a reduction in complaints from Financial Advisors but also established a more reliable and effective operational framework, reinforcing the firm's commitment to excellence in client service.