A Full Service Universal Bank Partners with SPi Global
Industry: Financial Services
The Company: One of the world’s full service universal banks, which provides and offers a wide range of corporate, commercial, consumer and international banking services
Principal Activities: Consumer Banking, Small Business Banking, Investment Banking, Capital Markets and Lending
Business Challenge: With the financial services and banking industry players aligning business strategies brought about by industry deregulation, the Client chose to put renewed and aggressive emphasis on its growing number of customers.
The 26-year old bank, with assets currently over PhP63 billion, aimed to efficiently manage customer interaction to gain a more competitive advantage in the local banking industry. The bank aimed to achieve above-industry growth rates through its superior execution abilities, innovative products, and expansion into new markets, while maintaining a focused approach for its various businesses.
Solution: The bank was focused. It thought ahead of solutions that fit its requirements and thus entered into a strategic partnership with SPi Global.
The bank chose SPi Global as its trusted partner to execute its strategy by outsourcing its mass credit card customer service, while their in-house contact center focused on their high net-worth clients. Over the years, the bank has partnered with SPi Global across multiple programs to better manage the overall customer experience. SPi Global’s customer life cycle management solutions have helped the bank achieve its goals in the following areas:
Alignment of Key Metrics to Business Goals
Metric: Quality Score
The bank considered service quality for customer calls as being critical to growing and retaining its customer base.
Striving to maximize each customer relationship, the company mandated a quality rating goal of 80%.
SPi Global developed and implemented strategies to significantly increase and sustain quality scores. The plan included the participation from the quality and process improvement team.
Coaching and Training
- Extensive training on customer service and error prevention strategies
- Implemented a new coaching process
- Introduced “Teach rather than Preach” method
- Consistent coaching by highly trained management team
- Targeted scenario based training in controlled setting to improve performance in key areas
Foundation of Best Practices
- Best-practice repository was created (Feed Your Mind) and made available across all programs and teams
- Team meeting monitoring was implemented to make sure communication of key metrics are properly disseminated
Human Capital Strategies
Agent Empowerment
Continuous training was provided to specialists as part of SPi Global’s Agent Empowerment Program. The objective was to consistently assess, design, and implement programs and systematic processes to set metrics, communicate essential skills, knowledge, and provide feedback and coaching, specific to every individual’s unique skill sets.
SPi Global Rewards Program
By aligning the Client’s strategic goals to agents’ scorecards and ultimately tying this to SPi Global’s Rewards Program, the specialists understood how and why their contribution matters. Rewards inspired them to track their own performance, improve and enhance the customer experience and thereby encourage customer loyalty and retention.
Result: The quality of support SPi Global extended to customers would in turn measure the overall relationship of the bank with its own customers. Throughout its partnership with the Client, SPi Global consistently exceeded the bank’s quality metrics, thereby helping the Client achieve a balance between its retention goals and process improvement.
SPi Global surpassed the Client’s call quality score requirements by 13%, scoring an average of 93% versus the Client goal of 80%. In 2006, SPi Global successfully ended the year averaging 98.3% versus the 80% Client goal.