Quocirca Insight Report Operations Management in UK...

QUOCIRCA INSIGHT REPORT November 2007 Contacts: Sharon Crawford Quocirca Ltd Tel +44 7989 243830 sharon/crawford@quocirca.com Operations Management in UK Financial Services How effectively is technology being applied to help to monitor and improve operations performance? The extremely competitive nature of the financial services industry today and the changing landscape of customer expectations and their approach to investing in financial products, puts an onus on suppliers to consider how well they are dealing with new and existing customers’ business transactions. Much is written about the frontline call centre operations, but this report focuses on the back office activities, the operational area where complex applications†¦show more content†¦There is potential to improve further by using systems that allow real-time visibility of the progress of dealing with customers’ business. An independent study by Quocirca Ltd. www.quocirca.com Operations Management in Financial Services Page 2 Introduction Performance Management in the financial services industry is vital and well supported by the suites of Corporate Performance Management software that enable these companies to budget, plan and report in an accurate and timely fashion. Underpinning successful performance management is the need for predictable and controllable day to day operations management, both front and back office. Much has been written in the media about the use of tools to achieve this in call centres in businesses today. This report is based on research was carried out to investigate the extent to which software applications are used to monitor and measure the effectiveness of handling customer business – focusing on the back office operations and specifically addressing organisations in the UK. attempting to include some measurements of the costs of rework, (figure 2). Figure - 2 Do organisations attempt to quantify and measure business value of operational measures? 0% Reduced Costs Number of complaints Customer Response times Staff utilisation Staff satisfaction Re-work Detailed quantifiable measures