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From the Editor’s Desk
Dear Readers, We
are pleased to send you the first issue of I-Updates, put together
by the team at Intelenet to provide you with the buzz, 'deep dives'
and the latest buzz in the banking and financial services
outsourcing market. It is our endeavour to make this newsletter
relevant to all our readers. We therefore invite your views on
topics you would like covered in forthcoming issues. We hope you
enjoy the selection we have put together in this issue and look
forward to your feedback and ideas. Do write to us at: Avina.L@intelenetglobal.com
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Insights
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Bailed-out
banks face huge fines for poor customer care
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City watchdog the Financial Services Authority
(FSA) announced that it had ordered five High Street banks to
improve the way they deal with complaints. It said two of the
five banks had been referred to its enforcement division which
could result in their being fined or censured. The FSA that UK
banks receive a staggering four million complaints a year, 70%
of which are directed towards the big five. Some of FSA’s
findings:
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- 36% of complaints were poorly handled, mainly by staff
in branches or call centres
- 18% of the complaints ended up with unfair outcomes for
the customer
- Four of the five banks were too slow in handling
complaints
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In 2009, KPO investments industry user survey
investigated over 182 contracts held by 740 of the top
spending brokerages, investment banks, capital markets and
financial conglomerate corporations globally. 18 key
performance indicators (KPIs) or criteria are employed, scored
on each respective vendor by client type and ranked on a 0-10
scale per KPI to rank the organizations. Key findings
include:
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- Customization, integration/implementation and vertical
expertise are the most important attributes influencing KPO
investment clients' satisfaction with their 2009 outsourcing
providers.
- Strong dissatisfaction is uncommon in this niche KPO
sector, occurring in only 2.6% of hedge fund industry client
types, 2.9% in investment banking clients, and 3.8% in
equities research clients globally.
- UK and US clients are among the most satisfied with KPO
services delivery. Strong dissatisfaction with offshore
outsourcing vendors was less than 6.3% of all surveyed
clients with 2009 projects.
- Single vendors offering comprehensive research services
to corporate clients ranked highest in the overall survey by
clients.
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| Post-recession
banking landscape to be determined by service?
The first full service bank to launch in Britain for
over a century, Metro has pledged to win business by underpinning
its business with strong customer service principles. Having being
granted permission to launch in the UK by the Finanical Services
Authority (FSA), the US banking giant intends to open two branches
in London this year, with plans to build over 200 stores in the
Capital over the next ten years.
According to the Co-operative Asset Management, the
support services sector is set to benefit from excellent growth
opportunities thanks to government cost cutting. Whichever
government is next voted in must prioritise tackling the country’s
budget deficit, which will lead to unprecedented level of
outsourcing, the group said.
Lack of a data protection law to assure players in
the financial sector of the safety of their corporate information is
one of the major factors that have made banks to prefer handling
their customer services internally. A law on data protection is
expected to boost outsourcing.
Companies could use IT outsourcing services to
make their contact centre operations more efficient, according
to a new study. The Contact Centre Business Transformation
report by Datamonitor claimed that firms can work with an
outsourcer to align their contact centre more closely with the
customer relationship management aims.
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