Front workplaces in financial services companies: an industry view
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Front workplaces in financial services companies: an industry view Stefan Leuthold | [email protected] | September 17, 2009
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Motivations and attitudes regarding front workplaces Different user groups with different tasks, motivations and attitudes can be efficient and effective with a single front workplace Front workplaces study 2007 Roughly one third reach their goals, but certain user groups are not well supported, and many front workplaces are rather hard to learn Current front workplaces, their advantages and problems Choosing the right depth of integration is key to efficiency and effectiveness
Transcript of Front workplaces in financial services companies: an industry view
Front workplaces in financial services companies: an industry view
Stefan Leuthold | [email protected] | September 17, 2009
Stimmt AG | Front workplaces in financial services companies – an industry view
Contents
2
Motivations and attitudes regarding front workplaces
Different user groups with different tasks, motivations and attitudes can be efficient and effective with a single front workplace
Front workplaces study 2007
Roughly one third reach their goals, but certain user groups are not well supported, and many front workplaces are rather hard to learn
Current front workplaces, their advantages and problems
Choosing the right depth of integration is key to efficiency and effectiveness
Stimmt AG | Front workplaces in financial services companies – an industry view
Different users of front workplaces in the financial services industry have different motivations and different attitudes
3
Relation-ship
manager
Respected professional Proactive for clients I know well Recognition
User Motivation in everyday work Attitude towards front workplace
Back office
employee
CA head
Source: 381 qualitative interviews with front employees, their heads, and back office employees in three different companies
As seen in a study with 16 financial services companies, most companies‘ front workplaces have the same history: Many different (expert) tools were integrated into a front workplace that is the same for every user.
Will the same tool be able to make those different user groups efficient?
Data storage ok, but it‘s too slow Makes me look (and feel) stupid Don‘t need the tool for CRM! Admin stuff hinders my work
No errors in execution Pile of work gone
I see all client data It‘s too slow I don‘t need most of it
Optimise team output «Focus on reaching your goals!» My main work is not supported
Stimmt AG | Front workplaces in financial services companies – an industry view
Different users of front workplaces in the financial services industry have different motivations and different attitudes
4
Relation-ship
manager
Respected professional Proactive for clients I know well Recognition
User Motivation in everyday work Attitude towards front workplace
Back office
employee
CA head
Source: 381 qualitative interviews with front employees, their heads, and back office employees in three different companies
As seen in a study with 16 financial services companies, most companies‘ front workplaces have the same history: Many different (expert) tools were integrated into a front workplace that is the same for every user.
Will the same tool be able to make those different user groups efficient?
Data storage ok, but it‘s too slow Makes me look (and feel) stupid Don‘t need the tool for CRM! Admin stuff hinders my work
No errors in execution Pile of work gone
I see all client data It‘s too slow I don‘t need most of it
Optimise team output «Focus on reaching your goals!» My main work is not supported
Stimmt AG | Front workplaces in financial services companies – an industry view
To make the different user groups efficient and effective, a front workplace has to present itself differently to every group
5
CA head
Relationship manager
Corporate client
Top management
Push structured products for PCS.
Private Client Switzerland
Front workplace captures interactions, knows relevant data
Backoffice employee
Call center agent
Stimmt AG | Front workplaces in financial services companies – an industry view
To make the different user groups efficient and effective, a front workplace has to present itself differently to every group
6
CA head
Relationship manager
Call center agent
Corporate client
Top management
Push structured products for PCS.
Private Client Switzerland
We have mortgage to refinance: Conditions? Former CA left.
Front workplace captures interactions, knows relevant data
Backoffice employee
Doesn‘t sound bad. ..
Tell you typical ranges – or transfer you to an CA or specialist?
Goals 2009: Call center ok.
CAs pushing the right things.
Competitor is main bank: Lowest I can offer is 2.05% if you consider us as main bank, else 2.25%... Rest of the money: Structured products?
Ah, I see another mort-gage case got delegated.
Stimmt AG | Front workplaces in financial services companies – an industry view
Often one and the same
To make the different user groups efficient and effective, a front workplace has to present itself differently to every group
7
CA head
Relationship manager
Call center agent
Corporate client
Top management
Push structured products for PCS.
Private Client Switzerland
Why isn‘t my company using
this bank!? We have mortgage to refinance: Conditions? Former CA left.
Front workplace captures interactions, knows relevant data
Backoffice employee
Doesn‘t sound bad. ..
Tell you typical ranges – or transfer you to an CA or specialist?
Goals 2009: Call center ok.
CAs pushing the right things.
Competitor is main bank: Lowest I can offer is 2.05% if you consider us as main bank, else 2.25%... Rest of the money: Structured products?
Ah, I see another mort-gage case got delegated.
Stimmt AG | Front workplaces in financial services companies – an industry view
Contents
8
Motivations and attitudes regarding front workplaces
Different user groups with different tasks, motivations and attitudes can be efficient and effective with a single front workplace
Front workplaces study 2007
Roughly one third reach their goals, but certain user groups are not well supported, and many front workplaces are rather hard to learn
Current front workplaces, their advantages and problems
Choosing the right depth of integration is key to efficiency and effectiveness
Stimmt AG | Front workplaces in financial services companies – an industry view 9
Most company representatives believe their front workplaces do not achieve their goals (more efficiency, more revenue, less cost)
«The front-workplace-related goals have been achieved.»
1. Efficiency gains in marketing and sales
(n=18)
2. Increase in revenue (n=16)
7
5
Only a minority of company representatives say that the front workplace really delivers on the originally intended goals.
9
Disagreement Agreement Neither disagree nor agree
3. Less cost thanks to IT synergies
(n=10) 1 5 4 10
2 3
5 9 2
No answer Scale
Stimmt AG | Front workplaces in financial services companies – an industry view 10
Most front workplaces provide good task support only for front employees – management and back office are not well supported
The front workplaces‘ potential is not fully tapped – although data would be available, front workplaces lack data aggregation and/or functionality needed on the management and backoffice level.
«Our front workplace supports the tasks of our employees well.»
Management (n=21) 4 8 9
Front (n=21) 13
Backoffice (n=20) 6 13 1 1
1 7
Disagreement Agreement Neither disagree nor agree No answer Scale
Stimmt AG | Front workplaces in financial services companies – an industry view 11
According to study participants, the harder to front workplace is to learn for front employees, the less it is accepted
«Our front workplace is hard to learn»
Resistance against changes and future developments stems in part from users‘ fear of new features making the front workplace harder to learn.
«Acceptance for our front workplace is
high» 6: «fully agree»,
1: «completely disagree»
1
2
3
4 5 6 1 2 3
4
5
6 Answers from study participants
r= –.7 (significant correlation)
n=19 «fully agree»
«completely disagree»
«disagree» «somehow disagree»
«somehow agree»
«agree»
Legend
Stimmt AG | Front workplaces in financial services companies – an industry view
Contents
12
Motivations and attitudes regarding front workplaces
Different user groups with different tasks, motivations and attitudes can be efficient and effective with a single front workplace
Front workplaces study 2007
Roughly one third reach their goals, but certain user groups are not well supported, and many front workplaces are rather hard to learn
Current front workplaces, their advantages and problems
Choosing the right depth of integration is key to efficiency and effectiveness
Stimmt AG | Front workplaces in financial services companies – an industry view
If one size does not fit all – how to build a front workplace that is efficient, increases revenue, saves costs and is easy to learn?
13
CA head
Relationship manager
Call center agent
Top management
Front workplace captures interactions, knows relevant data
Deliver products or
services (or initiate delivery)
Manage and track sales and marketing effort
Store and track customer needs
Store and manage customer info
Evaluate and display real-time data
Corporate client
Private Client Switzerland
Current front workplaces integrate five (for historical reasons different) components into a seamless solution – often with a distinct focus on a set of components that has its own strengths and weaknesses.
Manage access and aggregation, provide the right user interfaces
Backoffice employee
Stimmt AG | Front workplaces in financial services companies – an industry view
Most current front workplaces have all/many of the necessary components in place – but depth of integration does not fit
14
Time
Scope
Store and manage customer info
Store and track customer needs
Real-time customer data
Individual parts must «fit» together. This is very difficult to achieve and needs consistent program management over five to ten years.
Manage/track sales/marketing effort
System integration for service delivery
Stimmt AG | Front workplaces in financial services companies – an industry view
Most current front workplaces have all/many of the necessary components in place – but depth of integration does not fit
15
Time
Scope
Store and manage customer info
Individual parts must «fit» together. This is very difficult to achieve and needs consistent program management over five to ten years.
Store and track customer needs
System integration for service delivery
Real-time customer data
Manage/track sales/marketing effort
Stimmt AG | Korneliusstrasse 9 | CH-8008 Zürich | +41 (0)44 562 10 10
An efficient and satisfactory front workplace does not happen by accident.
Stimmt.
