3 Red flags signal inadequate member service
Eliminate these inefficiencies in the back office.
by: Alissa Fry-Harris
Sponsored by Bluepoint Solutions
What does back-office inefficiency have to do with attracting new members? Or retaining existing members? It’s a matter of priorities–time your employees spend on busywork can’t be spent on serving members. But in a world where every dollar is also in demand for mobile technology and community outreach programs, it can be difficult (or seem impossible) to prioritize process investments.
Here are three red flags that mean you should dig deeper to unearth hidden sources of inefficiency and uproot threats to superior service:
- You need more resources. Catering to new and prospective members takes money. Ovum predicts global retail banking IT spending to hit a record high by the end of 2015 ($131 billion), largely composed of investment in mobile and digital channels. These services can be partially self-funded as new members and deeper relationships bring incremental increases in revenues. But growth also brings increased pressure on staff, which in turn magnifies the effect of any currently broken processes. What member-facing programs could you fund if you freed the equivalent of one, two, three (or more) full-time employees even while you grow?