Best Practices in Financial Services
Apr 10th, 2008 | By Hazman Aziz | Category: Accounting, Banking & Finance, Information Technology & Operations ManagementThe financial service industry has evolved rapidly in today economic. Each operational day will produced a small qualitative and quantitative measures towards the development of knowledge management (KM). A number of us did not see this as a veto factor for the organization to evolve into a hybrid approaches. Furthermore, with the element in Knowledge Management implemented in the financial organizations, the organization are able to benefit from:
- the ability of their employees to make good decisions;
- the ability of the organisation as a whole to meet customers’ needs more efficiently, with greater accuracy and with better quality than its competitors;
- the ability continuously to innovate process and product to create new sources of shareholder value.
This is reported on Market Research Report site. While on KMWorld website, last September 2007 issues, KM practitioners shares the best practices in the financial services, as listed below:
Andy Moore . . . . . . . . . . . . . . . . . . . . . . . 2
Come. Sit. Stay: The Care and Training of Your Best Customers
“… For financial services organizations, automating processes is more than a means of shaving a few bucks here and there. For them, automation is everything. Financial services companies of all kinds—retail and commercial banks; brokerages; mortgage companies—rely on technology to gain new customers, retain existing customers and persuade the fence-sitters that a better life awaits them. . . .”Nancy Lai, Fast Search & Transfer . . . . . . . . . 4
The Dawn of a New Financial Services Industry
“… Increasing competition. Consolidation. Waning customer loyalty. Increasing customer expectations. While these challenges are profound, they are far from being intractable. In fact, successful companies are not only weathering the storm, but they are also turning these challenges into opportunities for competitive advantage. . . .”Sean Handel, InQuira . . . . . . . . . . . . . . . . . . 6
Convert More Business by Reducing Form Abandonment
“… As financial institutions focus on driving more traffic to their sites, they are missing a very real opportunity to convert more of those visitors into customers. Innovative online marketing techniques have proven effective in generating traffic from targeted audiences, but conversion remains a challenge. . . .”Chris Hall, KANA and Allen Bonde, eVergance . . . 7
Think Like a Customer for Great Online Self-Service
“… Financial services institutions (FSIs) have done a great job leveraging e-channels so that customers can skip standing in line or hanging on the end of the phone. From ATMs to online banking, FSIs have been ahead of the curve in deploying automated self-service. We have identified four customer expectations. . . .”A Liberty IMS Case Study. . . . . . . . . . . . . . . 8
A Document-Powered Policy Management System
“… The key departments involved in policy management operations are new policy sales, central document processing and customer service. Incoming new policy sales volume is 20% paper and 80% fax/email. This is further divided into standard workflow and exception items. . . .”Rick Saarimaki, CDP Communications . . . . . . . . 9
Are You Sure Your Invoices Are Accurate?
“… Every CEO and CFO would be dumbfounded to learn that the statements, bills and policies they send to their customers are quality controlled by a visual inspection of roughly 1,000 pages. What is more surprising is that changes are constantly being requested by marketing and sales. . . .”Kristi Perdue, CA. . . . . . . . . . . . . . . . . . . . 10
Information Governance in Financial Services
“… In this new era of risk management, the most successful financial services firms are those proactively managing the information, applications and policies that drive their business. From the first customer contact to the last back-office process, having 360-degree oversight makes the difference between a system with the basic mechanics and one that works effectively for the entire enterprise. . . .”
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For more sources in the Business Library with related to Knowledge Management topic, users can find related reports and articles provided by these databases.
Emerald Management Xtra
Emerald Management Xtra, a collection of more than 75,000 full text articles, 200,000 reviews from management journals, plus case studies, literature reviews, book reviews, conference information, interviews, and profiles.Gartner
Gartner Core Research covers the full range of products and technologies associated with core components in the research industry, such as (i) by Market, (ii) by Topic and (iii) by Industry. Library users can expect total coverage that focused on every conceivable aspect of IT and telecom intelligence.On top of these, Library users can also expect real-world advice and answers on their desktop. For more information, please click to this url.Jupiter Research
Jupiter claims to be the worldwide authority on Internet Commerce. It provides in-depth research and analysis for internet strategies. In the area of marketing and revenue, it covers B-to-B marketing, Content & Programming, Digital Commerce, Net Markets and Online Advertising. In the area of operations & infrastructure, it covers B-to-B Infrastructure, Commerce Infrastructure, Customer Service, Site Operations and Site Performance. Under Technology and Platforms, Broadband and Wireless, Digital Television, and Web Technologies are covered. In the area of Market Strategies, it covers Financial Services, Retailing and Travel.
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thanks for the info you’ve posted, there is just so much info out there and this is such a tiresome topic to research
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