BACK OFFICE STATISTICS
60% BACK OFFICE STATISTICS WHY IS BACK OFFICE IMPORTANT? 2 back office employees for every front-line employee 60% of customer dissatisfaction comes from the back office 10-20% of contact center volumes are a result of execution issues in the back office 88% of global execs said they are challenged in managing regulatory changes of customer dissatisfaction comes from the back office John Goodman, co-founder of TARP, The Impact of Self-Service on Customer Loyalty at SpeechTEK by John Goodman, Vice Chairman and available through: http://docslide.us/documents/-tap-2006- 1-august-8-2006-the-impact-of-self-service-on- customer-loyalty.html Of IT Budgets are spent on maintaining siloed legacy systems. JWG, “FS infrastructure: ready for G20 Reform?”, March 2012 In 2010 JP Morgan saw its paper consumption increase by nearly 55% American Banker, “Banks Use More Paper Despite E-Statements’ Popularity”, August 2012 TD Bank’s current benchmark of office paper per person is 10,000 pages per year. Idatix, “Financial Services: Helping the Environment & Going Paperless, Properly”, July 2012 Current Back Offices are overly reliant on paper and manual processes An average mortgage application goes through 35 manual handoffs before completion. Trivaeo, “Automating Back Office”, March 2013 Manual processes and constant regulatory changes have led to a surge in paper-based processes at banks. 90% 2010 2009 +55% The average Financial & Insurance back office has between 300 and 800 processes. Are customers really doing time and motion studies for this many processes? This posses 2 fundamental questions: The top 10 global investment banks employee two middle / back-office staff for every front- line staff member Financial News, “Back office pushed to the front of the cost- cutting queue”, December 2012 10-20% of contact center volumes are a result of execution issues in the back office Craig Seebach, “Taming the Back Office Effect on the Call Center-Part 1,” ICMI, September 20, 2009. 10,000 PERSONAL COSTS ARE SIGNIFICANT POOR WORK AFFECTS CUSTOMER SATISFACTION AND BUSINESS RESULTS REGULATORY FINES AND PENALTIES CAN BE HUGE Are customers conducting time & motion studies to determine who is being productive and who isn’t? (no they are not) What is the real number of employees required to adhere with your service levels? 1 2
Transcript of BACK OFFICE STATISTICS
60%
BACK OFFICE STATISTICS
WHY IS BACK OFFICE IMPORTANT?
2 back office employees for every front-line employee
60% of customer dissatisfaction comes from the back office
10-20% of contact center volumes are a result of execution issues in the back office
88% of global execs said they are challenged in managing regulatory changes
of customer dissatisfaction comes from the back officeJohn Goodman, co-founder of TARP, The Impact of Self-Service on Customer Loyalty at SpeechTEK by John Goodman, Vice Chairman and available through: http://docslide.us/documents/-tap-2006-1-august-8-2006-the-impact-of-self-service-on-customer-loyalty.html
Of IT Budgets are spent on maintaining siloed legacy systems.JWG, “FS infrastructure: ready for G20 Reform?”, March 2012
In 2010 JP Morgan saw its paper consumption increase by nearly 55%American Banker, “Banks Use More Paper Despite E-Statements’ Popularity”, August 2012
TD Bank’s current benchmark of office paper per person is 10,000 pages per year.Idatix, “Financial Services: Helping the Environment & Going Paperless, Properly”, July 2012
Current Back Offices are overly reliant on paper and manual processesAn average mortgage application goes through 35 manual handoffs before completion.
Trivaeo, “Automating Back Office”, March 2013 Manual processes and constant regulatory changes have led to a surge in paper-based processes at banks.
90%
20102009
+55%
The average Financial & Insurance back office has between
300 and 800 processes. Are customers really doing time and motion studies for this many processes?
This posses 2 fundamental questions:
The top 10 global investment banks employee two middle / back-office staff for every front-line staff memberFinancial News, “Back office pushed to the front of the cost-cutting queue”, December 2012
10-20% of contact center volumes are a result of execution issues in the back officeCraig Seebach, “Taming the Back Office Effect on the Call Center-Part 1,” ICMI, September 20, 2009.
10,000
PERSONAL COSTS ARE SIGNIFICANT
POOR WORK AFFECTS CUSTOMER SATISFACTION AND BUSINESS RESULTS
REGULATORY FINES AND PENALTIES CAN BE HUGE
Are customers conducting time & motion studies to determine who is being productive and who isn’t? (no they are not)
What is the real number of employees required to adhere with your service levels?
1 2
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