Retail bank rectifies inefficiencies within new business the function and implements new policies and processes
Our client had an established policy of 10% risk-based checking of new business submitted by their financial advisers. Through dialogue and discussions with the regulator, the requirement changed from the risk-based approach to 100% checking for an initial period.
A qualification criterion was applied to determine when competent advisers could revert to the initial check levels.
The aim was to identify weaknesses and inefficiencies within the function and help drive through new policies and processes to support the requirements of the adviser population.
We were required to provide the resources and support to the client. We were challenged to identify and engage 165 level 3 qualified financial services consultants and establish a fully managed service in three weeks.
We provided senior manager on-site support with the client’s key stakeholders to review the issues and find a solution. We recruited 165 financial services consultants and ensured they were referenced, engaged and confirmed to start the training within 3 weeks of the initial request.
Senior managers were present throughout the training period, on multiple sites, to assist the client trainers and provide support to our resources. The resources completed the training and embarked on a route to competency; any weaknesses in resourcing quality were quickly identified and managed so that the client was provided with a competent, dynamic team.
Individuals were subject to ongoing quality checks and were assessed to undertake a number of different functions including: customer contact, adviser appeals, remedial action checks, quality assurance and verification of new business. The flexibility of these multi-skilled resources provided the client with the dynamics required to ensure that all actions agreed with the regulator were delivered effectively and efficiently.
To drive productivity and quality in each area, service levels were agreed and then reviewed by the project board on a fortnightly basis.
We worked with our client to ensure the appropriate processes, methodologies and values were consistently adopted by the project team. This helped ensure a positive experience for the end customer.
Our resourcing and management approach delivered a fully flexible multi-site function, providing capacity to verify the advice provided for 25,000+ customer interviews per month.
The MI provided confirmation that 100% of customer contact was checked during the period agreed with the regulator.
This is an ongoing project so the final outcomes are not yet known. However, early indications suggest that there will be a phased implementation of a return to a risk-based quality checking for advisers, with our head count reducing at this point.
A number of our resources have been asked to support different parts of the client’s customer offering.