Consolidation, technology advances, and global commerce, along with a sluggish U.S. economy, have intensified the competition for profit and market share in the financial services industry. As demand for innovative products and services continues to increase, so does the importance of time-to-market and brand differentiation-the key factors for success in the industry. Tomorrow’s financial leaders will be determined by their responsiveness to the customers' needs and agility in adapting to today's challenges.
Among the companies that have maintained a track record of success over time, certain common characteristics emerge:
Companies can achieve some of these goals by streamlining operations through reorganization and elimination of inefficiencies. They should also take advantage of new technology to further reduce excess cost and staff.
Companies must also focus on retaining and building lasting relationships by adapting a customer-centric culture. It is crucial that they address customer demands for greater convenience in transactions, online support, and call centers. By providing customers with seamless and impeccable service through different channels such as traditional 1-800 call centers or self-service online portals, companies will earn the loyalty and support of satisfied customers.
Brooks International Experience
Our previous work in the financial services industry has spannned the spectrum from banking and, insurance to support industries such as the leading U.S. credit bureaus. Our typica initiatives have ranged from post merger acquisition services to cycle- time compression. We have been instrumental in contributing to the bottom-line (EBITDA) improvements for some of the largest financial services organizations in the United States.
Brooks has been a catalyst in partnering with financial services organizations not only to develop effective strategies for improving financial and operational performance, but more importantly, we have partnered with these organizations to achieve those strategic imperatives through effective, accelerated and sustainable execution. Our engagements have addressed and delivered our customer performance objectives along with needed behavioral and cultural transformations, ranging from improved customer service, revenue enhancement, and time- to- market objectives, through to improved productivity and processes. The majority of our work in the financial services industry involves pre-emptive initiatives, such as retention of customers, increasing market share, operational improvements, and employee satisfaction.