Co-operative Bank Credits Its Sales Growth to Performance Management
The financial institution is improving both employee productivity and earnings with its monitoring and training initiatives.
For the rest of the February 2005 issue of CRM magazine please click here
Most contact center managers would agree that providing CSRs with feedback is the Golden Rule for training and motivating agents. But using scores of reports from different systems to track down performance data can hinder that transfer of information. In the case of U.K.--based Co-operative Bank, this piecemeal approach to performance management left the financial institution searching for a more cohesive strategy to motivate and manage its staff. "We had about ten to fifteen different reports that came out at different times within a month or in a week, so there was no linkage between the [management information]," says Rob Woolley, head of the Co-operative Insurance Services (CIS) customer contact center. Instead of coaching agents, managers would spend most of their time searching for data to get a sense of how reps were performing. The feedback cycle took so long that when information finally did get into the proper hands it was often useless. Simply put, Woolley says,"we had no consistency." When the bank's call center operations began experiencing rapid growth, it reinforced the need for a solution capable of motivating its burgeoning staff. "In terms of the growth that we were seeing at that time, we were looking for strategies for getting more out of people so our front-line managers could have the ability, with timely information, to manage on a more effective basis," Woolley says. After searching for about four months, Co-operative Bank selected Performix Technologies' Emvolve Performance Manager, a solution that constructs a matrix linking individual staff targets to key performance indicators (KPIs). Emvolve automates the performance management process and delivers an employee's assessment to his or her desktop on a daily basis. And for managers looking for collective insight, these individual views of performance can be aggregated to form a team picture. To keep employees aware of their progress Emvolve on a monthly basis identifies weak spots and presents the employees with training materials tailored to their trouble points. Once the training is completed the solution monitors the employee's performance improvement. Armed with the performance management application, Co-operative also can weight employee targets to show their possible effect on company performance. "With Performix we're able to demonstrate that you could have all of your [management information] on one screen," Woolley says. "But more important...you can track trends, you can track individual capability, and you can, basically, change the shape of your business based on how you weighted your KPI," which is something Woolley says the company has "never really come across before." Additionally, he says, "the tool allows you to weight where you see your biggest business impact at the moment." Emvolve's ability to allow managers to prioritize spurs the financial institution's contact center productivity. For instance, when personal loan sales were designated as a higher priority, Co-operative Bank saw completion rates double within a month. And when the bank added a new account to its portfolio, weighting it sent sales spiraling. "Before we weighted this product there was no high volume to selling at all and as soon as we weighted it there was a 300 percent increase [in sales]," Woolley says. According to Woolley, Co-operative is cashing in on Emvolve's flexibility: "The fact that it goes from an executive level right down to the lowest level within the organization--there is consistency now, right across the board." The Payoff Performance management has allowed Co-operative Bank to:
  • double completion rates of personal loan sales within a month;
  • generate a 300 percent increase for a new product;
  • identify employee weaknesses and provide them with tools to increase productivity.
    Page 1
    To contact the editors, please email editor@destinationCRM.com
    Every month, CRM magazine covers the customer relationship management industry and beyond. To subscribe, please visit http://www.destinationCRM.com/subscribe/.
  • Search
    Popular Articles

    Home | Get CRM Magazine | CRM eWeekly | CRM Topic Centers | CRM Industry Solutions | CRM News | Viewpoints | Web Events | Events Calendar
    DestinationCRM.com RSS Feeds RSS Feeds | About destinationCRM | Advertise | Getting Covered | Report Problems | Contact Us