Service Quality Management
Empirical evidence shows that service quality is the second most important differentiating factor in Private Banking. Best-in-class products, investment performance and qualitative sound advice without acceptable service quality are no longer a sufficient selection criteria for most high-end private clients.
Quality aspects of organisation, governance, and processes currently receive little attention in communication efforts. Moreover, most services delivered by banks are no longer perceived as a value-adding, but as a market standard. In order to satisfy clients’ expectations, banks have to know which services are perceived as differentiating to private clients.
Banks that differentiate themselves by above average service quality and who also treat Service Quality Management as an integral part of the overall strategy tend to build up long-term client intimacy that allows for further differentiation from their competitors. Deloitte’s holistic Service Quality Management framework provides guidance in the process of planning, implementing and operating service quality management policies, practices, processes and measures.
Deloitte project experience suggests that various benefits can be ensured:
- Market perspective:
- Improved client’s perception of service quality and hence their level of satisfaction and retention
- Ensured quality image
- Established market entry barriers
- Organisational / internal perspective:
- Increased efficiency of service processing
- Decreased cost of quality
- Internal awareness for quality
