5 Proven Improvement Initiatives for Banking and Financial Services

Joshua Zable | 13 April, 2022

Topics: Banking and Finance, Minitab Statistical Software

Banking and financial services organizations are built to withstand fluctuations in interest rates, trading volumes, transactions, and the stock market. While most of these are outside the control of your organization, there are a few things within your control that can contribute to the bottom line.

For years, Minitab has been helping banking and financial services initiate and execute on improvement initiatives to create efficiencies and a better customer experience. Harnessing the power of your data will enable you to provide unique and in-depth insights that can create significant value for your organization today. If you’re looking for ideas for areas to target, tackle and transform, here are five great places to start:

  1. Analyze and Improve the Performance of Your Contact (or Call) Center. Contact centers can be made more efficient in several ways, including improving agent utilization and resolving tickets faster. The customer experience with your contact center can also drive loyalty (or customer churn), so understanding response time and customer satisfaction are key performance indicators you should be tracking. See how one financial institution used Minitab to increase capacity of their current team by more than 10% and improved their call center metrics, such as average handling time, average speed to answer, and the time it takes employees to complete after-call work.

    See how Minitab can help you leverage the power of data analysis to tackle challenges in customer care

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  2. Develop a Low-Cost Benefits Program That Increases Customer Spend on a Credit Card Without Increasing Risk. Using Design of Experiments (DOE), you can create, analyze and optimize several different customer benefits (rewards programs, longer payment periods, and lower interest for different time periods), targeted at increasing spend without increasing delivery costs.  Learn more about designing an experiment here or sign up for sign up for training to get started!

    “Typically, you hear of DOE and other statistical methods being utilized in manufacturing,
    but there’s really no limit to where the technique can be employed. Once we understood the principles of DOE,
    we realized we could also apply it to our service processes."   

    - Financial Brokerage Firm & Minitab Customer, from the "Enhancing and Digitizing the Customer Experience in Financial Services" blog

  3. Eliminate Costly Mistakes by Predicting Default Risk. Most financial institutions provide loans of different sorts – from small business loans to mortgage loans for homes. By analyzing data about your customers, you can make predictions before deciding to approve or reject their loans. Learn more about how to do this using this example about predicting mortgage default.
  4. Improve Error-Prone or Lengthy Processes. As the expression goes, time is money. Mistakes cost even more money. With compliance such a critical piece of financial services, processes reign supreme. What if those processes aren’t very efficient? Analyzing the process itself could yield significant results. Learn how one financial institution saved millions of dollars by simply analyzing and improving some simple processes or get started with training to start making an impact today.
  5.  Cross-Selling Services. Most financial institutions want to cross-sell additional services. Perhaps someone who takes out a mortgage loan might need a construction loan. Maybe you want to understand how to get someone who has a checking count to add a credit card. Using data analysis tools allow you to understand your customer profiles and target customers who are more prone to buying a specific product or service.

Want to learn more? We are ready to help!

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