Implementing Governance Structures in a BFSI Organisation
BySKAUR Team
•PublishedFebruary 15, 2024
•CategoryBanking
How we helped a BFSI organisation establish robust governance structures to ensure consistent service quality across their network
Understanding the Challenge
A BFSI organisation with a vast network of branches and customer service centres faced challenges in maintaining consistent service quality across locations. Rapid expansion had created gaps in service uniformity and accountability, leading to inefficiencies and a decline in customer satisfaction.
Key Challenges
- Inconsistent Service Quality: Variations in service delivery resulted in increased customer complaints
- ●Operational Inefficiencies: Lack of standardised processes caused delays and higher costs
- ●Lack of Accountability: Absence of clear accountability structures led to oversight issues
- ●Knowledge Management: Limited access to consistent information affected service protocols
Root Causes Identified
Our assessment uncovered several root causes:
1. Decentralised Processes: Inconsistent protocols across branches 2. Undefined Roles: Ambiguity in responsibilities 3. Limited Knowledge Sharing: Poor access to consistent information 4. Underutilisation of Technology: Lack of integrated tools
Solutions Implemented
1. Centralised Governance Framework: - Standardised policies and procedures - Unified operational structure
2. Accountability Structures: - Tiered accountability system - Governance committees at central and regional levels
3. Robust Knowledge Management System: - Centralised repository for operational manuals - Access to governance protocols and templates
4. Technology Integration: - Advanced governance tools - Real-time monitoring capabilities
5. Continuous Improvement Mechanisms: - Regular audits and feedback loops - Performance reviews
Results Achieved
- Consistent Service Quality: Reduced customer complaints and increased satisfaction
- ●Operational Efficiency: Streamlined operations with reduced costs
- ●Accountability Culture: Enhanced ownership at all levels
- ●Informed Workforce: Improved access to tools and information
Recommendations for Long-Term Success
1. Regular review and update of governance framework 2. Continuous enhancement of knowledge management system 3. Integration of customer feedback 4. Investment in leadership development programs
Long-Term Impact
The implementation of robust governance structures achieved consistent service quality, improved efficiency, and strengthened accountability. This established a strong foundation for sustainable growth and customer satisfaction in the BFSI sector.