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AMP Bank Case Study: Improving Customer Service Through Process Change

AMP Bank implemented process changes to improve customer service and reduce turnaround times for mortgage applications. Key metrics showed application to condition turnaround times were 4 days for clean applications and 10 days for others, while application to formal turnaround times were 13 days for clean and 18 days for others. Changes included adopting a more customer-centric approach, cross-training staff to reduce handoffs, centralizing the broker function, and providing internal reporting to reduce requests for more information. The changes led to improved key metrics, with application to condition turnaround times reducing to 2 days for clean and 9 days for others, and application to formal turnaround times reducing to 8 days for clean and 14 days for others.

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108 views9 pages

AMP Bank Case Study: Improving Customer Service Through Process Change

AMP Bank implemented process changes to improve customer service and reduce turnaround times for mortgage applications. Key metrics showed application to condition turnaround times were 4 days for clean applications and 10 days for others, while application to formal turnaround times were 13 days for clean and 18 days for others. Changes included adopting a more customer-centric approach, cross-training staff to reduce handoffs, centralizing the broker function, and providing internal reporting to reduce requests for more information. The changes led to improved key metrics, with application to condition turnaround times reducing to 2 days for clean and 9 days for others, and application to formal turnaround times reducing to 8 days for clean and 14 days for others.

Uploaded by

hellowod
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 9

AMP Bank Case Study

Improving Customer Service through Process Change

Content

Topic 1 Topic 2 Topic 3

AMP Bank Key Metrics & the Challenge Focus and Changes Implemented

Topic 4
Topic 5

Key Changes
Questions

Page 2

AMP Bank Overview

AMP Bank (established in 1998) is a fully owned subsidiary of AMP Ltd. Branchless bank with a core focus on Australian residential mortgages and deposits. Mortgage distribution is through financial planners, mortgage brokers, and direct sales. AMP Bank is an integral part of AMP Groups wider business leveraging its economies of scale. Securitisation of residential mortgages has been integral to AMP Banks capital, liquidity and funding management. The Banks strategy has been modified to accommodate the difficulties in the securitisation market. AMP Bank manages $12b of total assets with more than 100,000 customers

Page 3 |

AMP Bank Mortgage Growth

$1,1b

Mortgage growth

$334m

$220m

2009
Page 4 |

2010

2011

Market Performance has Driven Volatility

Home loan outstandings


AMP v Market, indexed to Dec 2006
170 160 150

Total market

Mortgage performance has led and lagged market, and is related to funding opportunities Daily home loan application volatility during growth periods is up to 50% This required the construction of an appropriate and cost effective operational model

Index value

140 130 120 110 100 90 80

AMP

Aug-07

Aug-08

Aug-09

Aug-10

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Aug-11

Source: APRA monthly ADI reporting, indexed to value of 100 at December 2006

Page 5 |

Dec-11

Apr-07

Apr-08

Apr-09

Apr-10

Apr-11

Key Metrics & the Challenge

Key Metrics
1 Application to Condition Turnaround Times

December, 2010
4 days for clean 10 days for others

Application to Formal Turnaround Times

13 days for clean 18 days for others

3 4 5

Average Speed of Answer Solicitor Reworks Throughout

71 seconds 11.2% 0.46 decisions per hour

14.57 decisions per FTE


6 7 8 Handoffs Training Engagement 19 per application 118% of budget 52%

Page 6 |

Changes Implemented

1. 2. 3.

Customer centric approach to processing mortgage applications. Improved communication to Distributors Segregated staff into logical process steps and then introduced cross skilling. Reduced duplication between a Customer Service Officer and Credit, and rationalise the notes required for internal assessment Reduced internal hand-offs. Centralised function for Brokers Calls.

4.

5. 6.

7.

Provided internal reporting to reduce the RMI (request for more information) rate.

Page 7 |

Key Changes

Key Metrics
1 Application to Condition Turnaround Times

December, 2010
4 days for clean 10 days for others

December, 2011
2 days for clean 9 days for others 8 days for clean 14 days for others 36 seconds 3.3% 0.84 decisions per hour

Application to Formal Turnaround Times

13 days for clean 18 days for others

3 4 5

Average Speed of Answer Solicitor Reworks Throughout

71 seconds 11.2% 0.46 decisions per hour

14.57 decisions per FTE


6 7 8 Handoffs Training Engagement 19 per application 118% of budget 52%

26.77 decisions per FTE


12 per application 516% of budget 72%

Page 8 |

Questions

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