Customer Identity Verification Project Example

Customer Identity Verification Project Example

TD Bank Financial Group Six Sigma DMAIC Improves Customer Experience

$24.95

Product Description

The credit card division of TD Bank Financial Group receives
more than 3.7 million customer calls per year. Research
showed that customers were experiencing a high level of dissatisfaction
when phoning the call center due to the lengthy
and complicated process used to verify their identity.
Customer complaints over the identity verification process
clashed with both TD Bank’s corporate vision to Be the Better
Bank and its “comfort” branding strategy (Banking can be this
comfortable). In response, a Six Sigma project was chartered
to deliver a superior, more comfortable customer experience.

This DMAIC project is a practical example of how Six Sigma can significantly improve the customer experience. The original reason for taking on this project was the high level of customer complaints. The team improved this metric from 26 complaints per week to only 4.6. Historically the customer identity verification process accounted for about 11 percent of our customer complaints. Now it represents only 3 percent. Customer complaints are tracked on a central database. The operations manager gets a monthly report that itemizes the top 10 complaints. This problem used to be No. 1 or No. 2, but now it is not even showing as an issue.

The total financial benefit to the credit call centers was calculated as an annualized operational savings of $1.6 million. In addition, with the extra capacity, the call centers were able to increase sales of credit line increases and balance of account transfers. Sales opportunities average more than 5,000 units per month and have resulted in $725,000 in revenue.

Additional Information

Format

PDF

Pages

7

Publishing Date

September 2007

Publisher

iSixSigma Magazine

Author(s)

Richard Pennington

File Size (MB)

0.194

Minimum Software & Version

Adobe Acrobat Reader

License

Personal use only

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