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White Paper
LET'S GET CUSTOMER SERVICE RIGHT IN BANKING
Financial Services Companies Benefit from Six Sigma and Performance Improvement Methodology
As growth in interest income for banks stagnated over the past decade, non-interest income rose dramatically. In 1992, non-interest income accounted for approximately 35% of total bank revenue; in 2002 that figure had risen to 45%. The growth occurred not only in retail banking fees but also in wealth management and in similar services throughout retail, commercial, and wholesale banking. Revenue enhancement initiatives, which continue to some extent today, were pervasive in the industry and produced dramatic increases designed to compensate for decreasing margins on interest income. To maintain profitability banks increasingly depended on non-interest income, and it appears that they will have to rely on these sources of income for the foreseeable future....
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