 |
 |
 |
Fidelity  About FidelityFidelity Wide Processing reduced their costs, dramatically streamlined core processes, which led to consistently “wowing” their customers—operating as the world class organization that they are known to be. Fidelity Wide Processing (FWP) is an internal solution provider to Fidelity Investments, one of the world's largest providers of financial services. To help Fidelity Investments effectively communicate with customers, FWP manages all incoming and outgoing customer correspondence for the parent company, including investing literature, account statements, confirmations, and other shareholder mailings and distributions. Business NeedsFWP enjoyed a strong position of leadership in the market place. Rather than resting on its laurels, FWP chose to continue to raise the bar by setting standards even higher. To achieve “world class” status, FWP leaders sought to improve operational efficiency and service delivery. It was important to train and empower front-line leaders, as well as to involve employees at all levels of the organization in the improvement process. They hoped to create a more nimble culture focused on continuous improvement, which could quickly adapt to changes in the workplace. FWP wanted quick results which would last, and they wanted their employees to become “champions of change.” Immediate ChallengesThe company’s high volume posed a challenge, requiring them to send 127,000,000 envelopes, receive 17,000,000 pages to scan, deposit 6,000,000 checks each year, with business partners constantly driving for faster service and higher quality. Fidelity had used consultants to assist in the improvement of the company. Unfortunately, once the consultants were gone, the momentum to continue to drive improvements also disappeared. FWP employees were frustrated with how difficult it was to make changes and were skeptical about external specialists. Further, the company had an internal improvement group, who were very good at gathering data, but struggled with rapid process implementation.
Markets were volatile and measurements of internal and external forces effecting incoming correspondence indicated:
Definity Partners PlanDefinity provided a valuable solution focused on delivering quick results, while developing both their people and their processes. Definity and FWP worked together to set goals and to rapidly implement and achieve improvements with the engagement of the employees and through a methodology, which could be transferred to FWP and sustained by the employees. It was determined to begin with the Employer Services Process because of the big impact it would have for customers while keeping the expense and time for implementation low. The team addressed the Business Excellence component of the model by introducing measures to:
The team also targeted gains in Business Partner Satisfaction and Loyalty by setting a goal to improve service delivery by 20%. By working with the associates and work leads, we were able to identify key items that would quickly gain momentum and make a significant impact on the measurables. These items were foreign in a financial services environment.
ResultsThe estimated benefits demonstrated by the pilot not only exceeded Fidelity’s project approval criteria, but it also helped to build momentum for the remainder of the project. The improvements had a great impact on the culture and management system of the company.
Employees learned that their opinions really do matter, and their ideas and participation were both recognized and rewarded. They also were able to achieve:
The Figures
Continuous Improvement
|
What they had to say -Doug Sutton, President |
Email a Friend