After reviewing the TD Canada Trust scorecard report, exhibit 16 demonstrates an overall increase in financial performance at TD Canada Trust. The company can get insightful concepts that would help it in delivering and improving customer satisfaction. For instance, the scorecard suggests some components with the low scores that the bank can improve to enhance the customer experience with the bank. For example, the bank can improve customer satisfaction based on 86.9 percent of thank you for business. This is one of the things that make customers feel comfortable while interacting with banking institutions. Furthermore, the report can be improved by adding operational measures such as improving internal processes and organizational innovation and improvement activities. These measures are drivers of future financial performance, and they enhance both the companys ability to assess its branch performance and improve customers satisfaction (Coe & Steve 63).
In exhibit18 which is the branch report, it is difficult for the bank to examine which areas that need to be improved and which one does not. The report does not offer insightful information that the company can focus on since most of the services are generalized. It is important to note that reports with figures help companies to focus on how they can improve or maintain the statistics, unlike pervasive statements which do not allow firms to focus on individual components (Chakravarti 18). Also, the report has not quantified the number or responds to enable it to evaluate its performance percentage. For example, it is indicated that SC makes me feel comfortable as below threshold. This threshold is not defined, hence making it difficult for the company to examine the required limit to meet customer satisfaction.
There is need to include a balanced scorecard that incorporates KPIs and thus will enable the branch to measure both its performance based on their achievements and customer satisfaction based on the feedback they get from customers. Also, by utilizing internal business process perspective as a component of a balanced scorecard, the bank can be able to guarantee stability and sound operation since the services of the company will be able to meet the needs and expectations of their clients (Ozturk & Ali 151). This report can be improved by taking reports on waiting time, time used in getting services, the attitude of the banks employee and general experience of the environment of the bank such as were there seats or director. These are some of the things that the bank can include in the report to enhance performance and improve customer satisfaction.
Campbell, Dennis, and Brent Kazan. "TD Canada Trust." Harvard Business School (2014).Chakravarti, Varoti. "Scorecard: A Practical Program for Measuring Customer Satisfaction and Improving Service." Transportation Research Board 95th Annual Meeting. No. 16-2107. 2016.
Coe, Nicholas, and Steve Letza. "Two decades of the balanced scorecard: A review of developments." The Poznan University of Economics Review 14.1 (2014): 63.
Ozturk, Elif, and Ali Coskun. "A strategic approach to performance management in banks: The balanced scorecard." Accounting and Finance Research 3.3 (2014): 151.
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