VIDA Management Consultants

Specializing in Customer Interaction

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Past Project

Tracking Complaints

At a bank-owned discount stock brokerage company, Vicki turned complaints into a process that became a strong competitive advantage. Dividends were posted to a stand-alone brokerage statement that customers received once a month. Customers complained that they “lost” interest on the dividend amount sitting in a non-interest bearing account.

The brokerage department created a new process to transfer “free credit balances” from a customer’s brokerage account into their bank account. This required coordination with several other departments and the bank's systems group. The customer’s bank statement would print “transfer from Brokerage” so the customer could easily track money going in and money transferred out on the same day…no lost interest. This process was later expanded to include transaction sale proceeds deposited into a bank account and transaction purchase proceeds pulled out of a bank account to cover brokerage trades. This made it easier for the customer to do business with a brokerage company associated with a bank vs. a non-bank brokerage company.