Performance Management for Financial ServicesA. Industry background

The financial services sector is made up of businesses and organizations that create financial products and services for consumers and businesses. Financial services is one of the most important sectors of the global economy, and covers areas such as personal and commercial banking, investment houses, lenders, accountancy, brokerage, advisors and financial insurance firms. The financial services is composed of large conglomerates but it also includes a broad range of smaller companies and partnerships.

B. Key challenges

A recent report by PwC highlighted several key challenges in the financial services sector.

  • Digital transformation: Customers expect a digital experience from financial firms, and a back-office operational transformation is required to make this happen.
  • Data and analytics: Financial institutions must be able to effectively analyze data to understand customers, find and exploit opportunities and remain competitive.
  • AI and Intelligent Process Automation in financial services has rapidly become a must-have to help organizations solve problems.
  • Blockchain in financial services: Financial firms and regulators alike are keen to explore new ways to take advantage of the benefits of blockchain technology to give them a competitive edge.
  • Cost visibility and control in financial services. Financial institutions must develop greater capacity to be strategic with cost containment decisions and invest in their firm’s core competencies.
  • People strategy in financial services. Diversity, trust and digital labor continue to influence workforce strategy. What approach should financial services firms be taking in this environment?
  • Cybersecurity in financial services. As organizations move towards a digital experience to meet the needs of the financial consumer, they open the door to more risk. Financial firms need to develop and maintain world-class cybersecurity capability.
  • RegTech in financial services. RegTech is bringing the financial services industry greater efficiency along with reduced risk and regulatory costs.

Three areas will see particular focus in financial services according to PWC and these are:

A. Cost Limitation, based on a clear understanding of an institution’s central mission.

B. Deploying AI and Software bots to streamline operation and to make game-changing insights

C. Deal-making, mergers and acquisitions to add new capabilities, consolidate their positions or move away from non-core activities.

performance-management-financial-services-sectorC. Solutions offered

AssessTEAM is uniquely positioned to help financial services organizations streamline their employee performance management process by offering the following key features:

1. Cloud-based system (for easy access from anywhere): Reports show that most of the world’s biggest banks are making the unprecedented move towards permanent home-working, post-covid, making AssessTEAM the perfect long term solution for your business. Your now fully/partially home-based banking teams can use AssessTEAM’s entirely cloud-based, real-time appraisals system on any internet-connected computer or mobile device. Our highly automated performance management process enables you to appraise your staff anywhere in a 360-degree format using both technical and behavioral competencies.

2. Team-goals and individual goal-setting: Front-line banking staff, (mortgage advisors, bank tellers, etc..) are now more than just customer service staff. They are sales staff too and are expected to meet revenue targets. AssessTEAM is perfectly suited to help you manage and guide the performance of your revenue target-driven front-line banking staff. The system allows you to rapidly assign goals, to individuals, teams, or specific job descriptions using our library of key performance indicators. Once assigned the system can be easily configured to automatically chase raters to evaluate staff on a daily, weekly, monthly, or quarterly or annual basis, enabling real-time performance management of the mission-critical sales activity of your front-line banking staff.

3. Security with 256-bit encryption: With the digitization of sensitive financial and personal data and in the wake of toughening data protection regulation, cybersecurity is now a number one priority for financial services. Data breaches can destroy a bank’s reputation overnight, leading to a loss of customers. You can rest assured that all data that is processed with AssessTEAM is secure and safe from data breaches due to it’s 256-bit security encryption making it one of the most secure data encryptions methods available.

4. Customer Feedback Integration: Customer satisfaction is critical to the success of any financial organization. AssessTEAM comes with the support for customer feedback for bank tellers, mortgage officers, loan officers, and all other front line bank staff. Our data reports provide insights into areas where the service levels could improve and identifies training requirements for your workforce to improve the overall customer experience.

Finance KPIs

Friendly, effective and meaningful support.

Our support team includes experienced HR professionals with decades of real world performance management experience. We offer technical assistance with integrating your data and provide meaningful advice on HR strategies as well. Simply email us at