A customer-insight led approach to building operational resilience

Fi Passey

Journal of Business Continuity & Emergency Planning, 2018, vol. 11, issue 3, 232-242

Abstract: High-profile failures over the past few years have led to the disruption of banking services in the UK, with some banks’ customers left unable to make or receive payments, check balances or access cash for days or weeks. Technological advances and a push towards remote channels have increased customer expectations of ‘always on’ — any time, any place, anywhere — and with disruptions lasting anything from a few minutes to nearly a month, the regulator is also taking an interest. Nationwide Building Society has responded positively to this challenge by defining its operational resilience strategy, a long-term plan aimed at minimising the likelihood and impact of future disruptions. Customer research was used in order to understand customer expectations, as well as define and prioritise its end-to-end customer journeys, known as business service lines. A comprehensive mapping exercise facilitated the development of strategies and investment projects to address identified vulnerabilities and increase resilience.

Keywords: operational resilience; resilience framework; UK retail banking; consumer research (search for similar items in EconPapers)
JEL-codes: M1 M10 M12 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jbcep0:y:2018:v:11:i:3:p:232-242

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