Account managers at Canada’s largest financial institutions have settled down a bit from last year’s outright rebellion against the technological tools they use on their jobs. But they’re still not as happy as they were in 2001 or 2000.
In July 2002, the rankings of every bank fell from the previous year, as account managers across the country berated their employers for providing lousy overall technology, bumpy communication from head office, confusing software packages and little support.
The banks must have at least begun to address the concerns, because Investment Executive‘s 2003 Account Managers’ Report Card shows the averages for both efficiency of technology and front-office technology have edged up to 6.3 and 6.5, respectively, from the 2002 rock-bottom averages of 6.2 and 6.4 out of 10.
Better still, above-average scores were posted by Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal and the main credit unions, which joined the survey for the first time last year.
One would think Royal Bank, the largest bank with the most employees and branches, would face the biggest challenge in keeping its monolithic network running as smoothly as its smaller rivals, but that’s not the case. Royal Bank account managers once again give it sterling grades, a hefty 8.1 for both efficiency of technology and front-office technology. The bank has been at or near the top of IE’s report card for years, showing that an early emphasis on investing in improved technology, and then maintaining its emphasis, can permanently put it ahead of the pack.
“We work with laptops that have a lot of problems, but that’s Microsoft’s fault,” says a Royal Bank manager in Ontario, in defence of the bank.
While the survey’s average score for efficiency of technology of 6.3 remains well below the 2001 average of 7.0 and 2000’s even higher 7.1, two banks have managed to make some significant headway in the past 12 months.
BMO’s managers give that bank a 7.4 for front-office technology, up sharply from last year’s 6.1, while efficiency rises to 7.1 from 6.7.
Scotiabank remains neck and neck with BMO, as its score for front-office technology rose to a second-place 7.5 from last year’s 7.1, and its overall mark for technological efficiency increased to 7.0 from 2002’s modest 6.2 points.
“Since I moved here in 1999, there have been a lot of technology changes. The system used to be archaic,” says a Scotiabank manager in Ontario.
“There are too many changes and related [computer] problems,” adds a manager in the Maritimes, “but they’re addressing the problems.”
A colleague says: “They are operating with too many [computer] systems.” An Ontario manager is less patient. “The personal computers need to be upgraded or changed,” he says.
Canada’s credit unions bucked the 2003 trend by weakening, yet they still managed to hold a fourth-spot ranking. After débuting last year with almost Royal Bank-level marks for technology, this year’s front-office mark fell to 7.1 points from 8.1, while the overall efficiency score dipped to 6.9 from 7.0.
“They need to sharpen their pencils for technology, especially for clients,” says a credit union manager in British Columbia.
Adds a Prairies manager: “We need more technology in the area of financial planning.”
The technology of the rest of the banks were largely scorned by their account managers across Canada for being everything from cheap, inefficient and half-hearted to outright uncaring or incompetent.
Fourth-ranked TD Canada Trust posted below-average scores on both technology fronts, followed by CIBC, Laurentian Bank of Canada and National Bank of Canada in last place.
TD continues to feel heat from account managers across the country, even two years after completing its takeover of Canada Trust.
“I came from Canada Trust, where they invested time and money in technology,” says a TD manager outside of Toronto.
“Here they haven’t, and with all their money I can’t understand why. It boggles the mind.”
Adds a B.C. banker: “Before the merger we could go to head management with our concerns; now we fill out e-mail forms for someone to ignore.”
A manager on the Prairies is equally miffed: “They don’t have a focus on technology. I came here from Royal [Bank, where] technology was much better.”
“A lot of systems still need to be merged,” says a TD manager in B.C. A colleague in rural Ontario adds, “We’re in a small branch and our systems don’t get upgraded as often.”