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Fidelity Investments - Support Department

Gold Stevie Award Winner 2018, Click to Enter The 2019 American Business Awards

Company: Fidelity Investments, Westlake, TX
Company Description: Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. We help more than 26 million people invest their own life savings, 23,000 businesses manage employee benefit programs, as well as providing more than 12,500 financial advisory firms with investment and technology solutions to invest their own clients’ money.
Nomination Category: Support Categories
Nomination Sub Category: Support Department of the Year

Nomination Title: Fidelity Investments - FI Quality Solutions: Support Department of the Year

Tell the story about what this nominated department has achieved since January 1 2017 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.

The Fidelity Institutional (FI) Quality Solutions department supports our Institutional Business which offers clearing, custody, investment products, brokerage and trading services to a wide range of financial intermediary firms. We help our Institutional Business thrive by supporting the growth of their businesses, enhancing their operational efficiency, delivering insights to drive confidence, clarity, and results. We are a service organization and dedicated collaborator. Our top priority is the success of these clients in providing the best customer service in the financial services industry to our end customers.

As the pace of change in our industry continues to accelerate, our service model needed to evolve to support our business partner’s rapidly changing environments. In early 2017, we implemented a three-box-approach in our organization design to help us focus on three areas: day to day operations (Quality Specialists), what we should stop doing (Quality Governance), and how to be future ready (Quality Analysts). This optimizes our resource utilization, and ensures we can meet growing volume demands, focus on stopping and avoiding non-value add activities, and preparing for the future state when our business partners and customers will operate differently. This shift allows us to be better prepared for future changes but also helps build a strong culture of quality as we demonstrate our ability to adapt and change to the changing needs of our business partners. The first significant benefit we found by shifting to a three box approach was saving one of our business partners $500,000 of their $2 Million budget (25%). Using our new approach in conjunction with critical to quality analysis, we undertook a review of sample sizes needed for quality coverage. We quickly determined we could reduce our sample size overall and still maintain statistical significance, resulting in this large savings for our business partner.

Our primary area of support is focused on processing quality. We have 58 Quality Specialists who review over 40 processes among our FI business partners. We evaluate these processes using Flawless Execution which measures quality based on each item processed. Algorithms are used to provide the sample selection. This framework ensures samples collected across the risk spectrum for quality assurance are statistically representative of transaction accuracy, by removing human bias and allowing errors to be fixed before impacting an end client. Reviews are conducted directly through our Business Process Management platform to ease evaluation, expedite error fixes, and run in parallel with the business using the same applications enabling real-time error notification. We also provide consulting and reporting support for interaction quality; both written and phone interactions. Today these reviews are performed by managers within the business; however as part of our three-box-approach we are designing a solution that will bring these reviews into our review infrastructure.

Our standardized process-improvement model uses process insights generated by quality assurance and quality control to identify error prone/ high risk areas in a process, as well as efficiencies. Data collected through this model is monitored through the governance team, using advanced data visualization tools and applying statistical process control methods. This enables us to deliver insightful and actionable reporting to inform tactical and strategic decision making on identified process improvement opportunities. This approach was recognized as an industry best practice and published as a white paper by the Corporate Executive Board (now Gartner).

Our primary goal is to help deliver the best customer experience in the financial services industry which requires a continued focus and commitment to quality. Quality must continue to be a part of our firm’s culture, and will create a significant competitive differentiator for us. One way we measure our success in determining how effective our culture is via the Corporate Executive Board annual Culture of Quality survey. In 2017, Fidelity Institutional was ranked No. 1 out of 78 participating businesses. This ranking represents our efforts are effective and impactful and demonstrates the influence we have on the organizational culture we support.

In bullet-list form, briefly summarize up to ten (10) accomplishments of the nominated department since the beginning of 2017 (up to 150 words).

Scale and Efficiency – Year over year
Reviewed 100,000 more items with 6 fewer employees (10% Headcount reduction and 14.4% increase in volume)
$14,000 overtime cost saved and 1,584 hours of work eliminated due to internal process improvements
6.7% increase in high severity critical error capture resulting in a reduction of overall client impact
Helped Business improve their overall quality rates by 2.13% by making recommendations and influencing action

Cost of Quality Initiative
Saved a business partner $500,000 of their $2 Million annual quality budget

Culture of Quality & Innovation
Fidelity Ranked #1 by the CEB in the Culture of Quality survey in 2016-17.
Video Campaign to Transfer Quality, 52 videos created, 1762 unique views and votes, 2772 combined “likes”
Quality Specialist Development: Formed the FI Training Network Team (Solely managed by front line Quality Specialists) to strengthen our internal knowledge