Case Studies

• Bank of Valletta: Santa Venera, Malta
• Launched Vetter: Dec, 2022
• Headcount: 2000 employees

BACKGROUND

Company Overview: Bank of Valletta is one of Malta’s premier banking institutions, offering a wide range of financial services including personal and business banking, loans, insurance, retirement planning, and investment services
Project Initiative: BOV sought to enhance its employee engagement through a structured suggestion system whereby employees can provide suggestions on any aspect to the Bank which provides added value.

THE CHALLENGE

Pre-Vetter Scenario: In the past, BOV had a staff suggestion system in place, but it was phased out about 6-7 years ago. Employees found it difficult to share ideas as there was no dedicated platform or structured process for submitting suggestions. Ideas were typically communicated directly to individual units, leading to inconsistencies in how suggestions were handled.
Moreover, the absence of a formal feedback mechanism meant employees rarely received updates on their suggestions, leading to frustration and disengagement. The lack of transparency and follow-up discouraged many employees from participating in the suggestion process altogether. This inconsistent approach not only hindered the flow of innovative ideas but also failed to recognize and reward employees for their contributions, further demotivating the workforce. The need for a streamlined, efficient system became increasingly evident, prompting BOV to seek a more effective solution.

THE VETTER SOLUTION

Transition to an Online System: Vetter provided a digital suggestion box that was easy to set up and use, ensuring high employee participation.
Features and Implementation:

• BOV chose the non-anonymous option, allowing them to track and reward contributors, aligning with their goal of recognizing employees.
• Given BOV's strict data-control rules, Vetter offered EU-hosting to ensure compliance with regional regulations.
• Vetter provided QR codes, enabling staff to submit ideas easily from their workstations or on the go.
• Custom posters and internal communications were used to raise awareness and encourage participation.

Vetter helped BOV gather ideas from team members efficiently through a structured, accessible digital platform. Employees could submit suggestions with ease, addressing a variety of areas such as parking solutions, financial planning services, payment systems, customer service processes, employee recognition programs, beneficiary services, and credit card features. This approach facilitated the collection of diverse ideas, each targeting different aspects of BOV's operations and customer interactions

Notable Initiative - Central Lending Hub

One key suggestion involved creating a Central Lending Hub, focusing on customers requiring credit facilities rather than serving them through the Branch network. The benefits included:

• A personalized, one-to-one approach for customers.
• Deployment of specialists to ensure expert advice.
• Enhanced knowledge sharing among employees in the unit, contributing to product development.
• Contribute to product development which meets customer expectations.

Extension to Financial Well-Being Centre:

Building on the success of the Central Lending Hub, BOV extended this model to Investment Services, branding it as a ‘Financial Well-Being Centre.’ This new Centre marked a significant step in BOV's customer-centric strategy, offering a holistic banking experience. Customer feedback has been overwhelmingly positive, with visitors to the Financial Well-Being Centre praising the personalized service and comprehensive financial guidance.

Dedicated Tracking and Reporting:

Vetter introduced a dedicated tracking and reporting system, allowing BOV to monitor the progress of submitted ideas in real-time. This transparency and accountability enabled management to quickly identify high-impact suggestions, track their implementation, and measure the program's overall performance. Employees also received timely feedback on their submissions, further boosting engagement and participation.

CONCLUSION

By implementing Vetter’s suggestion box platform, Bank of Valletta successfully addressed the challenges of their previous, less-structured system. The new digital solution provided a streamlined and user-friendly way for employees to share ideas, leading to improved engagement, administrative efficiency, and potential cost savings. The collaboration between Vetter and BOV exemplifies how modern solutions can drive continuous improvement and foster a culture of innovation within an organization.
For more details on Vetter’s solution and to explore how it can benefit your organization, book a call.