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| Achieving a new high in customer satisfaction, as measured by our Retail Branch Customer Satisfaction Index. |
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TD Canada Trust
Overall business strategy
- Establish a superior brand-based customer experience built on delivering best-in-class service.
- Leverage exceptional service and large customer base to achieve superior financial results through:
- lower than average customer attrition rates.
- economies of scale to achieve low cost production.
- growth in revenues from under-penetrated businesses.
- increased share of business from current customers.
Challenges in 2002
- Integration execution issues that affected our customer satisfaction during the first half of the year.
- Impact of the branch merger program on volume growth and market share.
- Post-conversion payment collection and processing issues increased credit losses during the first half of the year but were resolved by the end of the second quarter.
2002 Highlights
- Achieving a new high in customer satisfaction, as measured by our Retail Branch Customer Satisfaction Index (CSI), following the resolution of the key post-conversion integration issues.
- Meeting our branch merger targets by completing 146 branch mergers in the year and 238 mergers since the acquisition of Canada Trust. With the program 91% complete, we have achieved significant expense synergies while increasing average branch hours.
- Building a better bank by investing in systems and processes to support our customer service model while maintaining tight control on expenses.
Business outlook and focus for 2003
- Improve revenue growth:
- expect growth in overall industry volumes in the
3% to 5% range.
- have set targets to improve market share based on our customer service strategy.
- higher growth in small business banking and commercial banking.
- higher growth in insurance – both home and auto insurance offered by TD Meloche Monnex and creditor and life insurance.
- Keep expense growth less than revenue growth:
- tight expense management.
- realize remaining integration synergies.
- improve systems and processes in support of customer service model.
- Efficiency ratio goal is 57.8% for 2003 on an operating cash basis and excluding funding costs related to the Canada Trust acquisition.
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