The Transfer Agent division for U.S. Bancorp Fund Services has announced its first quarter 2011 results from National Quality Review (NQR), including a Best-In-Class rating for NQR’s new Correspondence Composite rating.
“This new benchmark allows us to gauge how our correspondence group performs compared to the industry based solely on contents of letters to shareholders. I’m proud that our organisation receives compliments from National Quality Review related to the quality of our content and that we are recognised as Best-In-Class,” says Ian Martin, executive vice president of the Transfer Agent at U.S. Bancorp Fund Services.
The Correspondence Composite rating benchmark was introduced for shareholder correspondence in the first quarter of 2011. The NQR Correspondence Composite is a weighted average that considers three measures of accuracy: content, clarity and typographical. In recognition that the primary goal of any customer interaction is the delivery of accurate and complete information, content is the most heavily weighted element at 60 percent. The remaining weights are 25 percent for clarity and 15 percent for typographical.
Over the past several years, the Transfer Agent of U.S. Bancorp Fund Services has performed in the top quartile of all companies analysed by NQR and received the following competitive benchmark ratings:
• Ten consecutive quarters above the NQR Benchmark for correspondence;
• Two Best-In-Class ratings in the past three quarters for correspondence;
• 24 consecutive quarters performing at or above the statistical operating range of the NQR processing benchmark;
• 27 Best-in-Class ratings in the past 17 quarters for processing; and
• 17 consecutive quarters as a “5-Star” performer for processing.
The company’s commitment to quality, responsiveness, and accuracy can also be seen in other recent awards won by the Transfer Agent. The Transfer Agent Document Distribution department was awarded the 2011 Automated Work Distributor (AWD) Process Excellence Award by DST Systems, Inc. (DST) for its implementation of AWD JumpStart, an automated mail classification platform. The award was announced at AWD’s annual Advance Conference in Kansas City in May.
“This is a great achievement. DST awards the AWD Process Excellence Award annually to only one organisation and their qualifications are steep — the organisation must utilise an AWD solution to improve its work flow, create greater efficiency, improve cost effectiveness, and to enhance the client experience,” says Martin. “U.S. Bancorp Fund Services is committed to its clients and continually improving their offerings and service quality through their recent awards and NQR Best-In-Class designations.”