Systemic Client Survey is an important part of FIRST's Results Measurement and Knowledge Management functions as it helps FIRST to gather evidence of the success, but more importantly, it captures insights and lessons learned on the ground for future project design to enhance effectiveness of FIRST's technical assistance (TA).
As of March 31st, 2016, FIRST received feedback from 15 clients representing 27 Phase III projects completed as of December 31st, 2015 (or 56% response rate). Comparing with previous survey (Client Survey Report 2013-2014), the trend in ratings is upward for all of measured dimensions, particularly for Timeliness and World Bank Staff Performance. This would speak for the enhanced quality control adopted by FIRST in Phase III.
Importantly, all of the clients who responded, shared that they have implemented the recommendations, for example: promulgating new laws/regulations or draft the recommended legal amendments, adopting new supervisory tools and procedures, introducing new financial products (e.g., annuities) or new deposit insurance schemes, implementing new IT systems.
Below is a selection of some feedback received from the clients:
- “We were pleased with the TA as a whole and we found most useful the discussion with experts and the final product, which is a proposed draft of a banking and a central bank law which is done professionally and consistently to other legislations with regard to best practices and international standards in force. The TA also highlighted the needs for the next steps to be taken in relation to the implementation of a specific deposit guarantee scheme.” Ms. Nadia Gamha, General Manager of Banking Supervision Department, Central Bank of Tunisia
- “The international experience and seniority of FIRST consultants proved to be extremely useful in the assessment and improvement of the tools developed under the scope of the project.” Mr. Jose Loyola, General Director for International Affairs, National Banking and Securities Commission, Mexico
- “The self-assessment and action plan were most useful for the PCMA, self-assessment of compliance against Insurance Core Principles (ICPs) took place and key deficiencies were identified. As a result a detailed action Plan has been developed in order to identify improvements which need to take place in the short term (next 12 months), the medium term (2015-2017) and the long term (2018 to 2020).” Dr. Bashar Abu Zarour, General Manager of Research & Development, Palestine Capital Market Authority
- “The performance and communication skills of the consultants/staff were outstanding and clear. They had delivered the project according to clear plans and methodologies that were distributed beforehand. The Legal framework and recommended law amendments beside the recommendations regarding the management of retail payment systems were very useful. Best practices regarding clearing and settlement process, collateral and risk arrangement, in addition to managing and overseeing retail payment systems, and cards networks.” Mr. Amr Ahmad, Overseer in the Payment Systems Department, Central Bank of Jordan
- “The actuarial study to calculate the cost of the disability and survivorship insurance for the private pension system was the most useful deliverable. The consultant was in permanent contact with the insurance companies, pension fund administrators responsible and with the URF. The work gave us valuable information to evaluate the feasibility of short and medium term regulatory proposals.” Mr. Oscar Gonzalo Martinez Amaya, Deputy Director, Financial Regulation Agency, Ministry of Finance, Colombia