Like any business, the allocation of resources is a challenge in banking operations. While you want to have enough coverage for the busy times, you also want to ensure you aren’t paying your employees to fill in the blank space instead of being productive. In this article, we will cover the top three banker productivity myths to minimize downtime and prevent overstaffing. Next, be sure to protect your operation with a Banker Professional Liability insurance policy.
Myth #1: Overstaffing isn’t a bad thing.
Contrary to popular belief, over servicing customers isn’t the best option for your bottom line. While salaries in banks are not typically a budget-breaker, it’s not necessary for banks to diminish wait times altogether and keep more employees on than necessary.
Most bank customers have a better grasp of the value of a bank’s financial products than executives realize. Consequently, customers are willing to wait patiently for service, at least for a relatively short period of time, if they can get a better product. Adding 30 seconds of average wait time might easily go unnoticed and, depending on the size of the branch network, could save banks tens of millions of dollars in staffing costs, explains American Banker.
Myth #2: Technology is the most efficient time-saver.
While technology does have its perks, nontechnology improvements can prevent a lot of the issues that technology has to streamline. For example, bankers should be trained on implementing the proper application processes, documentation, product features, and services. The more correct information bankers have, the less likely they are to make errors and cause someone else to fix them.
Myth #3: Losing money is just a cost of running business.
When problems are obvious, there is a solution. No business is immune to unnecessary operating costs, taking the time to identify them and minimize wasted money, such as overstaffing, can protect the business’ bottom line, and ultimately contribute to increased productivity.
About FGIB
Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for financial entities, in addition to providing crime insurance and general business insurance products to a number of firms across the United States. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.