Boosting Bank Productivity > Cutting Unneeded Costs
In this series of posts, we’ve dived into the common banker productivity myths. From overstaffing to myths surrounding technology, these popular misunderstandings have a counterproductive effect on banks and their efficiency. In this final installment, we’ll cover some of the basic ways that banks can prevent losing money during standard operations. Operating costs can eat a big chunk of any bank budget, which is why controlling them is so important. Most importantly, protect your operation with a Banker Professional Liability insurance policy.
Reducing expenses.
It’s a common myth that losing some money is just a part of operating a business. However, this doesn’t have to be the case. Fixed costs such as rent might not be negotiable, but everything else can be controlled.
- Energy costs – Taking measures such as retrofitting lighting, turning off idle machinery, programming thermostats and buying green energy are a few helpful things to consider. It’s also important to shop around. For example, talk to other energy suppliers. There could be a better deal out there, explains Scotia Bank.
- Communication costs – Phone, data plans, and internet usage are all negotiable with suppliers. Or, if your bank likes the provider you use, then simply call and ask about what savings might be applicable to the business. After all, telecommunication businesses want to maintain their businesses, so a phone call never hurts.
Outsourcing.
Another way to save money is to outsource items that only eat up more time and budget than they’re worth. For example, IT management and payroll can be outsourced.
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.