Boosting Bank Productivity > Smart Technology Usage
It’s no secret that banks, not unlike most operations, seek efficiency and the utmost productivity in their employees. While using technology to streamline processes undoubtedly has its advantages, this unfortunately isn’t the answer to all of the operation’s issues. In fact, common productivity myths think that overstaffing the bank and relying on technology are the answers. In this article, we’ll cover some of the strategic processes that faces specific support functions and how to get them done efficiently without the use of technology. However, before reading on, protect your operation with a Banker Professional Liability insurance policy.
Optimizing channels.
The goal of channel optimization is to assess the various ways customers interact with a bank in order to create a cost-effective combination that is adapted to each bank’s specific customer base. This process is encouraging some fairly aggressive selling and buying of branches as banks adjust their geographic presence. Many institutions also are significantly reconfiguring duties and responsibilities within the branches and employing new metrics for analyzing branch performance and value. Other strategies include enhancing the operating hours and technical capabilities of call centers to meet customers’ changing expectations, says Crowe Horwath.
Rethink process costs.
Whether it’s printing out loan documents or opening a new account, bank operators need to monitor, benchmark, and analyze the efficiency of routine processes. It requires constant effort, and perhaps the utilization of some technology here, but these process costs can be reduced over time with proper planning.
Business realignment.
The basic premise of business realignment is to exit business lines that have high costs and low margins and move instead into lines that are inherently more cost-effective and profitable. This could mean implementing additional payment processing to focusing on specialty banking practices.
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