Achieving Operational Excellence and Efficiency in Banking



Operational excellence and efficiency in banking key takeaways

  • Banks must now provide instant customer gratification with faster, more seamless processes to compete with newcomers to the space like Amazon and Apple.
  • Embracing new technologies such as artificial intelligence and machine learning are key to operational excellence and efficiency in banking.
  • Recruiting and retaining top-talent requires banks to pay special attention to evolving expectations such as social responsibility, work/life balance, and on-the-job flexibility.

Customers, technology, talent, and competition have the most significant impact on a bank’s operational performance. Crowe Managing Directors Tim Reimink and Thomas Grottke share how to improve the efficiency and performance of your bank’s processes and operations in this on-demand webinar. Our bank performance consulting professionals will share what is driving the need for operational excellence and efficiency in banking, as well as offer suggestions on implementing and pursing operational improvements.

Trends to monitor for operational excellence and efficiency in banking

  • Customers’ expectations and behaviors have changed, with them drifting away from traditional banking approaches. Companies such as Amazon are setting new intentions that provide accessibility, mobility, and self-service. Banks and their branches now have to adapt to the idea of instant gratification by resolving customer problems and answering difficult questions quickly, as well as always being available online, on the phone, or on a mobile device.
  • Technology is another driver of change for banks. New innovations are creating opportunities for enhanced customer service and streamlined processes. Automated workflows using artificial intelligence and machine learning are becoming more prevalent for making routine decisions, providing additional convenience for customers. However, some banks and branches tend to have trouble figuring out what they need to do internally to take advantage of these technologies.
  • Talent is another area needed to address in order to improve operational excellence and efficiency in banking. Career expectations, as well as personal needs, have drastically changed over the years, which is impacting how banks attract and retain their talent. Employee groups are looking beyond the daily routine and wondering if the organization they work for does well for the community or provides the flexibility to have a healthy work/life balance. How banks respond to these and other concerns from prospective talent can help strengthen their performance.
  • Whether it’s inside or outside the industry, Innovation and economic pressures are building competition for banks. While big institutions are implementing technology and improving customer service, payment processers such as PayPal and Venmo are appealing to customers for their ease of use. Also, major brands such as Apple and Amazon are getting more into the banking vertical. To contend with these competitors, traditional banks need to have faster and smoother processes for their customers.

Crowe banking performance

How is your organization responding to changes in the banking industry? If you’re uncertain about the best approaches to take, Crowe can help improve your bank’s performance by utilizing advanced data and analytics along with 50-plus years of financial service experience. Get in touch with Crowe today.