Improving Bank Efficiency Through Actionable Data

9/20/2016

Key takeaways on improving bank efficiency through actionable data

  • Identifying top and bottom performing service channels will enable banks to invest resources strategically to provide the best customer service and improve efficiency.
  • Optimizing processes with banking technology and automation can eliminate costs and boost efficiency.
  • Evolving staff roles and expectations can provide clear efficiency benefits for both employee productivity and performance measurement.

Improving bank efficiency with data management

In this on-demand webinar, Tim Remake, Managing Director of the Performance Improvement area, and Chris Sifter, a Managing Director of Information Management discuss how a financial institution can become more efficient through bank data management.

Perspectives on banking efficiency improvement

There are several perspectives that banks can adopt when undertaking the task of improving operational efficiency:

  • Strategic or Budget Driven
  • Top-Down or Collaborative
  • Bank-Wide or Siloed
  • Fact Based or Anecdotal

It is important to measure efficiency using fact-based data rather than anecdotal narratives that attempt to describe how things are going. Objectivity is key when analyzing efficiency, so being able to access reliable data will be instrumental in improving performance within your bank.

Increasing bank efficiency with channel optimization

Every bank needs a cost-effective combination of channels to serve the needs of its targeted customer base. Increasing efficiency requires a bank to take a holistic view of how all of its channels are working in concert with one another to provide an effective user experience. That means examining in-person services, remote services, and digital services to identify areas of strength as well as areas that need improvement. Once a bank has an idea of how it is serving its customer base, it can make data-driven decisions to invest in the strongest performing channels while eliminating low-value ones.

Increasing bank efficiency by reducing process costs

This area looks at the cost of making a particular transaction. When looking at the cost to deliver a certain service to a customer, automation lowers the price in many places. As technology evolves and customers ask for more automated functions, monitoring activity becomes even more important. Consistently rethinking processes will keep a bank organization at the forefront of banking technology while increasing efficiency.

Increasing bank efficiency by boosting staff productivity

Staff productivity focuses on getting the same amount of work done with fewer people. With automation, machines can take on some of the tasks that humans used to complete. Additionally, looking at ways to expand traditional bank roles can speed up various processes by eliminating unnecessary task hand-offs between employees. This area also looks at how staff expectations are set. Staff productivity is evaluated and managed more effectively by mapping out and benchmarking employee goals and expectations based on their position.

Increasing bank efficiency with technology

Today, technology is used to automate workflows and to reduce time spent looking for information. Technology is being applied to both customer facing services as well as back-office processes to increase productivity. Implementing new banking technology to increase efficiency is not only necessary to maintain a competitive spot in the banking industry, but many of the tools are relatively easy to put into place.

Crowe data governance in banking

Contact Crowe today if your bank can benefit from our data governance consulting to reduce process costs, streamline service to customers, and obtain better data to make more informed decisions.