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Bank of America Will Reduce Its Branch Count by 10 Percent

April 14, 2011

Bank of America Corp. (BOA) chief executive Brian Moynihan recently disclosed a new strategic focus including tightening expenses and continuing to clean up mortgage problems.  Like all financial institutions, Moynihan is under pressure to recoup lost revenues caused by new financial regulations.  100 senior BOA leaders will be working in some way on the project, while half will be working full-time.

“This project strengthens this focus, providing a great opportunity to energize our teams and work better, faster and smarter for our customers and clients,” Moynihan said in a memo describing the strategic initiative.

For the 98% plus of financial institutions that do not have 100 senior level leaders to focus on a strategic initiative to tighten expenses, there are other more affordable options available to recoup the lost revenues caused by the financial regulations.  One approach is to implement retail branch business intelligence coupled with automated branch scheduling, which will improve operational efficiencies.  For example, FMSI’s The Teller Management System™ provides bank management with decision-support intelligence.  By scheduling tellers and distributing sophisticated staffing reports based on forecasted transaction volumes, The Teller Management System™ helps banks gain better control of labor costs while increasing service levels.  Staff the right number of tellers, at the right place, at the right time.

Excerpts from this blog post were taken from the article Bank of America Launches New Drive to Increase Efficiency by Rick Rothacker

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