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Bank Performance Management

October 13, 2011

Bank Performance Management

Bank performance management has been a hot topic as of recent times.  With increasing pressures from federal regulations and the downturn in the economy, financial institutions have been searching for new and innovative approaches to improve their bottom-lines.

With limited staff dedicated to performance improvement compared to bigger institutions, communitybanks and credit unions are particularly facing drastic shifts in how they previously managed their performance.  Historically, the significant majority of their resources had been focused on marketing and sales initiatives.  While these revenue producing initiatives still carry a substantial weight, the cost-saving projects are now more in the spotlight.

For large and smaller financial services organizations alike, bank performance management is most effectively carried out when leveraging technology.  Many technologies exist to help banks do more with less.

More and more since the early 2000s the utilization of sophisticated software programs has been the trend in leveraging technology.  These types of programs help management prepare and collect vital performance information to help—in making the right decisions at the right times.  It is common knowledge that these types of solutions exist for high level recap reports that are typically used to gauge the overall health of an institution.  In addition to these software applications there are also programs that help with payroll, sales and marketing, and scheduling.

The most under-utilized software solutions in the financial services industry are those that deal with retail labor productivity.  Scheduling software programs, like FMSI’s Teller Management SystemTM (TMS), can be coupled with bank performance management reporting for workforce optimization.  Celent recently estimated that just 3% of North American financial institutions use these types of solutions (see article here).  FMSI reports an average savings of $30,000 per branch per year from their clients using TMS.

Today’s challenging times call on FIs to fully adopt bank performance management.  With many solutions in the market place to help them successfully carry out cost saving initiatives, the potential to overcome shrinking bottom-lines is enormous.

Learn more about FMSI’s Teller Management SystermTM

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