Skip to content

FMSI CEO Publishes Article in Credit Union Journal

January 24, 2013

Credit Union Journal

By W. Michael Scott
January 7th, 2013Credit Union Journal Article: Branch Issue In ’13: People“In the current challenging economic climate, with financial institution retail branch transactions falling (40.2%) and payroll costs rising (76.1%) over the past two decades, credit union CFOs will be searching even harder in 2013 for ways to improve their bottom lines.

One of the best ways for CUs to control branch costs is through proactive collection and analysis of fundamental metrics, followed by action based on the information. CFOs evidently realize this-in Deloitte’s recent CFO Signals survey, 54% of CFOs in financial organizations said their top challenge was providing metrics, information and tools for business decisions-up from 43% who listed this as the top challenge in the fourth quarter of 2011.
In my professional experience many CFOs and their staffs struggle specifically with being either uncertain what type of data would most benefit them or unable to recognize the signs that better information is needed.
As CEO of a company that collects and analyzes millions of transactions on a monthly basis from different financial institutions across North America, I have seen CUs improve their bottom lines by acting on business intelligence relating to two core metrics: teller transaction statistics and lobby representative performance data.
Both of these data sources provide insight into the ability of branches and their staffs to efficiently use payroll hours-a direct expense-in the pursuit of transaction processing, customer relations, cross selling and other activities inextricably linked to branch incomes.”  (see the full article here)
No comments yet

Leave a Reply

%d bloggers like this: