Success factors for fixing the bank

When channel switching on TV, I always tend to linger on three programs: Kitchen Nightmares with the always-profane Gordon Ramsey, Restaurant: Impossible with Robert Irvine, and Bar Rescue with Jon Taffer. Each host operates as a consultant dealing with booze or food rather than financial issues, but the situations they address, their approach to problem solving and Read More

By |2020-05-27T18:00:08-05:00July 22nd, 2016|Comments Off on Success factors for fixing the bank

Three tips for growing core customer relationships

Have you heard this from a community banker? “We are uniquely positioned to service the affluent customer.” And, “Our service is second to none.”Don’t fool yourself. Your prospects don’t know about your service unless it causes problems for them. And, very few community-based financial institutions are more uniquely positioned to serve the affluent class than are their Read More

By |2020-05-27T18:00:09-05:00June 27th, 2016|Comments Off on Three tips for growing core customer relationships

Improving the customer experience with journey mapping

Sometimes, a simple shift in perspective makes a big difference. That’s what banks are discovering when their contact centers utilize a method of analysis known as “customer journey mapping.” By looking at their internal processes from the customer’s point of view, these institutions are improving both contact center efficiency and customer satisfaction.The practice of customer journey mapping Read More

By |2020-05-27T18:00:10-05:00May 19th, 2016|Comments Off on Improving the customer experience with journey mapping

Transforming branch staff with predictive analytics

In recent years, banks have been focused on driving costs out of the branch network with self-service technology, branch closures and staff reductions. Yet, there is a genuine risk that driving any more cost out of the branches with across-the-board staff cuts will drive customers out of the bank altogether.“Workforce is the lifeblood of any organization,” according Read More

By |2020-05-27T18:00:10-05:00May 15th, 2016|Comments Off on Transforming branch staff with predictive analytics

Six lessons for making open office work

The “open office” is a growing trend in corporate America. Eliminating walls and private offices is proving to be popular with CEOs, such as Citigroup’s Michael Corbat, who are certain of an open office’s cost reduction benefits and hopeful of its collaboration potential. Yet, the open office has also delivered some unintended consequences, such as increased noise Read More

By |2020-05-27T18:00:11-05:00May 8th, 2016|Comments Off on Six lessons for making open office work

Reconfiguring branch staffing for sales

As consumer digital migration drains ever more branch traffic, banks have been working through a delicate transition with branch staffing.Amid all the pressing questions, sales, service, headcount and skills, executives have drawn comfort from the assumption that they at least had a rough idea of how consumer branch usage would shake out. Ultimately, it has been thought, Read More

By |2020-05-27T18:00:11-05:00May 6th, 2016|Comments Off on Reconfiguring branch staffing for sales

Managing exceptions more efficiently

Exceptions are part of every operation in all businesses, but they are a source of particular concern for financial institutions (FIs). Regulatory examinations concentrate on exceptions to regulatory requirements and exceptions to best practices. The fiduciary responsibility that banks have concerning their clients’ money means that operational exceptions carry risk for financial liability and brand integrity. Exceptions Read More

By |2020-05-27T18:00:11-05:00May 3rd, 2016|Comments Off on Managing exceptions more efficiently

Driving growth with operational excellence

Many banks have attempted to apply lean principles to their operations to reduce wasteful activities and inefficiencies. In these operations, management applies lean techniques to a problem area and then charters a team, which uses brainstorming, technology or other approaches to address the issues. The team presents its plan to management for approval, then implements the ideas. Read More

By |2020-05-27T18:00:13-05:00March 16th, 2016|Comments Off on Driving growth with operational excellence

Reducing bank courier expenses

In today’s sluggish economy, banks are looking under every rock for cost savings in order to show better earnings growth. One source of expense control, however, has been hiding in plain sight: the cost of courier services. With Branch Image Capture (BIC) and Remote Deposit Capture (RDC) technology, physical copies of checks are no longer necessary to Read More

By |2020-05-27T18:00:14-05:00February 17th, 2016|Comments Off on Reducing bank courier expenses

The Henry Ford School of bank digitization

Ask banking executives about their top priorities and you are likely to hear that they are pursuing “digitization.” But it’s not immediately clear what this term means. How is it different from automation? The easiest way to grasp the contrast is to think of how digitization has transformed music purchases, travel booking, grocery shopping and taxi services. Read More

By |2020-05-27T18:00:17-05:00November 9th, 2015|Comments Off on The Henry Ford School of bank digitization

Three steps for managing customer wait times

Customer wait time is one of the most reliable leading indicators of customer satisfaction in retail because, well, customers don’t like to wait. And if they do have to wait, they express the opposite of satisfaction. As banks reduce their branch staff levels, customer wait times are likely to increase, which is a negative influence on customer Read More

By |2020-05-27T18:00:17-05:00November 3rd, 2015|Comments Off on Three steps for managing customer wait times

Smart integration of robotic and desktop automation

Anyone managing a financial services organization understands the dangers of having employees perform mundane and repetitive tasks manually. Such processes are unnecessarily time consuming and also significantly increase the likelihood of human error, exposing your organization to potential compliance or regulatory breaches. Robotic automation can help optimize these tasks in order to increase revenue, diminish operational costs, Read More

By |2020-05-27T18:00:18-05:00September 16th, 2015|Comments Off on Smart integration of robotic and desktop automation

Reimagining rather than closing branches

As branch traffic continues its decline and branch costs march upwards, community bank executives are often tempted to sell or close branches. Bad idea. For the first few years, the numbers look pretty, since expenses for these now-defunct branches get wiped off the books. While deposits may roll off, they’ll do so slowly, so that the damage Read More

By |2020-05-27T18:00:18-05:00September 14th, 2015|Comments Off on Reimagining rather than closing branches

Five tactics for keeping branches relevant

Smartphones are increasingly recognized as a natural conduit for everyday financial transactions, such as making payments and scanning checks for deposit. Still, some financial business is not meant for the small screen – or any size screen, for that matter. Many consumers continue to value the opportunity to sit down and talk through their financial options for Read More

By |2020-05-27T18:00:29-05:00September 4th, 2015|Comments Off on Five tactics for keeping branches relevant

Revitalizing bank culture with data analytics

A business can thrive or fail based on its internal culture since culture impacts morale, productivity and, ultimately, the bottom line. In many ways, culture is like a personality that reflects the values and attitudes of the leadership team, which affects all employees. Banking is about serving customers, providing exceptional service and keeping your best employees motivated Read More

By |2020-05-27T18:00:30-05:00August 26th, 2015|Comments Off on Revitalizing bank culture with data analytics

Five steps for hiring bankers who can sell

Recruiting is a big problem for most banks and financial firms. The question is always, “How do I hire bankers who can also sell?” Unfortunately, there is no simple answer to this question. However, the one thing you must recognize is that you and your process are responsible for the quality of the salespeople on your team Read More

By |2020-05-27T18:00:30-05:00August 11th, 2015|Comments Off on Five steps for hiring bankers who can sell

Digitization of business processes in banking

“Digital” is the new buzz word that has led to disruptions across multiple industry segments, including banking. The early form of banking process transformation involved the conversion of manual processes to automated ones. However in today’s context, it is not enough to just “automate,” but to “go digital” as well. The early form of transformation occurred when Read More

By |2020-05-27T18:00:31-05:00July 28th, 2015|Comments Off on Digitization of business processes in banking

No fun in banking anymore

Recently, I ran into a former colleague who was bemoaning that he had been fired. His misfortune was cushioned by a multi-year salary payment, continued health care insurance and full vesting of stock and options – not bad. But he also volunteered a comment that was very telling. His job, he said, had stopped being fun a Read More

By |2020-05-27T18:00:37-05:00February 13th, 2015|Comments Off on No fun in banking anymore

Incentives for business customer profitability

Many bank CEOs find strategic plan execution more difficult to manage than strategic plan setting. The reason is that CEOs can control every aspect of a strategic planning session but not every step of implementation. The problem is that the minutia of daily bank life creeps in and dominates the time of employees, who are ultimately the Read More

By |2020-05-27T18:00:37-05:00February 3rd, 2015|Comments Off on Incentives for business customer profitability

Improving retail profitability with enhanced profitability data

Bankers continue to see pressure on net income and many are attempting to improve results by reducing expenses and maximizing fee income. In doing so, they are being reminded of just how hard it is to squeeze more net income out of current period revenue. The traditional assumption is that improving profitability means expense reductions. A better Read More

By |2020-05-27T18:00:37-05:00January 26th, 2015|Comments Off on Improving retail profitability with enhanced profitability data