Many efficiency projects never achieve the expected benefits because they never get implemented. Those that do often only serve as a one-time fix before the bank falls back into inefficient habits. Worse, many of those initiatives end up creating irreversible employee fears or irreparable damage to customers.
Today’s challenges call for a better way to address efficiency. What is needed is a long-lasting, strategic approach that will not hurt customers or create a fearful work environment for your employees.
In our experience, success comes from a strategic, three legged stool approach that includes revenue management, expense management and a relentless focus on improving business processes.
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As CFO, COO or CIO, you likely are under pressure to find savings anywhere you can, preserve capital and you’re anxious about submitting your budget in the next few weeks. The problem is that there’s still a long list of new projects (both internal IT, business line and regulatory required projects) and most of your IT budget is non-discretionary and already contractually committed. You want to find some savings to improve profitability, still be able to do some new high-value projects and get your budget through. Use our cost saving tips to find some savings that don’t cause more problems down the road and our budgeting tips to get your budget approved.
Is it taking more than 30 minutes to decision consumer loans? Are your people reentering the same info into multiple systems? Are you passing a lot of paper back and forth? Are the back office folks complaining about incomplete loan packages? Are your delinquency rates popping up? Does it seem like you’re reviewing things two and three times? All of these are indicators of opportunities for improvement.