FMSI BAI Panel Featured in Banking Exchange Article
Banking Exchange Article: 5 tips to improve branch workforce efficiency - How bankers make a dent in rising HR costs
"In 1970, a branch served 9,340 people. By 2014, that number had decreased to 2,970—a 68% drop in 44 years.
“Yet there has been a nearly 300% growth in the number of branches since 1970, while U.S. population growth was half that,” said consultant Meredith Deen.
Deen, president of FMSI, shared those sobering statistics on branch costs with attendees at BAI’s recent Retail Delivery Systems conference. But that wasn’t all of it.
Citing statistics from the 2015 FMSI Teller Line Study, Deen noted that although there has been a 45.3% decline in branch transaction volume since 1992, branch staff salary and benefits costs have risen 90.1%. Dean says this has produced a 133.3% increase in labor cost per transaction."
Read the full article here.