FMSI Featured in American Banker Article About Aligning Teller Hours with Traffic Patterns
American Banker Article: Key to Cost-Cutting: Aligning Teller Hours with Traffic Patterns
"Chris McLaughlin found a simple way to cut employee costs without closing a single bank branch.
Three years ago, McLaughlin, the director of retail banking at the $6.8 billion-asset First Bank in Clayton, Mo., began rejiggering the schedules of bank tellers to basically match their hours with actual customer traffic patterns. Since then, the bank has cut more than 120 full-time employees and changed 25% of the hours of bank tellers, reducing its personnel expenses by nearly $3 million a year.
It seems like a simple concept, but in reality many banks — particularly smaller ones — have no idea how many customers come into a branch in a given hour and how many transactions are actually processed by bank tellers. Technology has dramatically changed the way people bank, but many banks are responding by closing and opening branches rather than arming themselves with data that could make existing branches more efficient, according to a new (Teller Line Study) report from Financial Management Solutions Inc. (FMSI), an Alpharetta, Ga., bank consulting firm."