FMSI Featured in Credit Union Journal
By W. Michael Scott
May 21st, 2012
Credit Union Journal Article: Business Intel Can Cut Costs, Boost Efficiency
"For the past decade or so, most credit unions have relied upon one of two things to forecast branch volume for scheduling purposes—industry averages or tradition (sometimes with a little historical information thrown in).
Despite the wide availability of business intelligence (BI) software that can harvest core processor transaction data and identify and forecast high and low volume periods for better scheduling, CUs continue with outdated methods to their financial peril. In fact, a recent study by Celent estimates that only 3% of North American financial institutions use these types of solutions.
The true labor cost for staff performing financial transactions is often hidden in the larger picture of the overall institution labor expense. And, precisely because it is so difficult to prepare meaningful performance analysis monthly reports, many executives have no idea how much each teller transaction costs them in labor, or how much they could save if they achieved modest productivity improvements. Even when evidence from other credit unions proves the ROI, they may often prefer to stay within their comfort zone, doing what's always worked."
See the full article in the below PDF