Has Technology Turned Your Branch Employees into "Well-oiled" Machines?
By Matthew J. Hertel, Senior Vice President of Client Relations at FMSI
For decades, financial institutions (FIs) have been using new technologies to better service account holder needs in the branch network. A lot has changed throughout the years. Do you remember when branch employees had to be trained on both coin machine maintenance and replenishing cassettes for automated teller machines?
The evolving employee role in the branch, combined with technology, has in many ways crafted ideal workforces in the branch. However, despite this “well-oiled” machine being much further along than its predecessor from decades past, many branches are faced with sparse performance sheets when they evaluate their branch employee productivity and performance metrics.
Available Technology in Today’s Modern Branch
FIs have a number of sophisticated technologies at their fingertips to improve service and efficiency, including:
- Personal/video teller machines – where account holders conduct transactions via video chat with an employee
- Cash dispensers and recyclers – removing the need to count large sums of currency and eliminating the requirement for end of day balancing
- Branch capture - scanning negotiable instruments in the branches, thus eliminating the need for a proof department
- Teller capture - balancing each transaction for accuracy as they occur
- Electronic signatures on legal documents - eliminating the need to store large quantities of forms and documents
With all these technologies available, it is fair to assume that employees are far more efficient and provide better service. However, time and time again FMSI learns of institutions that are not sufficiently monitoring their employee performance—leaving significant gaps in their ongoing performance management information.
Standards for Evaluating Employee Performance
FIs have been faced with the challenge of setting new performance standards for these high performing technologically-driven employees. So what can FIs do to help measure the performance of today’s branch employees? Activity-based software to monitor certain performance activities helps track traditional branch activities like transactions processed or accounts opened, and then prepares sophisticated reports at the institution, branch, and individual levels. FIs can then utilize these reports to better manage the time that branch employees are spending on these various activities.
Workforce Utilization Looks Deeper into Employee Performance
There are various workforce utilization analyses that take a deeper look at the amount of time your employees are spending on teller or platform activities, as well as the labor costs associated with these employees while they’re working in the branch network. FMSI offers a number of reports and views of the workforce utilization percentages of your branch employees. Watch this 60-second video for an overview of some of the charts and reports that are available.
FMSI can be a great resource for your institution to begin taking a deeper look at employee performance in today’s challenging branch environments.