I. H. Mississippi Valley Credit Union Reduce Excess Labor Costs
Alpharetta, GA (PRWEB) March 1, 2011
Financial Management Solutions, Inc. (FMSI) announced today that its implementation of Teller Management System™ has enabled the I.H. Mississippi Valley Credit Union (IHMVCU) to increase its teller transactions from 16.9 per hour to an average of 23.6 per hour.
"In the past we didn't pay close attention to the staffing needs of our lobby. If we opened at 8:00 a.m., we had everybody in at 8:00 a.m. If we closed at 5:00 p.m., we all stayed until 5:00," says Branch Manager Jennifer Lazenby. "The first six months of using the TMS graphs and reports were very eye opening."
The Teller Management System™ helps banks and credit unions schedule tellers based on forecasted transaction volumes instead of teller preferences to help them better control of labor costs and improve service levels.
"Before introducing our staff to FMSI, we were letting tellers dictate their hours instead of us telling them when to work," explains Executive VP of Sales Ann Mowry.
Branch managers at IHMVCU report that TMS has helped changed the mindset of what scheduling is all about. At the same time, it has realized a 90% drop in excess labor costs, reducing its expense in this area from $56,400 to $5,800 over the two-year period from January 2009 to January 2011.
After 18 months, IHMVCU has far exceeded its initial goal of 20 teller transactions per hour, with some branches registering an average of 25 teller transactions per hour. In addition, the credit union reports that tellers, which are now held accountable for their numbers, are more productive, seeking extra work and additional training when they have free time during work hours.
"Financial institutions' ability to efficiently schedule their tellers is limited by their historical experience supervising personnel," W. Michael Scott, President of FMSI. "With more than 20 years of experience helping banks and credit unions improve the productivity of their staff, our unique solutions for measuring and forecasting transactions volumes - then comparing the results with benchmarking data - routinely reveal areas for improving services and productivity."
About I.H. Mississippi Valley Credit Union
Founded in1934 by employees of I.H. Mississippi Valley Credit Union (IHMVCU) has more than $830 million in assets, making it the sixth-largest credit union in Illinois. IHMVCU is a member-owned financial cooperative with 14 branches and 100,000+ members. Its mission is to improve the economic well-being of its members by providing comprehensive financial services in a superior manner-- while maintaining the financial stability of the credit union. For more information, visit http://www.ihmvcu.org.
About Financial Management Solutions, Inc. (FMSI)
Located in Atlanta, GA and established in 1990, FMSI provides easy-to-use, yet sophisticated, business intelligence systems - The Teller Management System™ (TMS), The ContactCenter Management SystemTM (CMS) and the Lobby Tracking SystemTM (LTS) - that allow financial institutions to manage and staff to meet their service and sales needs. FMSI gives banks and credit unions the ability to schedule their team throughout the branch network, and to manage staff through easy to read color graphics and succinct management reports. FMSI provides performance management information exclusively to financial institutions of all sizes. Visit the company's website at http://www.fmsi.com or call 877.887.3022 to schedule a complimentary online demonstration of any of our products.