FMSI Monthly Peer Benchmarking Report
FMSI provides a monthly teller productivity ranking of all the financial institutions utilizing our solution. Whether a financial institution comes in 1st or 101st place on the list, our clients value receiving this very meaningful business intelligence, because it shows a direct ongoing comparison to their peers.
"We always thought that our staffing budget goal was fair and when we found out that we were in the bottom 1/3 of the FMSI Peer Benchmarking Report we were shocked. By setting the right goals and utilizing the TMS solution we are now proud to report being in the top 1/3 of all the FMSI clients."
Nancy Rappaport
President / CEO
PriorityONE
Get a free peer-to-peer ranking report as part of the complimentary FMSI trial offer, which includes processing one month of your teller transaction data.
Here is how the trial works. After a business discussion to fully understand your unique situation, we will work with your IT team to get one month of teller transaction data. Once we have this information, we run it against our proprietary system to produce a set of approximately 22 detailed performance reports.
Here is a summary of what you will receive for the branches we process for:
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Detail discussion of your volumes, performance, cost and recommendations for improving your overall workforce effectiveness and efficiency.
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Detailed performance management KPIs at the teller, branch, regional and bank level including: excessive waiting on work analysis, workforce utilization reports by individual and positition, optimal versus actual staffing reports and other KPIs results.
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Detailed actionable business intelligence.
Specifically, the FMSI Comparative Data Report contains four proprietary data sets - ranking from high to low the FMSI TMS client institutions:
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Teller Productivity is measured in teller transactions per teller hour worked, or TPH. This number shows each financial institution their tellers throughput rate of number of transactions they are processing on average for each hour worked on the teller line. If your institution is processing at 13 TPH, and you can compare your institution to other institutions processing at 20 TPH and greater, it gives management a benchmarking perspective they did not previously have. They can then ask the critical question as to why they are not as productive as others who are doing the same type of work.
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Labor Cost per Teller Transaction is measured in only salary and benefits directly relating to what it is costing the
 financial institution for their tellers to process a teller transaction, whether it is a cashed check, deposit, or loan payment. No brick and mortar overhead costs are factored in, only what management has direct control over, the scheduling of their staff to perform the activity levels of each branches workload. If your Unit Labor Cost (ULC) is $1.13 per transaction, and you see other institutions that are processing transactions at costs of $0.57 to $0.75 per transaction, it gives management a new point of relativity as to what costs could be. The ULC is a function of the Tellers’ TPH, and their overall salary and benefit rate paid.
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Salary and Benefit Rate Paid: This is a weighted average number of all the teller personnel’s salary paid either on a full time monthly basis or on a part time basis all factored down to the most common denominator which is an hourly rate, and then the benefits factor is applied. This allows you to see what your financial institution is paying the tellers and what other institutions are paying for the same type of job.
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Part to Full Time Percentage: FMSI calculates for you as a percent of time actually spent processing teller transactions, the amount of time spent by part timers to process your transactions. As a percent of total hours worked by both part and full time employees, most of our clients have a mix of 40% of their hours worked being part timers. If you see your percentage as less than our average, it is possible that you are staffing your peaks and valleys of transaction workflow with more full timers, which is leading to more costly waiting for work time for your staff.
See how your numbers stack up today.
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