Avoiding Wasted Talent in Your Bank or Credit Union

7 Wastes_Wasted Talent

As we previously mentioned, branch and ATM staff often use antiquated processes such as email and spreadsheets to manually calculate orders and deposits as well as communicate information internally. Additionally, money suppliers and armored car carriers have their own online systems where bank staff is required to manually ten-key type their orders and deposits.

This waste of time and resources can be highly interruptive to the efficiency of your customer service model because your staff is performing administrative work as opposed to high value tasks such as supporting and selling to your customers.

Your team is your most valuable resource and your largest expense, so it’s critical to give them the opportunity to maximize their time by allowing room for high value activities. It’s also important to note that when your team feels their work is important and time is spent efficiently, overall job satisfaction and employee culture is positively impacted.

“The biggest and most valuable part of Loomis is the people, and I'm sure that's the same for your bank or credit union,” Robert Lynch, Senior Vice President of National Financial Business Development of Loomis U.S. “Money suppliers and armored car carriers have their own line online systems where the bank staff is required to manually 10 key type, those orders and deposits after manually calculating all that information which is tedious and not a great use of their time or talent.”

“This waste of time of physically stopping your day, going into the Fed, potentially 10-key typing in an order is overall disruptive to your customer-member service model because your staff is performing an administrative type of duty, as opposed to supporting and selling to your members or customers,” says Kelly MacConnell, Vice President of Business Development at logicpath. 

It is important that you're creating efficiencies wherever you can. Get rid of internal e-mails, sending extra communications asking branches to place orders, or only ordering cash based off static cash limits. A cash forecasting cloud software solution offers a significant amount of automation that will allow your team members to focus on customers and members instead of wasting time on manual cash processes. 

To learn more about where to look for waste and areas of improvement in the cash supply chain, click the link the link below to download our new e-book, “The 7 Areas of Waste That are Killing Your Bank’s Efficiency.”

 

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