Efficiencies: A Penny Saved
A Benjamin Franklin quote is so simple and yet so inciteful, “A penny saved is a penny earned.” However, it’s not exactly correct; a penny saved is much better than a penny earned! This is one reason why being frugal is such an important aspect of profitability. The ability to save by being more efficient is a continuous savings.
Therefore, automating credit risk, internal policies, loan and account openings, loan file documentation, loan product matching, two-way secure communications of documents, FIU and correspondent reporting will all save money and will save it going forward for every loan or account opening.
The efficiencies found by having common software being used across all your delivery channels, in-branch, internet, and call-centers must also be considered. The availability to use the online customer facing solution as an intuitive and easy to use tool for originating loan and deposit applications in the branch and in your call center will minimize training, easing the problem of turnover and facilitate the interaction with customers. It will also facilitate both branch and call center personnel to cross-sell regularly, due to the automated cross-selling feature. The fact that frontline personnel would be familiar with the same tools your customers would use online will also enable them to easily assist customers.
What does this mean for your customers?
- The more efficient your institution is, the timelier your service.
- The easier it is to share documents and communications, securely between you and your customer, the less time and frustration for your customer.
- If your customer has questions about the online application, the better prepared your staff is to answer, the happier your customer.
What does this mean to your organization?
- Automated communication between your frontline personnel and Compliance
- Automated SAR and STR reports
- Automated submission from Compliance to FIU
- Automated reporting to your correspondent
- Automated alerts to your branches of suspicious activity
- Timely serviced customers are advertisements for your organization
- And more…
In most businesses, the savings in efficiencies is due to the reduction of cost of labor. In the financial services world it also includes: cost reduction due to errors and omissions, avoidance of fines, cost reduction of mailings, cost reduction of training, and the elimination of cost due to a frustrated customer.
The ability to save by being more efficient creates a savings that keeps on giving! RiskCALM4!
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