Branch Banking Consulting Services
Customized advisory services that drive retail bank transformation
Branch Banking Consulting Services
Our Retail Branch Banking experts can help you:
- Ensure you get the greatest value from your Verint WFM for Branch solutions.
- Analyze what is really happening in your branch network.
- Understand the value of each member in every customer interaction.
- Provide continuous alignment of sales and service capacity with market opportunity.
- Optimize the position mix by simultaneously analyzing service level, sales and cost impacts.
- Create a consistent decision framework to adjust open hours and staffing for each branch in the network.
Value-Added Implementation Services: achieve faster time to value
Our branch services team do more than just get your software up and running. We tailor the Verint branch workforce implementation engagements to meet the specific needs of your financial institution and branch network. Our consultants have expertise and detailed knowledge of best practices and the processes associated with implementing technology in branch environments.
Our consultants can help you gain valuable business insights and unlock the potential of your branch workforce engagement solutions. Their approach and methodology transfers knowledge to your employees, improving solution adoption and accelerating time to value.
Quickly adapt branch staffing to market changes
Learn how a Strategic Staffing Analysis can help you better align your resources to your branch strategy and more quickly adapt to industry, economic, and customer changes.
Learn moreBranch Field Studies: gain visibility into branch performance
Many financial institutions have little visibility into how their branch staff are spending their time, making it difficult to identify process, customer, or staffing issues.
A Verint Branch Field Study℠ helps you understand what activities and behaviors are occurring in your branches. Our banking experts conduct in-branch observations across a representative sample of locations. We compare this data with our library of best practices and standards gained from working with hundreds of branches and financial institutions across the globe. By analyzing a host of factors, such as customer arrivals and wait times, branch workflows, staff utilization, sales, service and non-customer-facing activities, we can help you quickly identify opportunities for improved efficiencies and enhanced CX.
A Branch Field Study can help banks and credit unions:
- Quantify how time is being spent in the branch, both customer-facing and non customer-facing work.
- Understand if new roles are performing as designed.
- Update the time standards in branch staffing models.
Our observations can also capture the types of conversations occurring in your branches. For example, if educating customers on digital service options is a strategic initiative, a Branch Field Study can capture and assess if these conversations are happening in your branches.
Learn how First Horizon Bank benefited from a Verint Branch Field StudyPosition Planning: optimize the position mix for each branch
Banks struggle with finding the right balance of branches and staff to cost effectively meet their goals to grow sales and revenue, capitalize on market opportunities, and deliver an exceptional customer experience. Determining the right mix of teller, sales, universal bankers, and specialists to achieve these goals is complicated and time consuming.
A Verint Position Planning℠ consulting engagement can help you determine the right roles for each branch. Our consultants will provide recommendations that align to workload, customer demand, as well as sales goals and market opportunity, care targeted to each branch’s strategy. Growth, retention, cost control/efficiency, etc. For example, they may recommend a position mix that is slightly or dramatically different from the current roster. To help move a branch’s staffing roster toward the optimal mix, the model can determine the next best hire (e.g., hire a full-time Universal Banker to fill a vacated Private Banker position). With each move based on the optimal recommendations, the branch roster can be slowly guided toward the optimal mix.
Position Planning can help banks and credit unions:
- Estimate the performance of the branch given the current mix.
- Determine the optimal mix at each branch given bank’s priorities.
- Quantify impact of budget constraints and goals on staffing needs.
- Identify optimal locations for specialty bankers.
- Evaluate cost and revenue impact of specialty bankers in branches based on market opportunity. √
- Quantify expected work breakdown by position at each branch.
- Conduct what-if analyses based on target role design for each position.
- Evaluate impact of positions such as Operations Manager, or Assistant Manager on staffing needs.
Strategic Staffing Analysis: position branches for sales growth
The shift to digital channels for many service activities and the changing expectations of consumers for more financial advice and guidance from their bank branch, banks have had to be more agile in how they staff, and what services they offer in their branches.
In a Verint Strategic Staffing Analysis℠, our branch banking experts use our proven forecasting and capacity planning software create analytics-based, recommended branch staffing levels for financial institutions that might not be ready to implement branch workforce management software. Using our industry leading WFM for Branch software, we propose realistic and actionable staffing recommendations for each branch to best address customer demand, service levels, and market opportunity for growth while maintaining efficiencies.
A Strategic Staffing Analysis gives you a snapshot of your branch staffing – A great first step on your workforce management journey. A SSA enables you to:
- Evaluate staffing needs by comparing actual FTE to budgeted FTE to recommended FTE.
- Compare teller and platform activities to industry standards.
- Determine FTE needed for absence coverage: float pools and/or shared resources.
- Understand potential FTE reallocation across the branch network:
- Identify branches at risk and in need of staff to avoid potential customer service issues.
Open Hours Optimization: optimize service, opportunity, and cost
Another challenge retail banking branch executives face is balancing branch availability and hours of operation against competitors and customer demand as well as the need to contain costs. A multi-faceted analysis is needed to ensure you are not overspending in low value markets or underspending in high opportunity markets.
In a Verint Branch Open Hours Optimization℠ consulting engagement, our branch banking experts use a comprehensive and customizable branch clustering methodology to determine branch open hours that are aligned with the market opportunities to optimize customer service, revenue, and operating expense. As a result, your bank can extend open hours to maximize growth opportunity or reduce open hours to minimize costs where and when it is optimal with minimal impact on customer retention.
An Open Hours Optimization Engagement provides banks and credit unions with:
- A unified hours recommendation model for the entire network
- Streamline hours configurations across the network to achieve efficiency in saturated markets and growth in higher opportunity markets.
- Optimized hours after large-scale network changes such as wholesale closures, branch format changes, and M&A consolidations.
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“The Branch Hours Optimization Study enabled the bank to analyze where and when to extend open hours to maximize sales effectiveness. In several growth markets, branch open hours were extended, and the number of branches open on Saturdays doubled. It also helped the bank understand where and when to reduce hours to minimize expenses.”
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