Data and advanced analytics are more critical for successful transformation than ever.
San Diego, CA (PRWEB) October 11, 2017
Kiran Analytics – a leader in intelligent branch transformation – announced today the release of its third annual Workforce Strategies survey findings. The report covers top branch transformation priorities, strategies for optimizing the workforce, and the applications of advanced analytics for workforce management. The survey reveals the top priority for optimizing the branch workforce is alignment of selling capacity to market opportunity.
Kiran Analytics surveyed executives from 40 retail banks representing more than 37,000 branches in North America. The research findings provide insights about workforce strategies such as universal banker deployment, reducing over-staffing, and talent acquisition/retention. The survey results also reveal that applications of advanced analytics for workforce optimization are more prevalent in large retail banks than smaller banks.
Jim DeLapa, CEO of Kiran Analytics said, “There are clear signs that the strategic focus is shifting from cost cutting to balanced growth and lean execution.” He added, “The channel focus is shifting from closing branches to aligning branch and ATM strategies with market opportunity. And, the staffing focus is shifting from reducing staffing levels in branches to putting the right skill sets in front of customers. Given the dynamics of consumer behaviors and digital transformation, data and advanced analytics are more critical for successful transformation than ever.”
Key findings from the survey include:
- Seventy percent of the surveyed bankers ranked aligning selling capacity to market opportunity as their top workforce optimization priority.
- Universal banker implementations are on the rise. This year, 63 percent of the respondents said they have implemented universal bankers. Last year, 51 percent had implemented them.
- One third of the respondents indicated that their banks are using advanced analytics for workforce optimization.
- Fifty-nine percent of the bankers rated their bank’s commitment to advanced analytics for workforce as high to very high.
DeLapa added, “In the past, branch staffing models were driven by teller transaction data as a proxy for everything happening the branch. That’s history. Today’s best-in-class workforce models look at every customer touchpoint in the branch including both human and technology touchpoints. By modeling the customer’s use of the full branch, we are helping top retail banks to properly and efficiently align selling capacity with market opportunity. A modern, integrated workforce optimization solution must offer accurate modeling of work content, optimal position mix planning and open hours analysis. The labor model must have inputs from finance and final half-hourly FTE allocation needs to be pushed to the branch scheduler. The scheduling solution must make it easy for branch managers to closely match the model-target FTE with actual FTE. Market and regional branch leaders can monitor their branches’ effective alignment of colleagues to customers through adherence reports.”
Those interested in learning more about this research can download the findings report at http://kiran.com/annual-survey-results/.
About Kiran Analytics
Kiran Analytics drives intelligent branch transformation for retail banks through the application of predictive analytics. Kiran’s solutions have been deployed in over 20,000 branches helping to forecast optimal branch staff levels accurately, hire better people faster, and to plan and schedule resources efficiently. As a result, retail banks increase sales and customer service while reducing operational costs. Kiran Analytics is a member of Bank Administration Institute (BAI), Consumer Bankers Association (CBA), and British Bankers Association (BBA). Kiran Analytics Inc. headquarters is based in San Diego, California and Kiran Analytics Ltd. is based in London.
Kiran Analytics software applications are hosted in a private cloud utilizing Kiran’s integrated SaaS platform and infrastructure services. Together, the infrastructure, hosting platform, and applications are called the CloudCords Suite.