The results of this study will clearly illustrate comparative performance not only over the past year, but also in contrast to the findings of a similar study Cornerstone conducted in 2010.
Scottsdale, Arizona (PRWEB) February 04, 2013
Cornerstone Advisors is inviting mid-size banks to take part in a study that the company says will produce hundreds of performance and process improvement benchmarks and unearth potentially millions of dollars in expense-reduction and revenue-enhancement opportunities.
Invitations to participate in the study will be mailed in early February to chief executive officers of 800 banks with assets of between $1 billion and $40 billion. According to Scott A. Sommer, president and CEO of Cornerstone Advisors, Inc., the overarching intent of the study is to help mid-size banks maintain competitive positioning through increased productivity, reduced expenses and enhanced fee income.
“Survivors of the Great Recession are now interested in knowing how their recovery efforts compare with that of their competitors,” said Sommer. “The results of this study will clearly illustrate comparative performance not only over the past year, but also in contrast to the findings of a similar study Cornerstone conducted in 2010, when banks were dealing with the shrinking margins, disappearing fee income and weighty regulatory demands that were characteristic of the Great Recession.”
Based on the level of participant satisfaction Cornerstone has seen from a number of previous studies, the company expects mid-size banks that complete this year’s survey will see their efforts repaid “many times over.” According to Sommer, “The end result will be an indispensable planning tool that will double as an instrument bank executives can use to hold managers accountable for meeting and beating peer performance numbers.”
There is no charge for banks to complete the survey. Sommer cited the significant benefits study participants will receive:
- More than 200 detailed staffing and productivity benchmarks in 17 key bank areas, including Branch Sales and Service, Web and Mobile Channel Management, Retail Cards and Payments, Mortgage Banking, Commercial Lending and Information Technology;
- A confidential, customized Cornerstone Scorecard showing participants how their results compare with those of other banks in the study – in the aggregate and by asset size and geographic region;
- Key fee income and non-interest expense benchmarks;
- An analysis of overall technology spending, utilization and deployment versus peers; and
- Three complimentary copies of the study results, which will be published as The Cornerstone Report: Benchmarks and Best Practices for Mid-Size Banks, 7th Edition (a value of $995 each).
Cornerstone anticipates the study will be completed early in the second quarter of 2013 with results made public by year end.
Founded in 2002, Cornerstone Advisors (http://www.crnrstone.com), a management consulting firm focused exclusively on mid-size banks and large, progressive credit unions, provides services in the areas of: Strategic Planning, Benchmarking and Best Practices, Process Reengineering, Technology Assessment and Planning, System Selection and Conversion Management, Vendor Contract Negotiation, Risk Management, and Merger and Integration Assistance. The Cornerstone team founded industry renowned GonzoBanker (http://www.gonzobanker.com) and authors The Cornerstone Report: Benchmarks and Best Practices for Mid-Size Banks and The Cornerstone Report: Benchmarks and Best Practices for Credit Unions.