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Fifth Third chooses Kiran Analytics for Workforce Optimization

Fifth Third chooses Kiran Analytics for Workforce Optimization

Advanced analytics driven solutions improve efficiency and customer experience

San Diego, CA – December 06, 2016 – Kiran Analytics Inc., a leader in intelligent branch transformation for retail banks, announced today that Cincinnati-based Fifth Third Bank licensed its workforce optimization solutions.

Kiran Analytics offers innovative workforce planning, talent acquisition and labor scheduling solutions driven by predictive analytics. The solutions will help Fifth Third Bank improve customer experience, operational efficiency, and sales effectiveness in its 1,295 full-service banking centers. Using Kiran’s workforce optimization solutions, Fifth Third will be able to make better and faster decisions as it aligns branch staffing with customer experience and market opportunities, while achieving target service levels.

“Our aim is to provide a seamless, integrated experience to help our customers do business where, when and how they want,” said Mike Butera, Head of Retail Banking at Fifth Third Bank. He added, “As customer preferences and technology continue to impact our service delivery, our banking centers are still important to our omni-channel strategy. So, we are committed to evolving our branch network and transforming our branch workforce because they are critical to delivering a superior customer experience. We conducted a comprehensive review of workforce optimization solutions. With their advanced analytics capabilities, best-in-class software and services, and deep banking expertise, Kiran Analytics met our requirements better than the alternatives.”

Kiran Analytics in-branch observations combined with advanced modeling and analytics capabilities enable analysis of customer arrival patterns, service times, wait times and staff utilization. As a result, customer banks are able to get an accurate picture of how customer arrival patterns are changing, how various staff roles in the branch operate and how arrival patterns and staff availability impacts customer service times and wait times. Equipped with these information and its Forecaster software, Kiran Analytics develops customized models that recommend optimized staffing levels for all positions in each branch in the network. These FTE requirements then enable branch managers to create and manage weekly staff schedules for their branches using Kiran’s Scheduler software.

“The branch is still the primary channel where sales and referrals originate,” said Jim DeLapa, CEO of Kiran Analytics. “Banks like Fifth Third are keenly aware of the role their branch staff plays in delivering exceptional customer experience and in deepening customer relationships. As Fifth Third Bank intelligently transforms their branch channel, we are delighted to be their workforce optimization solution partner.”

Powered by innovative predictive analytics technology, Kiran Analytics has been enabling significant operational efficiency improvements for retail banks. Customers utilize Kiran’s in-branch observation studies, advanced analytics, predictive models, and scheduling software to optimize their workforce which ultimately improves customer experience and operational excellence.

Kiran’s products, Forecaster, Scheduler, and Recruiter, are powered by CloudCords, Kiran’s proprietary private cloud environment and offered as a Software-as-a-Service (SaaS) for retail banks.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of September 30, 2016, the Company had $143 billion in assets and operates 1,191 full-service Banking Centers, including 94 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,497 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2016, had $314 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at http://www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC, Equal Housing Lender.

About Kiran Analytics

Kiran Analytics drives intelligent branch transformation for retail banks through the application of predictive analytics, resulting in increased sales and service effectiveness, and reduced operational costs. Kiran’s solutions have been deployed in over 15,000 branches; helping hire better people faster, forecast branch staff levels accurately, plan and schedule resources efficiently. Kiran Analytics is a member of Bank Administration Institute (BAI), Consumer Bankers Association (CBA), and British Bankers Association (BBA). More information is available at http://www.kiran.com.

Kiran Analytics Completes EU-US Privacy Shield Certification

Early self-certification demonstrates firm’s commitment to data security compliance

Nov 9, 2016, San Diego, CA – Kiran Analytics – the leader in intelligent branch transformation for retail banks, announced today that it has completed the EU-US Privacy Shield Certification by the US Department of Commerce. This certification establishes the firm’s legal compliance with the latest EU data protection requirements and replaces the Safe Harbor Agreement, with which Kiran Analytics was already compliant.

The Privacy Shield was launched on July 12 as a new framework to better protect the transfers of personal data of EU citizens between Europe and US. It is also a significant milestone for the legal certainty of transatlantic businesses and trust in the digital economy.

“Our organization is committed to compliance with the Privacy Shield standards and principles,” said Jim DeLapa, the CEO of Kiran Analytics. He added, “Our retail banking clients rely on our business processes and procedures to keep their data and their customers’ data compliant in the face of rapidly changing data protection and security standards. Kiran’s self-certification shows our commitment to the stringent data security compliance requirements of our retail banking customers.”

The redesigned Privacy Shield framework includes more robust and enforceable controls that require participating companies to provide transparency on their collection, use, and processing of personal data. It also requires strong US government oversight, and mandates increased cooperation with EU Data Protection Authorities (DPAs). US-based companies can now effectively comply with the European Union’s data protection requirements which assures legal certainty for certified organizations and provides an adequate level of protection for EU citizens’ personal data.
DeLapa added, “We are pleased to lead the way in the predictive analytics market as the first in our space to achieve certification in the EU-US Privacy Shield program. Given our growth in the US and internationally, the certification will help our customers rest easy where privacy is a priority and top concern.”

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 15,000 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 Releases Second Annual Workforce Strategies Survey Findings

Focus shifting from expense reduction to growth-oriented workforce strategies

San Diego, CA, October 04, 2016

Kiran Analytics – a leader in intelligent branch transformation – announced today the release of its second annual Workforce Strategies survey findings. The report covers the role of the branch in omni-channel distribution, branch transformation priorities, key workforce challenges, top priorities for optimizing the workforce, and applications of advanced analytics for workforce optimization. The survey reveals a noteworthy change: The focus is shifting from expense reduction to growth-oriented workforce strategies.workforce analytics

Kiran Analytics surveyed executives from 50 retail banks representing more than 42,000 branches in North America. Kiran’s survey shows that workforce optimization remains a top branch transformation priority.

“Face-to-face interactions and new account openings in bank branches provide the best opportunities to deepen customer relationships. Quality of these interactions heavily depends on having the right staff in front of the customer at the right time and place. That is why retail banking leaders place workforce optimization among their top branch transformation priorities,” said Jim DeLapa, CEO of Kiran Analytics.

Workforce optimization remains a top branch transformation priority.

Within the study, banking managers outlined their critical workforce optimization initiatives as:

• Acquiring and retaining top talent
• Aligning selling capacity to market opportunity
• Providing sales training and incentives
• Deploying universal banker
• Reducing over-staffing

DeLapa added, “Optimizing staffing capacity and capability is difficult because of the accelerating pace of change in retail banking. Bank managers need to make better workforce decisions, faster. New, innovative workforce optimization solutions driven by predictive analytics can provide the ability to continually align staffing roles and resource capacity with market opportunity.”

Key findings from the survey include:

• Seventy percent of the respondents indicated talent acquisition and retention as a top workforce challenge.
• Only 8% of the surveyed bankers rated the alignment of selling capacity to market opportunity of their banks as optimal.
• Retraining tellers and personal bankers to become universal bankers rank as the most popular workforce strategy.
• Nearly half of the banks have already deployed the universal banker staffing model—with the remaining half in the investigation or pilot stage.
• Fifty seven percent of the bankers rated their bank’s commitment to advanced analytics for workforce as high to very high.

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 15,000 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 and Retail Banking Executives to Share Actionable Branch Transformation Insights

Key topics include geographical workforce optimization and predictive analytics driven capacity planning

San Diego, CA, September 14, 2016 – Kiran Analytics – a leader in intelligent branch transformation – announced today that its executives, along with retail banking distribution and workforce optimization experts, will share actionable branch transformation insights at two upcoming industry events. BAI Beacon 2016, the premier event of the BAI, will be held on October 5-6 in Chicago, IL. Banking Analytics 2016, the premier analytics symposium of American Banker, will be held on October 20-21 in New Orleans, LA.

BAI Beacon Presentation on October 5th: Using the Branch Footprint as an Advantage for Geographical Workforce Optimization

Speakers:
• Jackie Hudson, Senior Vice President of Retail Banking Solutions and Product Strategy, Kiran Analytics
• Amy Bullock, Senior Vice President of Branch Banking Workforce Management, SunTrust Bank
• Ben Hopper, Vice President of Retail Strategy, First Tennessee Bank

Branches are far from obsolete.  They are still the primary channel for customer engagement, relationship building, sales and revenue generation, yet the branch network is also expensive.  One of the key challenges in managing the branch network is that it is distributed – it has multiple locations and multiple work areas / queues – and as transaction volume continues to decline, it becomes more and more difficult to obtain economies and balance the priorities of gaining further efficiency while growing sales and revenue.  This presentation will cover how geographic workforce optimization will enable retail banks to leverage their branch network – a network that is inherently inefficient with many locations and many queues – to grow revenue and improve efficiency.

Banking Analytics Presentation on October 20th: Optimizing Branch Operating Hours and Staffing Levels with Predictive Analytics

Speakers:
• Stephen Griffin, Senior Vice President of Retail Distribution Strategy and Sales/Staffing Analytics, Regions Bank
• Abhyuday Desai, Ph.D., Vice President of Analytics, Kiran Analytics

When it comes to optimizing branch operating hours and labor schedules, retail banks are faced with a critical challenge. They need to balance the trade-offs between customer experience, revenue growth and operational efficiency. Banks that simply use daily transaction counts and a one-size-fits-all approach to setting operating hours and staffing levels are likely to end up with too little or too much capacity. Too little capacity means longer wait times, frustrated customers, and missed sales opportunities. Too much capacity translates to excess staffing costs and operational expenses. This presentation will cover how predictive analytics based on branch transaction history, network proximity, customer demographics, and market competition is helping assess the impact of changing branch operating hours on activity volume and staffing requirements.

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 10,000 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.

Retail Banks Turn to Kiran Analytics for Validating Branch Transformation Initiatives

Data from field studies coupled with predictive analytics help ensure that transformation initiatives are delivering the intended results.

San Diego, CA, August 16, 2016 – Kiran Analytics Inc., a leader in intelligent branch transformation for retail banks, announced today that it completed three major field studies in the first half of 2016 with a total impact of transformation decision support for about 10,000 branches.

Kiran’s field studies provide insights about customer arrivals, sales and service interactions, wait times as well as branch staff utilization for customer facing and non-customer facing activities. The findings from these studies coupled with Kiran’s workforce optimization solution help retail banks ensure that their transformation initiatives are delivering the target customer service levels, sales effectiveness, and operational efficiency.

“Within the past six months, we spent over 3,200 hours conducting in-branch observation studies inside branches of three major retail banks. That amounts to observing about 8,000 customer sessions,” said Jim DeLapa, CEO of Kiran Analytics. “As a result of our studies and predictive models that utilize data from banking systems, we helped one customer bank modify staff role designs to improve customer service levels and another one increase sales capacity in growth markets without increasing overall headcount.”

Each retail bank has a unique branch transformation strategy depending on how their executives prioritize the transformation initiatives, budgets and timelines. Key initiatives include evolving their branch workforce and network, migrating customers to digital channels, and deploying self-service or agent assisted technology in the branches. All banking executives know things are changing in the retail distribution world. What they really want to know is how things are changing on the ground over time and if their transformation initiatives are working or not.

“When it comes to branch workforce transformation, most bankers I talk to are reducing their teller headcount or retraining personal bankers to be universal bankers. At the same time, they are hiring tech and sales savvy talent from other retail sectors,” said Gene Kirby, President of CG Kirby Partners and past chairman of the Consumer Bankers Association. “Banks need to track progress with all transformation initiatives and make adjustments along their transformation journeys. A Kiran branch productivity study for a banking executive is like a compass and rudder for a captain. It is critical to ensuring that the branch transformation strategy is delivering the intended results in terms of customer experience, growth and operational efficiency.”

While Kiran Analytics’ branch productivity studies are primarily intended for workforce optimization, the results of the studies help validate branch transformation initiatives such as customer experience, talent acquisition, channel migration, branch automation, and process improvement.

Kiran Analytics’ branch productivity studies are specifically designed for retail banks. Observations are conducted discretely with minimal impact to the staff and no disturbance to the customers. Proprietary data collection tools on tablet devices are used for statistical analysis.

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 10,000 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.