Since the branch workforce makes up about 25 percent of most retail banks’ operating expenses, improving resource efficiency continues to have positive impact on the bottom line.
As the pace of branch transformation accelerates, bank managers need to make better workforce decisions, faster. Predictive and prescriptive analytics bring a higher value to a business—but are harder to implement. They require banks to be highly data-oriented, have advanced analytics tools in place and make widespread use of them.
In Kiran Analytics’ 2016 Workforce Strategies survey, bankers were asked about their bank’s commitment to using advanced analytics for workforce optimization. Fifty seven percent of the participants rated it high to very high.
While survey participants ranked “talent acquisition and retention” as their top challenge for workforce optimization, they ranked “reducing overstaffing” and “aligning selling capacity with market opportunity” as the most common applications for advanced analytics.
Leaders in applying advanced analytics to workforce optimization are achieving significant improvements in customer service levels, customer retention, sales effectiveness, employee retention, and operational efficiency.