Insights from OpsDog

The payroll function handles high transaction volumes for repeatable activities making it a great target improvements in accuracy, efficiency, and productivity. And as a cost center, these improvements can have a direct impact on an organization’s bottom line. Best in class Payroll metrics can highlight the areas in the payroll function that can benefit from automation, process improvements, and employee training. What is a Payroll Metric?    The payroll function is responsible for more than just issuing paychecks to employees. Payroll departments interacts with other business functions; keeps track of…

Even as customers flock to online and mobile banking channels, brick-and-mortar retail bank branches continue to play an essential role in serving customers. Branches are still a leading sales channel for bank products and services, and most customers still value face-to-face transactions at their local retail branch—even if they don’t visit it very often. But branches are also one of a retail bank’s biggest operational expenses. A commonly cited statistic is that the same transaction done in a branch costs about $10 compared to about 25 cents in the digital…

In response to the 2008 financial crisis, banks in the U.S. and across the globe have taken steps to significantly improve their financial ratios. For example, in an effort to improve their Common Equity Tier 1 capital ratio, banks have raised additional equity. Although financial ratios are a critical measure of a bank’s liquidity and solvency, there are a variety of ratios that measure everything from customer service to staffing levels that banks can use to benchmark their efficiency, performance, and profitability. And while bank capitalization has improved, banks remain…

Even with technology advances and automated processes, bank productivity and efficiency can lag. For example, according to the Mortgage Bankers Association (MBA), mortgage loan production expenses for banks actually increased to $9,299 per loan in the first quarter of 2019, and productivity remained unchanged at 1.8 loans originated per production employee per month. While banks typically have a lot of data, they lack the ability to drill down into their banking operations and measure performance, cost effectiveness, customer service, efficiency, and more. This lack of insight can be crippling for…

While external pressures such as economic conditions and the number of natural catastrophes can have a significant impact on the short-term profitability of insurance companies, insurers have plenty of opportunities to boost their long-term profitability by focusing on key performance indicators (KPIs). Measuring and then managing performance metrics inside an insurance KPI library can help insurers compete against peers, respond to market changes, attract customers, drive down loss ratios, and reduce costs. What is an Insurance Key Performance Indicator (KPI)? A insurance key performance indicator (KPI) can be defined as…