Insights from The Lab

How to Improve Productivity in Banks In Six Months or Less

This is a case study, taken from the files of The Lab Consulting. This is not about academic concepts. It’s certainly not about technology-based solutions (we represent the very opposite of that here at The Lab). Rather, this is about the real-world experience of a major North American bank, the shortfalls they wanted to shore up, and the many ways (more than 500!) in which The Lab came to their rescue.

We tell this story not to brag. We share it with you so that you can learn from another’s experience.

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Cost Savings Initiatives in Banks Inspired by Star Trek

Everyone knows Captain Kirk from Star Trek. Everyone also remembers his beleaguered chief engineer, Montgomery Scott, a.k.a. Scotty. Whenever things got dire (and of course they did, in every episode), Kirk would implore Scotty to “Give me more power!”

What, you may ask, does this have to do with banking efficiency and productivity? Quite a bit, actually. Senior banking executives looking to cut costs always scream for “More technology!” But they should learn to act less like Kirk, and more like Scotty. Consider that he always gets the job done without any system upgrades.

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What Banks are Doing to Control Costs and Improve Operational Efficiency (in 6 Months)

The commercial lending organization of this bank was big. They had 1,000 employees. They competed in ten states. But they were under pressure to find ways to increase operational efficiency.

Enter The Lab Consulting. We were brought in by the bank’s Chief Lending Officer. He tasked us to increase productivity in all of the bank’s lending services outside its consumer division.

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Improvements from Start-to-Finish

Since opening its doors in 1993, The Lab has helped some of the best companies in the world become even better.