Insights from The Lab

Cost Reduction

Category : Cost Reduction


Five Essential Process Improvement Ideas in Banking

This article is about making essential process improvements throughout a bank’s marketing services operation. It’s full of valuable takeaways, so let’s dive in.

This is the story of a huge (80,000 employees serving 25 million customers) Canada-based bank. Their marketing arm, serving both the U.S. and Canada, was struggling to increase both its productivity and agility. Thus their wish-list, when they reached out to The Lab, was extensive. Fortunately, The Lab was equal to the task.

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Banking Cost Cutting Measures For Shared Services Groups

This article tells the story of another true case study. And it probes a seemingly perpetual and nagging cost drain on banks: Human resources.

The bank in this case study is one of the oldest financial-services institutions in the United States. It’s also highly HR-dependent. That’s because it manages 18,000 employees, scattered across 11 different states. There was a lot at stake here.

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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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