Category : Operational Efficiency
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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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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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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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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