Benchmarking / Best Practice Review
For most financial institutions, the old adage “If it ain’t broke, don’t fix it” does not hold true in today’s fast-paced competitive environment. Industry standards of excellence become ever more rigorous, and acceptable service levels of a few years ago are now considered undesirable. Changes in competitive standards happen quickly, and many banks are caught unaware or unprepared.
S&A’s benchmarking approach addresses key operating parameters, including quality levels, operating costs, efficiency measures, employee productivity, data integrity and response timing. For operations and IT manager, an independent, external benchmarking of their key performance measures provides a tool for process improvement, prioritizing tasks, standardizing metrics, and determining relative operating costs and delivery capabilities.