We here at TSG believe that effective, efficient processes are fundamental elements of the success of any organization, especially thinly-staffed community banks.
When we say “mission critical,” we mean those key sequences of tasks that need to take place to get certain things done, such as loan underwriting, loan approval, new account setup, cross-sell schedule execution, remote deposit capture, new deposit generation, and key back office processes like audit issue tracking, and contracts management, to name just a few.
These critical processes directly or indirectly impact the quality of products or services delivered to customers, or are actions that can result in reputational or regulatory risk. The most important, and often the most difficult to control, processes are those that cross back and forth between functional areas.
The Three Axis System
We’ve all heard “work smarter, not harder” and “doing more with less” more times than we would like. But have you every had anyone tell you exactly how to do it? Well, we have a solution for your.
The solution to “work smarter, not harder” is create and implement a “Don’t Do” list. Yes, we said a Don’t Do list. Everyone has a To Do list that will never get finished. That’s just the way life is. We may not be able to do much about our personal To Do list, but we can do something about our work list.
Axis One
The first step in creating you work Don’t Do list is to visit the Process Improvement tab and take a quick read of our Business Process Improvement QuickInsight. Here you’ll find the basic outline to the simplest process improvement program we have ever seen. One of the first steps in a process improvement project is to have a small cross-function team create a simple flow chart of how the process works. We guarantee that this simple exercise will eliminate enough steps and tasks to save your staff at least 2 hours per week. That’s 100 hours per year!
The steps that you eliminate become your Don’t Do list. You can take that saved time and apply it to other tasks, or perhaps to a second process improvement project that will yield additional savings, and then you. . . Well, you get the picture.
Axis Two
Institutionalize the improved process in a task tracking system. Doing this will prevent backsliding to the old ways and will provide a built-in structure for new personnel to use. Using a software solution in effect creates an expert system for that process. It’s also a great tool to demonstrate to the regulators the effectiveness of your internal controls. We recommend that you evaluate our TrakPointe™ solution for this role. TrakPointe™ has a full suite to task tracking modules tailored to best practice processes. They can be modified easily to conform to unique bank processes.
Axis Three
As Sidney Reilly, Sam Neil, famously said in “Reilly, Ace of Spies,” “Things change. Things always change.” And almost everything is in constant change.
For example, your operations team has just adopted home capture functionality, and suddenly the remote deposit capture process that was efficient and effective last year is now somewhat chaotic and eating up staff time.
The third Axis of your system, then, is just a periodic review of your key processes, and the review does not need to take long. Once a year, you allocate 2 hours (Wait! Don’t complain about this time. You saved 100 hours by optimizing the system, remember?), get your team together, pull out the process flow chart and go through it to see if all the steps are needed - keeping a sharp eye out for anything that can be put on the Don’t Do list - and make any necessary changes.
The result? You may have saved some additional time, or modified some steps to be in line with your policies and procedures.
AuditSure
Track and manage the completion of all audit items. Assign tasks, set milestones, receive email alerts at desired control points and have easy access to visual reports on outstanding items.
BusinessContinuityTracker
Monitor all of the elements of your business continuity plan: location of plans, electronic copies of plans, dates for plan review and revision, "table top" exercise dates and follow-up action items.
ClientLite
Clarify and control your interactions with your key clients with email reminders for follow-up actions, such as cross-selling contact schedule and resolution of any account issues. This can be a key tool in account/deposit retention.
ContractSure
Never again get caught short on contract renewals. Track renewal dates, electronic copies of contract provisions, and set dates with ticklers and email warning alerts.
DepositTracker
Core deposits are critical to the bank's profitability. Use this module to create and track the marketing plan for new account generation.
PipelineTracker
Are you trying to use Excel to track your pipeline from your loan officers - and its not working? This module provides an easy method for tracking a loan from the beginning of the underwriting process right through to loan servicing or sale. It holds all loan information and provides "one version of truth" that everyone can rely on. The module can include email reporting to all management team members and, if desired, to loan brokers. Providing information to loan brokers on the status of their transactions will significant reduce calls to your staff and sharply increase internal efficiency.
RDCTracker (Remote Deposit Capture)
Remote deposit capture is high on every bank's agenda. (See our recent RDC survey results.) This module not only tracks your RDC pipeline and implementation, it tracks the hardware and software for each capture point as well as the hardware warrantee dates.
Each of these modules can be implemented in your bank within 30 days. Please feel free to contact us for a no-obligation telephone conference about how any of these workflow modules would be implemented at your bank. (Tel. 877-874-4457)
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