Banco Popular North America Saves More Than $1M Using Branch Banking Software From Verint Witness Actionable Solutions
Melville, NY - Verint Systems Inc., one of the leading providers of analytic software-based solutions for workforce-enterprise optimization and security, recently announced that Banco Popular North America reports new-found efficiencies and measurable results after implementing the company's workforce management software for retail financial services.
Recognized as being among the largest Hispanic-owned banks in the United States, Banco Popular operates 146 branches across six states and was named one of FORTUNE magazine's "100 Best Companies to Work for in 2005." The financial institution has built its strong reputation by investing in and focusing on its people, processes and technology; ensuring proper alignment of resources and skills across its branch locations; and enhancing the customer experience – which in turn has yielded productivity gains and maximized sales opportunities.
Five years ago, the organization had roughly 96 branches, and each operated with separate marketing, human resource and IT infrastructures and systems. Causing levels of inconsistency across the individual branch locations, Banco Popular decided to centralize operations and finance. Starting in its back office and bank branches, the financial institution converted all of its systems to a single platform.
The focus then shifted to establishing a service vision and standards to create a stronger relationship between the bank, its staff and its customers, while keeping within expense management guidelines. Goals included creating a customized and credible branch staffing model for its teller, sales and service bankers; incorporating the uniqueness of the Banco Popular network through a review and analysis of branch activities; introducing process improvements and models to better quantify opportunities; and instilling business processes to improve efficiency and sales effectiveness.
As part of this new foundation, Banco Popular deployed the workforce management software from Verint Witness Actionable Solutions' enterprise group focused on retail financial services and back-office performance optimization.
"The solution takes the noise away and enables branch management teams to focus less on debating staffing models and concentrate more on implementing them," said Chan Peterson, executive vice president and head of community banking for Banco Popular. "The software has not only helped Banco Popular place more effort on effective selling and coaching, but has also enabled workforce efficiencies that have resulted in savings of $1.4M."
The software and services support Banco Popular's core objectives of business process alignment, staffing and scheduling, and ensuring quality customer experiences. Its robust forecasting and scheduling have introduced new efficiencies, enhanced sales effectiveness and contributed to branch confidence in staffing models with a 96 percent adoption rate. The solution also has helped build a credible capacity plan across the bank's extensive branch network, identifying over and under staffing and various means of redeploying and optimizing staff within the branches.
SOURCE: Verint Systems Inc.