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2016 FMSI Salary & Benefit Study

August 17, 2016

The complimentary 2016 FMSI Salary & Benefit Study white paper includes the following compiled rates from hundreds of financial institutions:

  • Average Hourly S&B Rates per Specific Region
  • Average Hourly S&B Rates by Institution Size
  • Average Hourly S&B Rates for Part-Time Employees
  • Average Hourly S&B Rates for Full-Time Employees
Get the guidance data you need for determining and/or validating your S&B rates, when you download this White Paper from FMSI.
Download it now.

Tampa Bay Federal Credit Union Selects FMSI’s Omnix Lobby Tracker® to Help Improve Efficiency and Lobby Analytics

August 8, 2016

FMSI, a leading branch software provider for banks and credit unions, announced today that Tampa Bay Federal Credit Union has adopted its Omnix Lobby Tracker®.  The $270 million Florida-based financial institution can now better track employee interactions with account holders and improve their overall efficiency and lobby analytics at their five locations.

“Tracking our lobby traffic has been a priority for us for many years, and when our original system showed signs of becoming dated, we knew we needed an upgrade as soon as possible,” says Maggie Robarts, Assistant Vice President at Tampa Bay Federal Credit Union.  “By systematically capturing critical metrics, like lobby wait times and account holder requests, FMSI’s tracking software was exactly what we were looking for—ultimately leading us to being more efficient in handling lobby traffic and improving member service.”

The FMSI Omnix Lobby Tracker® helps banks and credit unions capture their branch pulse by tracking and measuring both the member experience and employee performance (with iPad and kiosk integration).  With over 25 unique service and sales reports including: employee productivity, account holder volume and cross-sell reports, FMSI’s sophisticated application is transforming how financial institutions are managing their lobbies.

“The ease-of-use of the FMSI system was a major factor for us,” says Carri Alvarez, Senior Sales and Service Manager at Tampa Bay Federal Credit Union.  “The lobby analytics are only as good as what our employees enter in a software, and if they experienced any difficulties, they would stop using it properly.  Not only did we get great FMSI easy-of-use referrals from other credit unions, but after a simple training session our employees smoothly transitioned into effectively utilizing the solution.”

“Without the right business intelligence, most financial institutions are not equipped to make a thorough evaluation of lobby performance levels,” says W. Michael Scott, CEO/Chairman of FMSI.  “FMSI has more than 25 years of experience helping banks and credit unions improve the productivity of their staffs through meaningful business intelligence.  Our unique solutions for measuring lobby performance regularly reveal areas for better service, sales and productivity.”

About Tampa Bay Federal Credit Union

Tampa Bay Federal Credit Union has been serving members changing financial needs for over 80 years in the Tampa Bay area. They are owned and operated by their members, so their earnings are returned to them in the form of higher savings dividends, lower loan rates, lower service fees, and more convenient services. Learn more atwww.tampabayfederal.com

About FMSI

Located in Atlanta, GA and established in 1990, FMSI provides easy-to-use, yet sophisticated, software-as-a-service solutions including: Omnix Staff Scheduler™, Omnix Interactive Dashboard™, Omnix Performance Analytics™, Omnix Appointment Concierge™ and Omnix Lobby Tracker®.  FMSI’s smart scheduling application gives banks and credit unions the ability to optimally schedule their team throughout the branch network and to manage staff through easy to read color graphics, online interactive dashboards, and succinct management reports. FMSI provides performance management information exclusively to financial institutions of all sizes, including a workforce optimization comparative data benchmarking report that allows clients to see where they rank amongst their industry peers. Visit the company’s website at http://www.fmsi.com or call 877.887.3022 to schedule a complimentary online demonstration of any of our products.  You can also quickly estimate your savings with FMSI’s Efficiency Calculator at http://www.fmsi.com/calculator/.

2016 Bank Reputation Tally

August 5, 2016

Survey: Who tops the 2016 Bank Reputation Tally?

Mobile Banking Annual Adoption

August 4, 2016

August-2016-Chart_blog

A recent Federal Reserve report included somewhat surprising trending information on mobile adoption over the last few years.  With a mere three point increase since 2012, the adoption of mobile banking technology by consumers is far less than the market hype would have you believe—leaving many scratching their heads over recent budget priority rankings where mobile technology investment was fairly high on the list.

With the perennial management conundrum of never having enough budget dollars to tackle all the strategic wants and needs of the organization, investing in the right area of the business can be the difference between success and failure for many community banks and credit unions.

Instead of investing heavily in mobile banking, consider investing in proven branch sales and service technologies where, believe it or not, the significant majority of new business is still generated.  For example, software as a service branch appointment and lobby tracking applications, can be a quick win for many financial institutions.  Increasing your branch traffic and streamlining the account holder experience are key components in the ongoing battle against the competitors in your market.

 

8 Pathways to Universal Associate Success

August 3, 2016

This article was originally published in The Financial Brand

By Meredith Deen, President of FMSI

Staffing branches with universal associates may seem like a daunting endeavor—with the need for extensive retraining and new member service and scheduling strategies—but financial institution managers well into these initiatives say the return on investment is multi-faceted.

Improved efficiency, more responsive service, increased flexibility in scheduling, and more rewarding work opportunities are among the advantages of retraining tellers and member service representatives to deliver a full range of person-to-person services, from basic transactions to opening new accounts and taking loan applications. Here are some of the pathways financial institutions are taking to launch the universal associate model and realize these gains:

Find the best route to retraining. Community First Credit Union of Florida began the shift in 2015 toward staffing its 18 branches with universal associates by training tellers to handle more complex member service interactions. However, branch managers quickly determined that a different tack—cross-training member service reps in teller functions—produces “more lift and a better service experience for members” in the early stages of this transition, says Vice President of Branches Jimmy Lovelace.

Training MSRs to handle teller transactions has made scheduling for peak times more efficient, and Community First has also seen a boost in production rather than a decline. “The assumption is that when you combine two previously distinct functions into one job, you get half the production on both sides, but we combat that by giving universal associates a share of the branch goal as if they were sales associates,” Lovelace explains. “At a branch with four employees, the shared branch goal for sales is divided by four, so that everybody has a piece of the loan volume goal and everybody has a piece of the membership goal.”

Schedule smarter. “Knowing exactly where and when to use universal associates was difficult to do when we first rolled out our universal associate program,” says Melissa Lemire, Branch Manager with Jeanne D’Arc Credit Union, Lowell, Massachusetts. “We were able to use sophisticated scheduling software to help us pinpoint the times in the day they should be on the teller line, or on the lobby side. For example, the schedule might put them on the teller line for two hours starting a little after lunch time on Tuesday and then have them in the lobby the rest of the day. This saves us the burden from staffing a teller during that busy teller line period.”

The ability to track teller assist time, transition time, and idle time and to project staffing needs based on those metrics helps “to make sure we have the right people in the right places at the right times,” Lovelace agrees. “As we move to more of a retail model, we may see shifts from 10 to 2 and someone coming in just for two hours a day so we can be more responsive to member preferences. We could have a branch staffed with one teller, one MSR, and a universal associate who splits her day with another location.”

Manage staff reductions through attrition. Pen Air Federal Credit Union, Pensacola, Florida, used a phased approach when launching a combination of a universal associate model and deploying a staff scheduling software. In stage one, consisting of two branches, they were able to trim 6.5 staff positions, for an annualized savings of $150,000. “Maintaining member service levels with fewer staff has been accomplished through more efficient scheduling of part-time staff and without the need for layoffs,” says Angie Betts, Senior Vice President/Member Experience. “It’s important to make staff cutbacks through attrition whenever possible, which is well received by our team and doesn’t hurt the culture.”

Pen Air is retraining frontline staff and hiring new employees with retail sales experience to serve as “member advisors,” its job title for universal associates. As openings come up, managers use data from the scheduling system to determine whether to fill each position with a full- or part-time employee.

“For each new opening, we consider: Is it better to fill this position with a teller, a member service rep, or a member advisor? Our goal is to manage staffing more efficiently, and this data provides a powerful tool to do that,” Betts says.

Enhance retention. Early evidence at Community First shows that universal associates are more likely to stay with the credit union than tellers and member service reps. “That helps us meet our corporate goal of 80 percent retention across the board,” Lovelace says.

As universal associates, employees have opportunities to continually enhance their skills by taking on diverse and increasingly complex member service interactions. Retraining as universal associates was a natural path for senior tellers who demonstrated the most potential for career growth—especially with a reduction in staffing at smaller branches that eliminated the need for a senior teller position.

Widen the field of job candidates. “As part of this change, we realigned all our job descriptions and roles and clearly defined what we expect in each role,” Betts explains. “For example, we used to require cash handling experience of tellers, but now we’re looking for customer service experience.”

As a result of this shift, Pen Air has expanded its pool of job applicants to include candidates with retail experience and has hired several new employees from outside of financial services.

Onboard new staff more effectively. Community First previously scheduled four to six weeks for new employee training. But with the universal staffing model, new hires get two weeks of training as tellers using new branch technology like cash recyclers and then spend a few weeks on the job before returning for another two-week training to hone their skills as universal associates. “At the end of each of those training periods, they have new levels of proficiency, which allows the branch to operate more efficiently,” he says.

At Pen Air, about 70 percent of its member advisors are tellers who have been trained and promoted to these positions, but the credit union also trains new employees to take on these more versatile responsibilities. Training both recent hires and existing employees in this new approach to frontline member service isn’t a one-time event, Betts notes. “It takes practice, practice, practice—and a lot of coaching.”

Combine universal staffing with branch design innovation. In addition to its new staffing model, Community First has begun to reimagine branch layout and technology, beginning with its two newest facilities, which feature more open designs and an atmosphere that is “less transactional and more interactional,” Lovelace says.

The real traction for branch transformation and implementation of the universal associate model is in combination, he suggests. “The promise is that when members come through the door, any associate can help them with whatever they need. That is more conducive of the branch of the future—and of the type of interactions we want our members to have with our staff.”

Do more with less. With declining transaction volume, Community First has become more targeted in identifying high-potential branch locations, where the credit union can position its facilities as community hubs and capitalize on the “billboard effect” in high-visibility locations to build brand.

“We’re trying to find ways to get people to come to branches for the right reasons, and the universal associate model provides added flexibility in the size of the branches we can build and the types of communities we can serve,” Lovelace says. “We can do more in a branch with fewer staff so we can leverage where we go with our branches more strategically.”

Jeanne D’Arc Credit Union Selects FMSI’s Omnix Appointment Concierge™ to Improve Member Branch Experience

July 20, 2016

FMSI, a leading branch software provider for banks and credit unions, announced today that Jeanne D’Arc Credit Union has adopted its Omnix Appointment Concierge™.  The $1.2 billion Massachusetts-based financial institution can now improve their service experience by offering a new sophisticated branch appointment capability at their seven locations.

“We are constantly seeking out new technology to help us improve,” says Kathryn Dame, Vice President Branch Administration, Jeanne D’Arc Credit Union. “FMSI’s appointment software will help us achieve our goal of providing exceptional service to our members.”

FMSI’s Omnix Appointment Concierge™ addresses the concerns of today’s financial institutions: improving service and sales levels in the branch, while managing and minimizing labor expenses.  Through sophisticated software as a service technology, FMSI’s branch appointment scheduling solution enables account holders to easily schedule appointments for their branch visits, allowing them to avoid long lobby wait times and ensures the employee with the right skill set will be assisting them.

“We value our member’s time and strive to give them a positive branch experience” says Dame. “With FMSI’s appointment technology, we can virtually eliminate long wait times.”

“With rising competition over the past few years, and challenging profit expectations, many financial institutions are turning to innovative and more effective approaches, like utilizing appointment setting technology to maximize the branch investment,” says Meredith Deen, President of FMSI. “Our software as a service solution improves three critical performance areas in the branch—sales, service and employee productivity.”

About Jeanne D’Arc Credit Union

Established in 1912, Jeanne D’Arc Credit Union is the third oldest credit union in the United States and the second oldest in Massachusetts. It is a full-service, member-owned community-based financial cooperative with more than 75,000 members and $1.2 billion in assets, operating seven full-service and two high school branches in Massachusetts. To achieve their mission, they incorporate the right mix of financial products and services, along with a strong financial education program that offers free workshops and seminars so members can put their financial plans into action. Learn more at www.jdcu.com .

About FMSI

Located in Atlanta, GA and established in 1990, FMSI provides easy-to-use, yet sophisticated, software-as-a-service solutions, including: Omnix Staff Scheduler™, Omnix Interactive Dashboard™, Omnix Performance Analytics™, Omnix Appointment Concierge™ and Omnix Lobby Tracker®. FMSI’s smart scheduling application gives banks and credit unions the ability to optimally schedule their team throughout the branch network and to manage staff through easy to read color graphics, online interactive dashboards, and succinct management reports. FMSI provides performance management information exclusively to financial institutions of all sizes, including a workforce optimization comparative data benchmarking report that allows clients to see where they rank amongst their industry peers. Visit the company’s website at http://www.fmsi.com or call 877.887.3022 to schedule a complimentary online demonstration of any of our products. You can also quickly estimate your savings with FMSI’s Efficiency Calculator at http://www.fmsi.com/calculator/.

Interested in learning more about our appointment scheduling solution?  Watch a recorded demo now.

IU Credit Union Selects FMSI’s Omnix Lobby Tracker® to Overhaul Member Lobby Sign-in Process and Improve Reporting

July 14, 2016

FMSI, a leading branch software provider for banks and credit unions, announced today that IU Credit Union has adopted its Omnix Lobby Tracker®.  The $874 million Indiana-based financial institution with 11 locations can now offer a more streamlined member sign-in process, and improve their lobby service reporting capabilities.

“Due to its many limitations, we were not satisfied with our member lobby sign-in process, that involved a lot of manual processes, including a paper and clipboard,” says Julie Ragsdale, Vice President, CAO, IU Credit Union. “FMSI’s lobby management software offers our membership privacy and a more streamlined branch experience.  Additionally, it helps our branch staff to clearly identify who is next in the queue and what service is needed, and assists them in identifying scheduling and staffing needs.”

The FMSI Omnix Lobby Tracker® helps banks and credit unions capture their branch pulse by tracking and measuring both the member experience and employee performance (with iPad and kiosk integration).  With over 25 unique service and sales reports including: employee productivity, account holder volume and cross-sell reports, FMSI’s sophisticated application is transforming how financial institutions are managing their lobbies.

“We selected FMSI because of the intuitive nature of the system, which makes it easy to use, and also because of the robust reporting features,” says Ragsdale. “The solution’s performance management tools will help us determine quantifiable service information, such as how we are spending time with our members, and abandonment rate metrics—allowing us to follow-up with members who left unassisted.”

“Without the right business intelligence, most financial institutions are not equipped to make a thorough evaluation of lobby performance levels,” says W. Michael Scott, CEO/Chairman of FMSI.  “FMSI has more than 25 years of experience helping banks and credit unions improve the productivity of their staffs through meaningful business intelligence.  Our unique solutions for measuring lobby performance regularly reveal areas for better service, sales and productivity.”

About IU Credit Union

Based in Bloomington, IN, IU Credit Union is a full-service, nonprofit financial institution with 64,000 members.  Established in 1956, IU Credit Union offers a full range of financial services for individuals and business owners.  For more information, visit www.iucu.org.

About FMSI 

Located in Atlanta, GA and established in 1990, FMSI provides easy-to-use, yet sophisticated, software-as-a-service solutions including: Omnix Staff Scheduler™, Omnix Interactive Dashboard™, Omnix Performance Analytics™, Omnix Appointment Concierge™ and Omnix Lobby Tracker®. FMSI’s smart scheduling application gives banks and credit unions the ability to optimally schedule their team throughout the branch network and to manage staff through easy to read color graphics, online interactive dashboards, and succinct management reports. FMSI provides performance management information exclusively to financial institutions of all sizes, including a workforce optimization comparative data benchmarking report that allows clients to see where they rank amongst their industry peers. Visit the company’s website at http://www.fmsi.com or call 877.887.3022 to schedule a complimentary online demonstration of any of our products. You can also quickly estimate your savings with FMSI’s Efficiency Calculator at http://www.fmsi.com/calculator/.

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