ABA Banking Journal - September 2014 - (Page 39)

tech topics WORKFLOW What's the best tech investment? Mobile? Analytics? No. Workflow. It's the best way to improve efficiency PHOTOS: SHUTTERSTOCK.COM I n this low-rate environment, efficiency seems to be on the agenda of every strategic planning session. Community and small regional bank efficiency ratios are still about 20 points worse than big banks, which means smaller banks pay 20% more to earn every dollar than big banks. As a group, community banks haven't done much to address the efficiency ratio. But in fairness, they don't have as many tools as big banks to address the three levers of efficiency ratio: net interest margin, noninterest income, and noninterest expense. Increasingly, community and small regional bank CEOs are looking for technology to help improve efficiency and manage noninterest expense. In Abound Resources' annual CEO survey, the second-highest priority coming into 2014 was "using technology for better efficiencies." (See the survey at www.aboundresources.com/survey) Despite all the articles leading you to believe that technology investments are solely focused on mobile, one of the hottest technologies is workflow. Workflow is one of the best enabling technologies for efficiency BY BRAD SMITH improvement as it is the tool for significant process improvement. It also has the potential benefits of improving the customer experience, enforcing bank policies, and improving risk management and controls. Workflow is one of the best technology investments available. What workflow means today Workflow technology is simply a programmed series of steps that route information and documents to the appropriate employees or customers. The first application of workflow for SEPTEMBER 2014 | ABA BANKING JOURNAL | 39 http://www.SHUTTERSTOCK.COM http://www.aboundresources.com/survey

Table of Contents for the Digital Edition of ABA Banking Journal - September 2014

Chairman's View
Editor's Column
The Economy
Bank Notes
Picture This
Sales of insurance pay off
Pass the Aspirin
Payment trends: Threat or opportunity?
Working together to protect against identity theft
Tech Topics
Compliance Inbox
Around the ABA
First Person

ABA Banking Journal - September 2014

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