[August 08, 2007]

Banco Popular Realizes Improved Efficiencies with Verint Systems' Workforce Management Software

By Susan J. Campbell

TMCnet Contributing Editor

Banco Popular North America has reported new-found efficiencies and measurable results after implementing Verint (News - Alert) Systems’ workforce management software for retail financial services. Verint Systems Inc., a provider of analytic software-based solutions for workforce-enterprise optimization and security made this announcement today.

With the distinction of being the largest Hispanic-owned bank 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.”

This financial institution has built its strong reputation through investing in and focusing on its people, processes and technology. Banco management ensures the proper alignment of resources and skills across its branch locations, while also enhancing the customer experience. Such focus has yielded productivity gains and maximized sales opportunities.

Five years ago, Banco operated with 96 branches, each using separate marketing, human resource and IT infrastructure and systems, causing inconsistency across the individual branch locations. The organization decided to centralize operations and finance. Beginning with its back office and bank branches, the financial institution converted all of its systems to a single platform.

Banco then shifted its focus to establishing a service vision and standards to create a stronger relationship between the bank, its staff and its customers, while still keeping within expense management guidelines.

Goals for the organization 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 initiative, Banco Popular deployed the workforce management software from Verint Witness Actionable Solutions’ enterprise group designed for 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, in a Wednesday statement.

“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 $1.4 million.”

Banco Popular’s core objectives of business process alignment, staffing and scheduling, and ensuring quality customer experiences are support by the software and services. Its robust forecasting and scheduling have already introduced new efficiencies, enhanced sales effectiveness and contributed to branch confidence in staffing models with a 96 percent adoption rate.

The solution also contributed to the establishment of 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.

Banco Popular has done well to recognize where its weaknesses and inconsistencies were holding it back as an organization and where a robust solution could streamline and centralize operations to maximize total performance. As a result, the organization has grown significantly in just five years and is being recognized by outside companies for its focus on both internal and external customers.

Susan J. Campbell is a contributing editor for TMC (News - Alert) and has also written for eastbiz.com. To see more of her articles, please visit Susan J. Campbell’s columnist page.

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