I think we can all relate to wanting (and needing) to be more efficient in our everyday lives. Whether it’s at home, at work, or simply running errands, it can feel like the to-do list keeps growing while our bandwidth continues to shrink. It turns out this is not an ideal combination (may or may not be speaking from personal experience), although it has become more and more common – especially in the world of financial services.
In fact, 44% of bank and credit union CEOs ranked increasing operational efficiency as the most important strategic priority to achieve – according to Jack Henry’s 2022 Strategic Priorities Benchmark Study. That’s why we created a conference track specifically focused on increasing operational efficiencies at this year’s Jack Henry Connect.
When reflecting on the increasing efficiencies track and sessions, there are three main takeaways:
1. The value of automating your processes can’t be overstated
“Process Improvement – The Technology Doesn’t Matter” and “7 Ways Automation Can Improve Your Workday” are prime examples of sessions that highlighted the importance of automating business processes and overall process improvement. Want to improve productivity? Manual processes are not the answer – research shows manual processes actually result in lost time, money, and productivity. It's also been reported that Fortune 500 companies lose an average of $480 billion per year due to inefficiencies – most of which come from the back office.
The good news? Automation can help your institution increase operational efficiency in several areas. Eliminating redundant data and manual tasks, prioritizing process analysis and optimization, and saving time and resources during data conversions are just a few of the benefits automation has to offer. With the right processes in place … the value and possibilities of automation are limitless.
2. Tech tools are here to stay
Take a second to think about your favorite system or tool that you use to do your job on a regular basis ... got it? Okay, now imagine that system or tool is gone. Poof! You no longer have access to it. If I had to guess, that would be a disservice to you, your team, your institution, and/or the accountholders you serve. The same can be said for the tools and technology you aren’t yet leveraging. You may be putting your bank or credit union at a disadvantage by not prioritizing the tools, technologies, and even relationships that could help increase efficiency and enhance effectiveness.
“How to Get to Yes: Fintech Innovation” and “Digital Leadership Q&A” both focused on the importance of technology strategies, transformation, and innovation. A variety of topics were discussed, including artificial intelligence (AI), fintechs and how they’re partnering with financial institutions, openness, workflow solutions, and more. These types of tools and technologies will not only help you increase operational efficiency now but also in the future.
3. Accountholder experience is key
Did you know 73% of people point to consumer experience as an important factor in their financial decisions? Whether we like it or not, accountholders are comparing their experiences in other sectors to their experiences with your bank or credit union. Think Netflix, Amazon, Chewy, and even food delivery apps. We all want convenience – speed, ease, simplicity, and quick responses or resolutions when needed. We also want the option to text or chat vs. talking on the phone. All of this and more is what your accountholders want and expect from you, too.
Sessions like “Top Tech Trends to Watch” illustrated why financial institutions need to continue transforming and improving accountholder experience. In addition, it emphasized the need to evaluate what’s working now while also looking to the future so you can stay ahead of the competition and keep your accountholders satisfied. After all, 57% of consumers will leave a brand after as little as one or two bad experiences – further illustrating the importance of having a modern-day, competitive accountholder experience strategy in place.
If you’re struggling with operational inefficiencies, know that you aren’t alone. Not only is increasing operational efficiency one of the most important strategic priorities for bank and credit union CEOs in 2022, but our increasing efficiencies track was also the biggest track at #JHConnect22 with over 60 sessions!
We hope you took away at least one, if not several, actionable items from this year’s conference. If you’re ready to get started on your own journey, check out how we can help you increase operational efficiencies.
Want to follow along for more Jack Henry Connect key takeaways? Subscribe to our blog for more conference insights in the coming weeks. And don’t forget to save the date for our 2023 Jack Henry Connect conference – October 16 – 19 in Indianapolis, IN!
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