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Operations Improvement
Plante Moran has developed a cross-functional operations consulting and improvement team that offers a full spectrum of operational, financial, strategic, human capital, and technology services to help financial institutions reduce costs, continue to improve performance, and boost profits.

Operations Improvement

Improving operations can help you save time and money as well as better serve your customers

In response to the needs of our clients, Plante Moran has developed a cross-functional operations consulting and improvement team that offers a full spectrum of operational, financial, strategic, human capital, and technology services to help financial institutions reduce costs, continue to improve performance, and boost profits.

The following are three examples of operations analysis and improvement projects we have completed for our financial institution clients. We bring deep industry knowledge to our engagements with financial institutions because Plante & Moran serves more than 250 financial institutions.

We draw on that experience, but we tailor our approach to the specific needs of each client.

Afterall, no two financial institutions are the same. 

Save time and money

It took the Plante Moran team just 20 hours to develop a new business process management system for issuing annual certificate of deposit interest checks. Our suggested system decreased the steps required for processing the payments from 90 to 18. And by encouraging direct deposit, the bank now retains more than $1 million a year of additional deposits. 

Improved BSA processes

The Plante Moran operations consulting team mapped the Bank Secrecy Act compliance processes within the bank and suggested an improved process that: 

  • Created a common Customer Identification Program (CIP) to be used across all lines of business 
  • Standardized the CIP process across the bank 
  • Optimized the use of Patriot Officer software to ensure efficient completion and approval of Currency Transaction Report (CTR) forms 
  • Cut in half the number of steps needed to complete the CTR form

The result: a previous BSA compliance audit yielded eight minor findings; preliminary results under the new system yield two minor findings. 

Better customer service

Before the operations improvement team looked at the process of opening a new account, customers waited 30-45 minutes as bank officers walked through 45 steps, used three different software packages, and acquired multiple approvals. The improved process now takes 15-20 minutes.

If you are wondering what your financial institution can do to: 

  • Keep your current customers satisfied and win new business 
  • Recruit and retain the best employees 
  • Tighten up cycle time to improve profitability 
  • Develop a business process management system to monitor financial, operational, performance, and quality data

 
Our operations analysis and improvement team specializing in banks can help you find answers.

Plante Moran operations improvement consultants can survey opinions and mine data, then help develop and implement a plan that will help you win market share, satisfy employees, and improve your profits.

We can help with: 

  • Performance improvement 
  • Data management 
  • Customer satisfaction and loyalty building 
  • Employee engagement 
  • Staff retention 
  • Branch profitability 
  • Efficiency studies 
  • New service development and launch

Contact Us

Jeff Jenkins

248-223-3323

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“The team at Plante & Moran understands the banking industry and provides us with insight on current trends, as well as offers practical advice on significant accounting and business issues. We selected the firm a few years ago, and each year we find new benefits from its full range of services – audit, tax, and consulting.”

Tom R. Sullivan, CEO
Firstbank