SRM (Strategic Resource Management), an independent advisory firm serving financial institutions, today released its most recent SRM Academy Report, “Operational Excellence: Seven Pillars for Post Pandemic Processes in Banking.”
The extent of operational transformation in financial services has been historic since March of 2020. Over the past year, retail banks and credit unions are uniquely challenged to change how they do business - both digitally and in the branch. With consumers and businesses now preparing for life after COVID-19, it’s time to adapt operating models for the next chapter.
In this report, SRM proposes and outlines seven pillars – three strategic and four tactical – to position banks and credit unions for success in the next normal. Some banking post-pandemic trends for the banking industry to consider are the location strategy, the operating model, organization redesign, portfolio rationalization, process re-engineering, intelligent automation, and supplier contracts.
Also included in the report are two case studies with a retail bank and credit union, respectively, to outline the potential outcomes of leveraging the seven recommendations summarized in the report.
Whatever institutions face in the post-pandemic environment, whether it’s supplier contracts needing realignment for new market conditions or a developing work from home (WFH) workforce, they must streamline these gains into efficient, sustainable processes to deliver operational excellence.
Patrick Goodwin, President of SRM, commented, “Financial institutions need to optimize their operating processes to be adaptive to the new realities we’re facing. From the significant uptick in digital adoption to new WFH policies, there has been a lot of change over the last year. Lately, we’ve had several conversations advising our clients on realigning their supplier contracts and around recalibrating their operating models for the most likely scenarios. These strategies will be according to both emerging global trends, as well as on local consumer behaviors.”