Kronos for Financial Services

Learn how to get executive support for an automated time and attendance solution by gathering the insight, evidence, and support you’ll need to present a persuasive proposal for change.

Even if you already use contact center solutions for tasks such as forecasting, real-time schedule adherence, performance management, and training, Kronos for Contact Centers delivers workforce management solutions that close critical gaps in your effort to optimize your workforce. And considering that labor typically accounts for up to 75 percent of a center’s operating costs, it’s an effort worth undertaking. Closing these gaps can mean identifying and hiring quality workers and keeping attrition rates low so you can deliver consistently high levels of service to customers. And then drive employee engagement and manage absences to control costs as well as manage all time worked to help minimize compliance risk.

Today’s credit unions are no longer focusing solely on cost containment or the myopic strategy of viewing labor as a line item in the budget. They’re empowering their employees with workforce management tools that help drive brand loyalty and member satisfaction. They’re investing in and strengthening their most important asset – the employees whose expertise, agility, and access to information can make or break the member relationship.

Today, the financial services industry continues to be challenged by a host of economic and business factors including regulatory pressures, changing customer demographics, revenue replacement and constant cost pressure. In response to these pressures, financial institutions have focused on two areas in particular: increased efficiency (both cost cutting and business process improvement), and a renewed emphasis on the customer (both revenue and service). Today, financial institutions are utilizing workforce management tools and technologies to help achieve success in these two key areas. However, workforce management tools driven by actual transactional data from a bank's internal core system can make the value of workforce management even stronger for both financial institutions and their customers.

Financial institutions today are wrestling with a dilemma. Revenue is plummeting as a result of the struggling economy, margin rate compression, and lost transaction fees. Operating expense, especially for branches, is soaring. Meanwhile, customers have more banking choices than ever — and are taking advantage of them. In the crosshairs of this dilemma, banks are seeking new ways to grow revenue and control cost. But how to do more with less? As the banking industry is discovering, the answer can hinge on the experience of customers with frontline employees. 

This paper discusses how optimizing customer service can help financial institutions achieve a competitive advantage. 

The best way to enhance customer service and satisfaction is to understand expectations, then meet or exceed them. That means leveraging the very best of your available workforce.

Workforce management software is a critical tool to take customer service to the next level, thanks to its ability to help identify your most capable employees and put them in a place where their excellent customer service skills can deliver maximum benefit.

As the cost of doing business comes into ever-sharper focus the banking sector stands alone in not pursuing the use of the latest workforce management technologies to inform decision-making. For the COO, CFO or CIO, the potential to positively impact business performance is an opportunity that cannot be ignored.

This guide outlines the assets and strategies necessary to gain a competitive advantage.

Learn the key areas in which Kronos for Financial Services can help your organization achieve its business goals, including:

• minimizing overall costs
• driving operational efficiencies
• managing workforce compliance
• delivering increased customer satisfaction

Download the Kronos for Financial Services Solution Guide now.

Wage and hour compliance has become an increasing risk for financial service institutions. This white paper, developed in partnership with Jackson Lewis LLP, explores the causes for wage and hour litigation, what the potential damages are, who’s at risk, and six steps that financial institutions can take to maintain compliance.

Download this white paper to learn how to reduce exposure, reduce risk of violations, and realize cost savings.

If you’re not optimizing your workforce, you’re missing perhaps your greatest opportunity to impact profit and service levels. After all, your workforce is your greatest asset; when employees deliver quality service to your customers, profitability follows.