1. Skip to navigation
  2. Skip to content
  3. Skip to footer

Workforce Management for Retail Financial Services

Optimize Staffing and Improve Customer Experience

Although workforce management (WFM) solutions have been heavily used by contact centers for a long time to forecast volumes and optimize staff schedules, use of similar solutions to maximize the efficiency for the branch network is a more recent trend. While larger financial institutions pioneered the use of the software within their branch networks and realized benefits quickly, financial institutions of all sizes are discovering that they too can implement WFM to minimize over- and understaffing and improve the customer experience.

Using Verint’s Forecasting and Strategic Planner can provide more accurate capacity planning as a first step. When combined with Scheduling, these three modules serve as the foundation of Verint’s Branch Workforce Management, part of the Impact 360 for Retail Financial Services solution.

Branch Forecasting takes into account work areas and different employee positions as well as customer-facing and non-customer-facing activities to build a model. Factoring in each branch’s unique transaction mix while maintaining the desired level of customer service across all branches enables a bank to deliver a consistent experience regardless of location (unless, of course, you want to set different service level standard by segment or geography). The Forecasting module can also consider branch characteristics or attributes like regional demographics, physical branch layout and revenue potential to further refine the results.

Managers can automate scheduling for their branches, or this can be done centrally for the branch network. Available employee resources are scheduled for work in a given branch based on their skills and the forecasted transaction volume for each time interval during the week. Daily schedules can be easily adjusted in response to unplanned absences due to illness or other unanticipated changes to the branch volume.

Within the management portal, Dashboards and Reports are available for those managing above the branch, such as District, Area, or Regional Managers, to easily view how well branches are managing to expected customer service level and productivity targets.  Scorecards for employees and branch managers are also available to provide additional insight into performance.

Strategic Planner allows organizations to perform capacity management at the corporate level. Forecasted work requirements are translated into FTE recommendations by applying employee shift rules, desired staff mix and constraints to calculate the FTEs needed in each branch based on the desired (or current) FT/PT mix.

The Time Off Manager module turns a complex and time-consuming process of managing employee time-off requests into a clear and easy-to-administer online system. Employees can view their vacation availability, submit and track requests for time off, and receive status updates on their requests. When requests are denied due to previously requested time off by other employees, such requests can be added to a waiting list. Financial institutions can set up and update time-off accrual rules, and even configure the module to auto-process incoming vacation requests according to individual branch rules and validation checks.

Contact Verint today to learn more about how these solutions can help you optimize your branch network performance.