Our blog is dedicated to sharing our thoughts and expertise about the banking industry and how you can experience quantifiable results for your financial institution. We invite you to hear the perspectives from our banking professionals through our posts.
In the last of our three-part series about efficiency, we will touch on three ways to establish a structure that supports a culture of efficiency at your FI. Efficiency goals should be born out of benchmarks. The FI can pick one or two they want to focus on, establish what success looks like and how […]
In our last blog, Efficiency: Why Do We Care?, we laid out a case demonstrating the benefits of improving FI efficiency. When an institution sets a goal to become more efficient and has a plan to push efficiency in the organization from the top down, there is one crucial question to ask. What do we […]
With the current economic environment and the impacts still being felt from the COVID-19 pandemic, many FIs are focusing inward and analyzing their efficiency as an institution. Increasing an institution’s efficiency results in three key outcomes: Enhanced Customer Experience. Efficient organizations offer a much better customer experience. Particularly on front-facing activities, customers prefer to resolve […]
Improving the customer experience is a top-of-mind issue for FIs in today’s ultra-competitive environment. How do we compete with the big banks? How can we separate ourselves from our competition? How can we improve our internal efficiencies? These are all questions that Customer Journey Mapping can help solve. The essence of a Customer Journey Map […]
When online banking first emerged in the 1990s, it was presented as a simple method to cut costs. The prevailing logic was that the cost-per-transaction – almost always a balance inquiry – was less expensive than a visit to the branch or a call to the call center. The term “Customer Experience” was not yet […]
The income potential of improving debit card portfolio performance – commonly referred to by insiders as PAU (Penetration, Activation, Utilization) – should place it at the forefront of most FI retail initiatives in 2021. In the last of this three-part series, PRI Partner Mike Holt examines best practices for growing a card portfolio through utilization. […]
In last month’s blog, PRI’s Mike Holt, discussed how increasing debit card penetration into accounts improves FI profitability. Now we will take a closer look at the second element of an FI’s PAU – debit card activation. Activation is measured as the percentage of open debit cards with at least one point-of-sale (POS) purchase over […]
The income potential of improving debit card portfolio performance – commonly referred to by insiders as PAU (Penetration, Activation, Utilization) – should place it at the forefront of most FI retail initiatives in 2021. In this three-part series, PRI leaders take a closer look at the best practices for growing a card portfolio, beginning with […]
Profit Resources Inc. was honored this month to be selected as a Preferred Service Provider by the Indiana Bankers Association. The designation solidifies PRI’s footprint in Indiana and holds special significance. After the company’s launch in 1990, its very first client was an Indiana bank. PRI stands out to state bankers associations such as IBA […]
With Baby Boomers retiring at an accelerating pace over the next 10 years, there is a critical need for financial institutions to focus on executive succession planning. The 2020 Crowe Compensation and Benefits Survey revealed that 50 percent of FI executives are 56 or older, and 28 percent of managers are in this cohort. With […]
