Managing Compliance and Driving Efficiencies in a Complex Banking Environment

Managing Compliance and Driving Efficiencies Blog

Compliance has been in the news again lately. The Credit Union National Association (CUNA) announced the results of a study that found compliance costs for their members continue to grow, reaching $6.6 billion in 2014.

As the VP of solutions portfolio sales, I’m in the trenches with our Managed Services teams. I see how compliance and regulations affect our customers on a daily basis, and I spend a lot of time thinking about ways to make their lives easier.

Recently I had the opportunity to talk about the work our team does in the pages of Credit Union Magazine, and unveil Diebold’s new FITbanking™ philosophy. It’s an approach aimed at connecting with banks and credit unions wherever they’re at on their journey. Every financial institution has a different strategy for managing compliance and regulatory changes – and viewing those strategies through the FITbanking lens helps our teams build the right solution sets and address the most pressing pain points for the organizations we work with. Sometimes that means cultivating a high-tech environment, with improved processes and automation technology to migrate transactions. For other FIs it means fostering a high-touch experience for consumers, where your clients feel valued and receive the one-on-one attention they need, when they need it.

Diebold’s Managed Services teams works with FIs to shoulder and consolidate the back-end business processes, enabling organizations to more quickly and effectively leverage high-tech and high-touch branch transformation initiatives. We often see financial institutions source products and services from up to 8-10 vendors for their self-service channel alone. But that number doesn’t tell the whole story. In reality, each of those vendors represents multiple touchpoints within the organization, which means your IT and operations departments could be interacting with up to 50 different individuals, just to manage a single channel. That’s a lot of individuals. Diebold has created single source solutions to allow our customers to remove the costs and inefficiencies created by so many touch points.

In my article for Credit Union Magazine, I outlined some of the ways Diebold’s Managed Services team can simplify and improve your processes. Want to find out more? Let’s start a conversation.