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IT Based Decision Tools for Item Processing Operations Management in Retail Banking
Abstract
Merit Bank is a multi-line financial services company with $75 billion in assets and approximately 1,000 retail branches distributed across 20 geographic divisions in 16 states. In 1999, Merits retail banking operations generated $2.1 billion of revenues and $1 billion in net income. Over the past decade, Merits aggressive acquisition and consolidation strategy in its retail and commercial banking divisions has significantly increased check processing volumes and motivated major investments in automated imaging technology and branch operations reporting systems. When these investments failed to reduce overall check processing costs, a consulting team was formed to define the breakthrough opportunities and best-in-class management practices needed to restructure under performing operations. By using updated scheduling criteria reflecting current business conditions and more fully exploiting imaging and branch reporting software, the consulting team successfully developed and implemented interfacing tools responsible for significant cost savings in check processing operations.
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