Why hire a Banking Operations Advisor?

The banking world is full of rapid change. From innovations in banking technologies to changing and increasing regulatory requirements, it can be difficult for a community bank team to keep pace. Needs arise that must be met – but your team lacks the time and focus to carry out more extensive projects. Or your bank isn’t ready to add an expert full-time.

That is where a well-chosen Banking Operations Advisor can step in. An advisor works as your partner and expert on board, regulatory, and process improvement initiatives.  An Advisor can keep your initiatives on track, provide reports to your board or management – even assist with defining strategies and goals. The critical point is an Advisor gives you someone who can drive your initiatives with expertise.

How do I know if I need a Banking Operations Advisor?

Has your bank lost a key employee lately? Do you have policies/procedures that need to be developed or reviewed? Do you have a software program that needs to be implemented? Do you manage a large exception list? Do you need a loan recorded (booked) to your core system? Do you have a large number of projects that need to be implemented? Do you need a risk assessment completed on an operational area or BSA/AML?

These issues often require extra attention and focus from your staff. You may find yourself asking an overloaded employee to add it to their plate – or you may not have the right expertise in-house at all.

You need help when an important issue is dragging along unresolved.

What are some of the areas where an Advisor can help?

You could gain help with implementing new software, department workflow reviews, project oversight, loan booking, accounting reconciliations, policy, and procedure formulation – anywhere you feel your bank is falling behind in customer service or regulatory requirements.

What kind of background should you look for?

To start with, a Banking Advisor should have some experience actually working in a bank similar to yours. They should understand the opportunities and limitations your bank faces so their recommendations fit what your bank can do. Second, your Advisor should possess in-depth knowledge about your pressing issues, to provide recommendations based on suitable best practices for your bank. Third, they should have prior experience with the more complex projects your bank needs, so they can steer you around typical pitfalls.

Can an Advisor help us choose the best core processor?

Yes. But we recommend you choose a Banking Advisor experienced in this kind of lengthy major project. Typically an Advisor will work with a bank to develop a needs assessment first. The Advisor then contacts the core processors for pricing.

The Advisor can also assist in contract negotiations if desired. Once a core processor is selected, the Advisor can serve as the lead project manager in implementing the changeover. An Advisor can run project team meetings and prepare project update reports for the bank directors.

To explore how a Banking Advisor might benefit your bank, contact us.


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