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Peaks & Valleys: How to manage your staffing needs in a high change environment

Gain Tile

Departments are forced to “staff up” and scale back to meeting the changing requirements resulting in the need to continuously retrain only to let these folks go when production is down.

A high rate of employee turnover is immensely damaging to a company’s prospects. Not only in terms of the bottom line and the costs associated with replacing staff, but also to the morale and productivity of those staff members left behind to fill the gaps and find new ways to carry on the company’s mission. This, along with the intrinsic highs and lows of production needs, causes a strain on the staffing requirements for the old-school banking system. 

Departments are forced to “staff up” and scale back to meet the changing requirements resulting in the need to continuously retrain only to let these folks go when production is down.  The result can be felt by their clients in poor service, missed deadlines and lacklustre results.

It’s an age-old problem that has only gotten more complicated with the arrival of the pandemic and the sudden shift to a remote workforce who are having to adapt quickly to a new way of working. But technology can go a long way towards creating a happier, more stable workforce and reducing the impact of a changing workforce.

In the Financial Sector

Turnover in the financial sector has been a significant problem for a number of years. The Crowe 2019 Bank Compensation and Benefits Survey notes that ‘Over the past six years, the turnover rate for nonofficer positions has more than doubled to 23.5%. Although the officer turnover rate for banks is not as high percentage wise, it's also more than doubled in the past six years, from 3.6% to 7.5%.’

Not only is turnover high, but there is a real challenge in attracting a younger demographic to the workforce, which has long term implications for the sector as a whole. A lot of that has to do with outdated technology and methods that frustrate a generation who grew up with sophisticated technology.

According to the Paperless Project, around 40% of an employee’s time is spent searching for paper records, and that this frustration is one of the biggest points of despair for employees. In between searching for paper and waiting for outdated technology to load pages and connect, many people simply throw in the towel, unaware that there are technology solutions designed specifically for their industry. 

Over the past decade, AI Foundry has been focused on technology solutions that can have a dramatic impact on banks, lenders and financial firms big and small. Our solutions are designed to boost efficiency and productivity and minimize the repetitive tasks that can suck the life out of any position.

Workplaces that do not operate with high quality document classification technology such as the Indexing & Filing Cognitive Robot needlessly burden employees with tasks that could be and should be automated to a high degree.

When technology is deployed to take over the kinds of repetitive, menial tasks that are soul destroying to the human workforce, then it sends a signal to the staff that their talents and creativity are valued, and that they should rather be spending their time at work creating solutions to difficult problems and serving their customers better.

It’s a solid vote of confidence in the human capital, rather than a sign that they are somehow going to be replaced. In the words of software company Vroozi, ‘Eliminating the wrong kind of work can be the door to a happier workplace. Being released from their manual tasks hardly means their jobs will disappear.’

The Indexing & Filing Cognitive Robot

For most companies that deal with a large volume of paper-based documentation, the business case for implementing superior, front-end document classification should be generally straightforward. Not only does automation in this regard lead to better rates of accuracy and speed, but customer satisfaction grows exponentially too. Imagine the difference between two customers; one who finds out after an hour that a signature is missing on a document thanks to automation versus one who waits four days for staff to ‘stare-and-compare’ their documents and then discovers the missing signature.

There’s truly no comparison.

Steve Butler, the CEO of AI Foundry reflects that most lenders today “need a huge labor pool to process a document. You need people to read the documents, to extract a whole bunch of information from those documents, then run a bunch of rules against the information on the docs, and verify its accuracy. In the next two years, we see all of that being automated.”

The Indexing and Filing Cognitive Robot is foundational software in AI Foundry’s quest to rethink the infrastructure of lending technology. From the moment a loan is originated, that robot automates the sorting and filing of loan documents. At the same time, it performs automatic ingestion, classification and delivery of documents to LOS folders, updates naming conventions to include the borrower name and creates folders for new document types.

It’s that ability to learn, grow and expand that makes the cognitive robot so remarkable. The reception from early adopters has been extremely encouraging.

‘The banking sector is already coming to grips with what AI Foundry has created and is putting it to use in their lending operations,’ explains Arvind Jagannath, Director of Product Management at AI Foundry. ‘our SaaS solution of AI Assistants adds a layer of mortgage expertise that can be celebrated for its rapid deployment and ability to scale…that’s our sweet spot.’’

Organizations that experience frequent staff turnover quickly begin to realize how costly and disruptive it is to what they are trying to achieve. Forbes magazine recently reported that ‘the cost of an entry-level position turning over is estimated at 50% of that employee’s salary. For mid-level employees, it’s estimated at 125% of salary, and for senior executives, a whopping 200% of salary.’

Those numbers should send a chill down the spine of any executive and prompt them to invest in technology that makes their staff happier, more creative and more efficient in what they do. Today, as more and more staff are forced to work remotely, and lenders experience a rush of new business thanks to record low interest rates, it’s a relief to know that the blend of artificial intelligence, machine learning and computer vision that AI Foundry has pioneered can be used to increase job satisfaction and raise the standards of accuracy and efficiency that are required in this challenging moment for

Get in touch today to discover what AI Foundry can do for your workforce