Innovative staffing in the new era of banking

With proposed mergers of banks in the Midwest amidst the ongoing debate over leaner activist hedge funds entering the banking sector, the cost-laden financial system of the United States is on course to becoming more streamlined and buyer-friendly than ever. Particularly for banks with over $50 billion in assets, reducing costs through self-governance would be improbable given the tight regulations imposed by the Federal Reserve. It is therefore all the more important for lenders to embrace this change for their customers who, as the recent timeline of mergers has revealed, practice value investing and benefit a great deal from capabilities integration post acquisition.

Cost-cutting role in the merger environment

Retaining the right team while bringing in experienced professionals on a temporary basis has a significant impact on cost-cutting and streamlining capabilities integration. Many banking institutions also look to consolidate their IT providers for increased efficiency. When American Riviera Bank and The Bank of Santa Barbara came together this January, the newly formed unit gave their respective IT providers an equal opportunity to earn the new contract. The most qualified vendor made the cut in the end. Now for banks that may shrink their operating budgets to offset the expenses incurred in connection with a takeover, how about working with a technologically superior staffing company that has its own line of SaaS products besides a number of innovative solutions for lowering labor costs?

Not so fast… unless it is also process-driven

Despite being extraordinarily dynamic, the banking sector is averse to taking risks. It is one of the few industries where culture takes precedence over new strategies. The momentary wonderment of a change is soon weighed against its enduring implications. One of the efficient ways to mitigate risk and manage change is to follow processes. There are two main benefits of working with a reliable staffing service provider that is also process-driven. First, adhering to the best practices in compliance with industry rules is incredibly stress relieving for both clients and their customers, especially in an otherwise volatile equity market. Second, processes that are subject to audit help prevent opaque dealings and build buyers’ confidence.

We at Rangam Consultants Inc. have been aligning our processes with our clients’ to support their staff augmentation needs. Our technology infrastructure ensures quick response and delivery of services. Our clients from Financial, Telecommunications, Pharmaceutical/Life Sciences, Energy & Utilities, Business Services, Retail and Government/Public sectors rate us among their top 5 service providers. We understand the increasing need for large corporations to use vendor management systems (VMS) through which they can manage all of their contingent labor sourcing and procurement needs with ease and efficiency.

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