Cornerstone firmly believes that you cannot improve that which you don't measure, and over more than a decade of working with financial institutions, we have amassed a comprehensive database of benchmarking statistics in 12 key banking areas from a group comprising 160 mid-size banks ($1-$40 billion in assets) and mid-size to large credit unions (>$350 million in assets).
And because we also firmly believe that benchmarking lies at the heart of measurement and accountability and forms the crucial foundation for any initiative that involves process reengineering, strategic planning and profitability improvement, we developed The Cornerstone Scorecard®.
Your institution’s customized Cornerstone Scorecard® can be utilized to assess your organization’s current performance, set goals for the future and hold management accountable for measurable performance improvement. The Cornerstone Scorecard® enables your organization to measure its numbers against peer benchmarks, highlighting where it ranks in three categories: 1) a “high performer”, 2) “at peer level” or 3) “below peer level.” In addition, The Cornerstone Scorecard® gauges the organization’s performance in key fee income and non-interest expense categories.
The Cornerstone Scorecard® provides more than 250 spending, staffing and performance statistics in 12 key areas:
- Retail Banking
- Consumer Lending
- Mortgage Banking
- Consumer/Small Business Lending
- Credit Administration
- Loan Operations
- Cash Management
- Deposit Operations /Item Processing
- Information Services
- Wealth Management
- Administration
- Training
The Benefits to You
Benchmarking stamps out politics by focusing on facts and provides the operating discipline you need to align products, people, process and technology with your chosen strategies. A disciplined approach to utilizing benchmarking and scorecard measurements:
- Forces the right questions and creates the motivation to improve efficiency and reduce expenses.
- Drives the quest for new best practices that result in stronger performance and improved service delivery.
- Identifies potential opportunities that can drop additional money to the bottom line and free up earnings and capital that can be invested in more strategic opportunities.
- Ensures that the “performers” are recognized over the “promoters”
Two Steps to Success – The Cornerstone Scorecard® and Best Practices Assessment
This two-step process – The Cornerstone Scorecard® and the Benchmarking & Best Practices Assessment – delivers pin-point clarity for your institution. Specifically, you’ll have a clear picture of areas that need improvement, and you’ll take away practical recommendations for change – recommendations focused on achieving your institution’s strategic and competitive objectives.