Fiserv, Inc. and Kronos Inc. will jointly develop an integrated solution for the Signature bank platform to measure workforce performance in real-time alongside core transactional and customer data. This will help banks further enhance operational efficiencies, minimize compliance risk, maximize staffing, and improve customer service, the companies said.

Fiserv chose to work with Kronos to expand its offering due to Kronos’ efforts in global workforce management.

“The workforce is often the largest asset of a financial institution and as such needs to be effectively managed,” says Andrew Steadman, director, product strategy, Bank Solutions, Fiserv. “The role of staff is being redefined in channels, such as the branch, to be more customer-focused and there is increased attention on labor law compliance. These factors are driving the need for precision in staffing and an integrated solution for managing the workforce.”

Kronos offers real-time labor information on actual versus budgeted labor costs, absenteeism and leave liability, unplanned overtime, unproductive hours and staff alignment with customer demand. In addition to improving operational efficiency, visibility into this information will also help banks control labor costs, which are a large part of their operating expenses, Fiserv says.

Through the automation of pay policies, the combined Fiserv and Kronos solution seeks to minimize the risk of being out of compliance with federal, state, and other labor laws and regulations. This also benefits the employees of financial institutions by ensuring they are receiving accurate paychecks and credit for hours worked.

http://investors.fiserv.com/releasedetail.cfm?ReleaseID=607571