Major Points of a Merger
Toolbox HR published an article by Ethan Schrieberg breaking down transition strategies for two companies merging. These strategies are a great way for company leadership to ease the transition of a merger, but these strategies can also be applied to the operational transition as well.
This article outlines three main transition strategies that include:
Banking, in particular, could benefit from these strategies. Credit unions and banks have increased merger and acquisition activity. This type of activity is not slowing down, and these financial institutions could build on mergers and acquisitions with these productive strategies.
Success for a Bank or Credit Union During a Merger
When banks and credit unions are merged or acquired there is a massive transition phase that occurs. Identifying the transition challenges and goals with realistic expectations is key. Understanding that going into a new environment with operational expectations can be a challenge for tellers and leadership. Creating a plan that creates an operational alliance with the existing operation can make a huge impact in achieving operational unity milestones. Often operational obstacles for financial institutions that are being merged or acquired are transitioning software, centralizing control of financial devices and having the workforce to accomplish these tasks.
How Benchmark Can Help During a Merger or Acquisition
Overcoming the challenges of a bank or credit union merger or acquisition does not have to be handled alone. Benchmark Technology Group has a dedicated installation and upgrades team that takes the pressure off your financial institution to help make those software transitions seamless. We can also assist with your Remote Deposit Capture client software conversions. Our team has the experience to manage a few to thousands of merchants that require being converted to the new software. Benchmark offers additional support to centralize your cash recyclers with CashWare, an advanced middleware application that connects your teller application to your cash recyclers. Because of the wide range of teller applications and cash recyclers our software is certified with, you can continue to run a variety of devices throughout your footprint that will all work with one middleware solution. Using these techniques and Benchmark’s programs can help create a successful transition during a bank or credit union merger or acquisition.