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Costing The Banking Services: A Management Accounting Approach
Costing The Banking Services: A Management Accounting Approach
Jordi Carenys
Professor at the Management Control Department. EADA Business School
EADA, c/o Aragó 204, 08011 Barcelona, Spain
E-mail: jcarenys@eada.edu
Tel: 934 520 844; Fax: 933 237 317
Web: www.eada.edu
Xavier Sales
Professor at the Management Control Department. EADA Business School
E-mail: xsales@eada.edu
Abstract
The present study aims to outline the characteristics of the cost systems used in
banking institutions. It does so by describing the partial costs and full cost systems in
banking institutions. It then looks at the limitations of these approaches to the current
competitive conditions and goes on to consider the applicability of the activity based
costing system in the allocation of indirect transformation costs to branches, products and
customers. Finally, we will look at the findings of a questionnaire to Spanish savings banks
in order to evaluate how widespread these systems are and how they are used in savings
banks. We found that direct costs systems predominate in customer and products entries
whereas full costs systems are much more widespread in the case of branches. Furthermore,
we also found that the use of activity based costs systems is very limited.
Keywords: Saving banks Cost structure Management accounting Cost systems Activity
based costing.
JEL Classification Codes: M41 – Accounting G21 - Banks; Other Depository Institutions.
1. Introduction
Historically, management accounting in banking institutions was introduced considerably later in
comparison with companies in other sectors. There are a number of reasons for this limited
development. This was due, on the one hand, to external causes. For example, it was not until the 80's
that competitive conditions in the banking sector fostered the development of accounting management
planning and control systems. On the other hand, there were also internal conditions that had to do with
the nature of the banking business and the operations that these companies carry out, which differ
significantly to those of other sectors. This hindered the transfer of models that had basically been
developed for industrial companies to the financial sector.
As regards internal factors, the accounting regulations set down by regulating bodies of the
banking system have traditionally been the starting point from which banking institutions have drawn
up their accounting information. The purpose of he latter was clearly to address the needs of central
Journal of Money, Investment and Banking - Issue 6 (2008) 35
banks that used this accounting information in order to supervise and control the solvency of the
financial system and to control the relevant variables of monetary policy (Túa and Larriba, 1986, p.37;
Cates, 1997, p.51-56; Kimball, 1997, p.24). Furthermore, the environment in which these companies
had traditionally operated had been sufficiently stable in order for them not to see the need to improve
their management accounting systems (AECA, 1994a, p.12-13).
On an internal level, Waden-Berghe (1990, p.569) Rouach and Naulleau (1992, p. 101-102) and
Carmona (1994, p.210) point out that the characteristic features of the products and the production
process of banks hinder the application of management accounting techniques: the intermediation
function they carry out, the permanence on the balance sheet of the main sources of income and
expenses, the problematic definition of outputs and input, given that there is no difference between the
nature of the raw material obtained via financial markets or deposit taking and the final product (loans),
the fixed cost and marginal revenue syndrome, the difficulty in allocating indirect costs to cost objects
or the diffuse figure of the customer-supplier.
However, the deep transformation of the banking system, and, more specifically, deregulation,
disintermediation and innovation processes, have ushered in changes to the competitive behaviour and
the information needs of banking institutions. We can therefore assume that the accounting systems of
these companies have most probably also evolved and established new conceptual frameworks 1. As a
consequence of growing competition in the banking sector and the reduction of financial margins,
banking institutions have had to give increasingly greater importance to the planning and control of
their non financial costs, which has opened up the debate around the adequacy of the costs systems
currently in use in these companies (Scias, 1985, p. 48; Kimball, 1993, p. 5-20; Bos, Bruggink et al.,
1994, p.12; Carmona, 1994, p. 213). This essay aims to analyse the characteristics of the costs systems
of Spanish savings banks which operate in the universal retail banking segment. In the first place, we
will look at the different theoretical models that will enable us to analyse the financial intermediation
activity from a microeconomic viewpoint. Secondly, we will go on to describe the characteristics of
non financial costs in banking institutions, given that they influence the application of management
accounting in these companies. Thirdly, we will put forward a costs classification in savings banks that
facilitates the allocation of their non financial costs to different cost objects (centre of responsibility,
products, customers and activities). Based on the above, we can then go on to assess the use of
different costing systems, looking at both traditional costing systems (partial and full) as well as
activity based costing. The study finishes by presenting the results of a questionnaire given to the heads
of management control of Spanish savings banks with the aim of finding out which costing systems are
currently in use and how they are likely to evolve in the future.
1
We can identify various evolution stages in bank accounting and management; for example, Chisholm and Duncan (1985, p.27-33) have divided its
historical evolution into three stages, Faletti (1986, p.88-95) refers to four stages, Rezaee (1991, p.26-28) and Roosevelt and Johnson (1986, p.30-31)
have established five stages, and Ernst & Young (1995, p.25-31) outline up to 11 phases. Having said this, the different number of stages by different
authors reflect differences in nuances but not in fundamental aspects because the evolution of information drawn up by management accounting in
banking institutions may be seen as a continuous process rooted in financial accounting that is evolving towards objectives that are more and more
related with tactical and strategic decision making.
36 Journal of Money, Investment and Banking – Issue 6 (2008)
viewed as the key element, because each of its components is modelled individually (Santomero, 2000,
p.4). When loans are regarded as outputs of the banking institution, it is assumed that, given a certain
level of exogenously determined deposits, which are not subject to optimization, the company's
management decision is focused on determining what proportion of deposited funds will be allocated
to the provision of loans and what proportion will be kept in the treasury. This is due to the fact that the
banking institution needs to maintain a certain level of liquid reserves in order to address possible
withdrawals of deposits. Obviously, maintenance of this treasury will generate an opportunity cost, so
banking institutions will have to minimise this opportunity cost by maintaining the treasury at a
minimum level. However, if the treasury that is kept is insufficient, the company exposes itself to a
high liquidity risk (Baltensperger, 1980, p.3; and Swank, 1996, p.176).
When deposits are regarded as outputs, the problem focuses on determining the optimum
balance between deposits and equity (Swank, 1996, p.177). According to this approach, a situation of
insolvency could be brought on not only by the mass withdrawal of customer deposits, but also if the
value of assets drops below that of liabilities. This scenario is less and less likely the fewer the
deposits. It can therefore be minimised by increasing the volume of equity (Baltensperger, 1980, p.10-
11; Swank, 1996, p.177). However, given that the opportunity cost of equity is greater than the
financial cost generated by deposits, in order to maximise profitability the bank need to minimise the
bank's own funds, which increases the possibility of an insolvency scenario and of meeting the ensuing
costs associated with it (Baltensperger, 1980, p.13).
institutions must operate and try to maximise their profits. These profits will ultimately depend on the
difference between revenue generated from the sale of their services on the one hand and the total costs
of their inputs both financial and non financial on the other (Sealey and Lindley, 1977, p. 1255;
Santomero, 2000, p.3).
The following sections will discuss the problematic of the costing structure of real resources in
banking institutions and look at how these are classified for management accounting purposes. This
will be followed by an overview of the different costing systems identified in the literature, partial
costs, full costs and activity based costing. And finally, we will present the findings of an empirical
research study concerning the costing systems used by Spanish savings banks.
transformation and overhead costs (AECA, 1994a, p.61-62): "transformation costs are costs that are
generated in profit centres and in operational cost or general services centres. In general, the costs of
these centres are directly or indirectly related to the consumption of products and services on the part
of customers". At the same time, transformation costs can be divided into direct and indirect costs,
depending on their relation to cost objects (AECA, 1994a, p.61):
• Direct costs, are those costs that can be unequivocally and directly allocated to cost objects, in
other words their allocation is controlled economically in an individualised fashion.
• Indirect costs, are costs that cannot be directly allocated to cost objects because there is no exact
allocation of funds that enables us to estimate the consumption of these costs by cost bearers,
It should be noted that a significant number of transformation costs of banking institutions are
dual in nature when viewed from the previous classification criterion, to the extent that certain
transformation costs can be direct with respect to the branches network but indirect in relation to
products and customers (De la Cuesta, 1996, p.85-87). In banking institutions, transformation costs
basically correspond to personnel costs, depreciations and other general costs, which although they are
difficult to allocate to customers and products, are generally easier to allocate to responsibility centres
(Cole, 1995, p.152).
The second costs category corresponds to overhead costs, which are generated in the bank's
organisational centres. These costs are generated by the various functions related to management,
administration, organisation and control. In general, these are indirect in relation to all the cost objects.
These costs are treated as costs assigned to support all the company's functions, and as such they are
independent of production volume, the existing product lines and of the markets they serve (AECA,
1994b, p.58).
preferable for decisions to be based more on the philosophy of contribution than on that of absorbing
costs. Similarly, Gardner and Lammers (1988, p.36), after carrying out a survey of United States
banks, found that banks gave very little importance to obtaining full costs and attributed greater
importance to cost management and direct costs.
However, as the mass of indirect costs gradually increases, the direct costs system or
contribution system becomes less and less important for planning and control purposes, although it is
still applicable to certain special types of decision making (De la Cuesta, 1996, p.88). It is therefore of
limited use in the case of multi-product companies with a high level of indirect costs. Consequently,
considering the cost structure of banking institutions (the predominance of fixed indirect costs), the
margin obtained for cost objects by this method may end up being of little significance.
Rouach and Naulleau (1994, p.124-132) and Rouach (1998, p.21-23) also follow the same
lines. They put forward a full cost model by sections that involves the allocation of indirect
transformation costs to cost objects in five stages, which are summed up in Figure 2:
PROFIT CENTRES
Financial
Accounting operation B
accounting
analysis Cost of
operation C
Operational
cost centres
Profit centres
Profit Profit
centres centres
have been used to attribute indirect costs to cost objects is very small, which makes it difficult to
discern the differences between the company's diverse service production processes as regards their use
of resources”. Hence it is practically impossible to trace costs and this makes it difficult to develop
initiatives to improve their management (Mérindol and Obadia, 1998, p.28).
Hence, a full costs system that allocates indirect costs under a few headings based on business
volume may be acceptable in industries that have a relatively small proportion of indirect costs and
where output is reasonably homogeneous. This is not advisable however in multi-product industries
with heterogeneous outputs which are difficult to measure and with a high percentage of indirect costs
(Carmona, 1994, p.213; Raihall and Hrechak, 1994, p.44-45; Kimball, 1997, p.31, Druker, 1995, p.8;
Lacan, 1986, p.152; Merlo, 1995, p.40; De la Cuesta, 1996, p.88).
For Mérindol and Obadia (1998, p.26) the ABC method works under a different logic and to a
large extent does away with long lists of allocation components (Figure 3). Kimball (1997, p.32) and
Hankes (1995, p. 9) suggest that the ABC system enables banks to reduce the number of costs that are
regarded as indirect costs in relation to cost objects. In this way, a larger proportion of costs that were
initially regarded as indirect costs can be directly allocated to products, customers or centres of
responsibility that are directly responsible for their existence due to activities' consumption of
resources.
Source: By the author, adapted from Bos, Bruggink et al. (1994, p.16).
With regard to the applicability of the ABC system to banking institutions, Kaplan and Cooper,
(1991, p.467) and Kaplan and Cooper (1999, p.229) highlight the fact that there are no substantial
differences between the implementation of activity based costing in cost centres belonging to a
manufacturing company and costs centres of a service company. And indeed, there don't appear to be
any substantial differences between the specific proposals in the literature for applying the ABC
system in banking companies ABC (Sapp, Rebischke et al., 1990, p.53-62, Sapp, Rebischke et al.,
1991, p.75-86; Mabberly, (1992), Ruff and Hill, 1992, p.28-37; Weiner, 1995, 19-44; Ernst and Young,
1995, p.123-133; Helmi and Hindi, 1996, p.5-19) and the ABC models for manufacturing companies 3.
3
We believe that, although the description of the ABC model applied to banking institutions does not differ from that developed for industrial
companies, the nature and type of activities carried out by the former and the latter vary significantly. Similarly, the hierarchy of activities in these two
types of companies can be established based on different criteria.
Journal of Money, Investment and Banking - Issue 6 (2008) 43
In Table 2 we can see that the costs centres set up in savings banks are not only related to the
organisational structure but that in the majority of cases (61.5%) the banks make a differentiation
between operational and support cost centres. However, there are considerable differences between the
different savings bank segments. Whereas 75% of banks in segment A distinguish between operational
and support centres, this percentage drops to 60% for segment C and 50% for segment B.
Tables 3, 4 and 5 show which transformation costs are transferred to the final cost objects
(offices, products and customers). A differentiation was drawn between different cost objects, given
that, as we have already discussed, a significant part of the transformation costs of savings banks are
direct costs from the point of view of offices but indirect from the point of view of products and
customers. Thus, by identifying which costs affect the cost objects, we can determine whether savings
banks opt in favour of partial or full cost systems.
Table 3 outlines the characteristics of the costing system used to allocate transformation costs to
the branches network. As we can see, the use of the direct costs system is not at all widespread. Only
two banks replied that they only allocate direct costs and do not allocate any kinds of indirect costs to
the branches. In fact, 92.3% allocate their direct costs to the branches as well as a part of their indirect
Journal of Money, Investment and Banking - Issue 6 (2008) 45
costs. In order to find out what criteria they used to allocate indirect costs we asked the savings banks
to identify the procedures they use, offering them different options which were not intended to be
mutually exclusive, because a bank could use simultaneously both approaches:
• the allocation of indirect costs in proportion to the business volume generated by each
branch: the criterion is applied by 13 banks (50% of the study sample). The majority of
banks that use this procedure belong to the smaller savings banks segment. We can
therefore conclude that the allocation of indirect costs based on business volume criteria
decreases as the size of the savings bank increases.
• the allocation of indirect costs according to the real consumption the branches make of
them:
• 14 savings banks said that they follow this criterion (53.8% of the sample). With this
approach the bank calculates the unit cost of the services the operational and/or discretional
centres perform for the branches and these are then debited to the profit and loss account of
the branches, multiplying the volume of services by their unit cost.
It should be pointed out that use of one of the abovementioned criteria for certain types of
indirect costs does not impede out the use of other procedures for other types of indirect costs, because
if we add up the number of banks that allocate them according to volume (50%) and those that do so
according to the actual consumption of indirect costs (53,8%), this gives us more than 100%.
We can therefore conclude that Spanish savings banks are clearly in favour of allocating
indirect costs as part of the planning and control of the profit and loss accounts of their branches. In
doing so they make use of procedures which combine the allocation of indirect costs based on the
business volume that each branch generates and allocation based on the actual consumption of indirect
costs by the branches. Having said this, it should be pointed out that the bigger the savings bank the
less frequent the allocation of indirect costs based on business volume.
Another cost object that management accounting focuses its attention on are products. Product
portfolio management involves estimating the profit and loss of different products and services with a
certain degree of reliability. In order to do so, the savings banks have two alternative options; in the
first place they can deduct only the direct costs of products from the financial margin generated by
46 Journal of Money, Investment and Banking – Issue 6 (2008)
these products. The second alternative, apart from taking into account direct costs also enables them to
allocate to products a part of the indirect transformation costs that contribute to their maintenance. As
we have mentioned previously, the transformation costs of savings banks are easily traceable to the
branches, which explains why the full costs system is so widespread at this level. In contrast, the
possibility of establishing a correlation between these costs and products is much more limited. Hence,
the direct costing system is more likely to predominate at the level of products. Table 4 shows us that
the majority of savings banks simply assign to products their direct transformation costs (73.1%) and
do not on the other hand allocate any indirect costs that may correspond to them.
This leads us to the conclusion that the direct costs system is the most widespread costing
system used by savings banks to assign their transformation costs to their product portfolio. This
practice is especially more significant in the case of the smaller savings banks.
If we look at our findings for the allocation of transformation costs to customers in Table 5 this
leads us to similar conclusions. 73.1% of the savings banks in the sample simply allocate to customers
the direct costs that are clearly assigned to them. We once again observe that this practice is much
more widespread among the smaller savings banks than it is among the large ones. The banks that
choose to allocate part of their indirect costs to customers (26.9%), generally tend to do so based on the
real consumption of services represented by indirect costs (85.7%) whereas a minority (14.2%) allocate
them proportionally to the business volume of each customer or market segment. Hence, as far as the
customer category in cost objects is concerned, savings banks also prefer to use the direct costs system
to allocate their transformation costs to customers.
Journal of Money, Investment and Banking - Issue 6 (2008) 47
Table 5: Allocation of direct and indirect costs to customers.
Table 6 shows the level of importance that savings banks give to having relevant analytical
information on the different cost objects. In order to measure this, we asked the savings banks to order
by order of importance from (1) to (6) (one being the most important and six the least) the usefulness
of different types of information listed in Table 6. In the event that the savings bank did not have
analytical information on a particular factor we asked them to evaluate its potential usefulness.
From Table 6 we can conclude that all the savings banks coincide in pointing out that the most
relevant cost object are customers and customer segments. The second most important item are the
branches. Consequently, whereas the use of full cost systems seems to focus almost exclusively on the
branches and centres of responsibility, from the point of view of usefulness and importance to
management, savings banks attach greater importance to information on profit and loss by
customers/segments.
As we have already seen, given the cost structure of banking institutions, the use of an activity
based costing system may be an alternative for improving the process of allocation of indirect costs to
cost objects and the following tables study the prevalence of the ABC system in savings banks. We
found that savings banks are widely familiar with the activity based costing system. 96.2% of the heads
of management control of savings banks replied that they were familiar with the activity based costing
system. However, comprehensive knowledge of the ABC system does not go hand in hand with its
48 Journal of Money, Investment and Banking – Issue 6 (2008)
widespread use on the part of savings banks. Table 7 shows that 69.2% of savings banks in the sample
do not use the ABC system. We can also see that the use of this costing system is related to size and
that only one bank from the small savings banks segment says that it uses the ABC system.
In Table 8 we can see that of the 8 savings banks which state that they are using the activity
based costing system, only 1 of them does so in a generalised fashion throughout the organisation
whereas 5 banks use it only in certain business processes and 2 banks use it in conjunction with other
cost systems.
Table 9 measures the importance that the savings banks which use the ABC system (8 banks)
place on the different applications of the ABC system. In order to do this they were asked to evaluate
the relevance of a series of proposed objectives on a 1 to 5 scale (1= none at all, 5= very high) The
most relevant objective was the reduction and control of transformation costs (4 points, which means
that this objective was assessed as having a "high" degree of relevance. From Table 9 we can conclude
that the interest that savings banks show in the ABC system is basically limited to its use as a
transformation costs reduction and control system and that the remaining objectives trailed far behind.
Finally, having already mentioned the fact that the use of ABC systems is quite limited (only
30.8% of savings banks declared that they use it in their companies), we decided to find out if they
were likely to increase its use in the future. In order to do this we decided to ask the heads of
management control who had stated that they didn't employ this system (18 savings banks) whether
they considered its introduction appropriate. In Table 10 we can see that 38.8% of banks which
currently don't use the ABC system do not consider its introduction necessary or appropriate. It should
be pointed out that of this percentage, the majority, (71.4%) were smaller savings banks. 50% of the
savings banks that do not use the ABC system consider that its introduction is a good idea.
50 Journal of Money, Investment and Banking – Issue 6 (2008)
Table 10: Convenience of introducing the ABC system.
Given the above, we can therefore conclude that, although the ABC system is not prevalent
among savings banks, its use is likely to increase in future, especially among large savings banks.
Given the findings of our study we consider that the future introduction of the ABC system in savings
banks is compatible with the use of other costing systems and that its use will generally be limited to
specific key business processes and activities or to processes which represent a large percentage of
their transformation costs.
10. Conclusions
This study has looked at the peculiarities of the non financial costs structure of savings banks. Our
findings show that a significant part of these transformation or overhead costs are indirect in relation to
customers and products and to a lesser extent in relation to the branches and centres of responsibility.
Given this state of affairs, we expected that the use of partial cost systems would be widespread in the
case of customers and products and that the full costs system would be more common in the latter case.
Our findings did in fact show that as regards branch management control, savings banks tend to use
full costs systems whereas direct costs systems predominate in the case of products and customers. As
a way of getting around these limitations we suggested that the activity based costing system is
especially suited to multi-product industries with a high degree of indirect costs, a category which
universal retail banking and consequently savings banks fall into. However, our findings show that
activity based costing is not at all widespread, and that those savings banks that do use it generally do
so only for specific business processes. However, we found that the ABC system is basically used with
the aim of reducing and controlling transformation costs. Hence the development of ABC systems
could lead to significant improvements in this area. It could lead to a more objective allocation of the
majority of indirect transformation costs and thus provide more relevant information for decision
making, considering that certain types of decisions need to be based on the total costs allocated to
Journal of Money, Investment and Banking - Issue 6 (2008) 51
products and customers, not just on their direct costs. Otherwise, they run the risk of basing decisions
on maximising business volume instead of on profitability criteria.
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