A three-stage Data Envelopment Analysis model with application to banking industry.

Highlights: [•] Traditional Data Envelopment Analysis (DEA) treats bank branches as black boxes. [•] Black box DEA models primarily consider the initial inputs and the final outputs. [•] Intermediate measures are often lost in the traditional black box DEA models. [•] We propose a DEA model for banking with three stages. [•] Two independent parallel stages are linked to a third final stage in the model. [Copyright &y& Elsevier]