Efficiency, on the other hand, is a much broader term which represents the performance of all factors of production. In case of banks, while productivity measures the performance of their staff, efficiency represents the combined performance of staff, capital and management.
However, let me add that there are strong inter-linkages between the performance of the three factors of production: high productivity of staff will  BIS central bankers’ speeches  1  result in efficient utilization of capital, while an efficient management function would result in superior performance by labour and capital.