If they use you for their
day-to-day transactions but go elsewhere for serious advice
or financial planning, you don’t have a relationship
with them (and you can kiss your assets goodbye!)
Attract Revenue and Profits Through Banking Relationship Management
Many bankers mistakenly believe
if a customer or member has multiple products /accounts
then the banking customer relationship is probably solid.
Well not necessarily. Credible research shows that despite
having a number of accounts, many customers view their
bank or credit union as a transaction destination, not
a partner genuinely interested in their financial well-being.
Even with key customers, there may not be a strong emotional
connection so… |
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When they
need help with financial planning, borrowing or other
financial affairs, often they go elsewhere.
Usually they take deposits with them!
So why is it after spending tens of thousands of dollars over
the years (or millions in the case of larger financial institutions)
and investing lot’s of employee hours in
sales and service
training to get them to cross-sell, generate referrals and
keep the customer or member happy, many of your existing customers
or members
don’t show much loyalty? Why do some become
advocates who are willing to buy, borrow save and
invest more with you while others are apathetic or even antagonistic toward
your organization?
How
do you score? Take
our complimentary CRM Assessment
The studies show most customers or members are disengaged
from any relationship and staff is not helping. If your bank
or credit union is like many, it’s likely that some
of your front line staff are able to cross sell basic services
while others are still order-takers. More significantly, many
are still uncomfortable engaging customers in conversation
about their future needs, dreams and financial goals. Typically
they will recognize a cue and quickly pitch a product resulting
in a transaction but not a long-term banking customer
relationship built on trust.
They’ve been
trained as sales people –
not banking relationship managers!
Receive
a Complimentary 30 Minute, No Obligation Phone Coaching Session
From Barbara Sanfilippo
(see page bottom)
Even if your organization has invested in a costly CRM system
like Microsoft CRM, Sales Force.com or add-ons to core processing
systems to mine opportunities within your existing customer
and member database, that still doesn’t affirm their
loyalty. These sophisticated systems are able to map complex
transactions and relationships that give a holistic picture
of a customer and, in theory, give them the same level of
service regardless of what channel they use. Unfortunately,
more than 50 per cent of all CRM implementations will be viewed
as failures from the purchaser’s point of view (The
Standish Group International, Inc)
Technology doesn’t
create a banking customer relationship, your people do! The software
is not the solution!
Developing relationship
management skills is the solution! Customers
and members who avoid your branches and use electronic services
are typically neglected, yet they represent a golden opportunity
to turn them into advocates, grow your bank or credit union
organically and generate repeat business. However, without
a structured people process that
includes relationship management training
in…
- Pre-call preparation
- Consistent customer profiling
- Capturing customer conversations in the
system
- Scheduled customer follow-up
- Observation and coaching by managers
- Accountability for all of the above
… a crm system is greatly underutilized
so it’s less likely you will realize optimum ROI on
your investment. Progressive financial institutions realize
this and are turning to companies like High
Definition People® for relationship
management training to move beyond pitching product and instead
turn their front line staff into Banking Relationship
Managers.
“If
banks don’t take action to build strong relationships
with
more of their customers, as time goes on, they may be earning
a ‘satisfactory’ ROA on diminishing assets and
be on their way
out of business”.
Roger Beverage, President
and CEO, Oklahoma Bankers
Does
this sound like your situation?
- Our staff needs to become more comfortable
with engaging customers and members in conversations and
become “relationship makers” instead of “transaction
takers” especially with those who don’t visit
our branches.
- Our staff needs to move beyond cross-selling
to take ownership of an assigned list of customers and actively
manage their book of business.
- Our managers and supervisors need to be
stronger customer relationship and sales leaders committed
to developing, coaching and raising the performance of their
team.
Receive a Complimentary
30 Minute, No Obligation
Phone Coaching Session From Barbara Sanfilippo
If you answered yes to any of the
three needs above, give us a call and Barbara will personally
give you a 30 minute, no obligation phone coaching session
to help you?
- Identify opportunities to build better customer
or member loyalty and increase your revenues
- Determine how you can get better results
from a banking relationship management process that builds
solid member or customer relationships.
- Establish if your staff could benefit from
relationship management training
Still
Not Sure of Your Needs?
Then we urge you to
take our CRM Assessment and rate your organization in twelve
key areas. Submit your responses, we’ll contact you
and you’ll still get the complementary, no obligation
phone coaching session.
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