Banking with “WOW”

In banking as in any business, either excel or go broke.  In the most recent edition of “Branch Manager Letter”, a newsletter published by Lana Chandler, she talked with Paul W. Craig, President of Sydeme Consulting Company (McKinney, TX) about exceptional customer service.

Consumers generally think all financial institutions are about the same. They basically choose an institution based on a “tiered criteria.” For example, the primary criteria may be convenience to home or work. This is followed by fees, price, and product(s) availability.  

“This assumes that all institutions are considered about the same in the area of client service. Usually, there isn’t a noticeable differentiation between branches of different institutions,” Craig says. “It’s a ‘WOW’ moment when a branch team demonstrates consistent ‘World Class’ client engagement and product delivery. The client experience changes immensely.”

“WOW” moments are driven by the key factors that shape the client experience… employee behavior, branch facility (including the drive-up) and technology. “A ‘WOW’ moment is what the client will remember. If there are a few ‘WOW’ moments demonstrated during the client experience, it will move the entire client engagement to that of ‘World Class,’” says Craig.

 

For even more inspiration on taking your bank to the next level attend our supervisor boot camp.  The next one is November 7-8.

Still learning,

Honey

 
InterAction Training
20826 Sweet Violet Court
Humble, TX 77346
281-812-0211

Banking on CRM

I love to help financial institutions create a sales culture and one thing I always stress is that you can’t have a sales culture without Customer Relationship Management (CRM) tracking.  Here is what CRM expert, Alan Buhler, EVP, CoreTrac, Inc., has to say about Using Banking-Specific CRM for Performance Enhancement:

The idea of a multi-channel, banking-specific, eRelationship CRM+ sales tracking automation solution (CRM) is to help a financial institution use both technology and human resources together, to gain insight into the behavior of customers, and the value of those customers.  When it is implemented as designed, a financial institution can: provide better customer service, make call centers more efficient, cross sell products more effectively, help sales staff close deals faster, simplify marketing and sales processes, discover new customers, and increase customer revenues.  With that said, it is important to note that it doesn't happen by simply buying the software and installing it.  For CRM to be truly effective the financial institution must decide what kind of customer information it is looking for and it must decide what it intends to do with that information.  For example, many financial institutions keep track of customers' life stages in order to market appropriate banking products like mortgages or IRAs to them at the right time to fit their needs.  Next, the organization must look into all of the different ways information about customers comes into the financial institution, where and how this data is stored and how it is currently used.  One bank or credit union, for instance, may interact with their customers/members in a myriad of different ways including mail campaigns, Web sites, brick-and-mortar stores, call centers, mobile sales force staff and marketing and advertising efforts.  Solid CRM systems link up each of these points.  This collected data flows between operational systems and analytical systems that can help sort through the records for patterns.  Analysts can then comb through the data to obtain a holistic view of each customer and pinpoint areas where better services are needed.

CRM in the banking industry is notably different from other sectors, partly because it is purely related to financial services, which has an absolute need to create trust among the people within the communities they serve. Establishing customer care support during “on” and “off” hours, providing timely financial information, creating awareness of online e-banking, delivering secure mobile banking, and meeting many other consumer expectations are required to keep your customer relationship solid and growing.

The use of CRM in banking has gained significant importance in today’s competitive environment.  It includes banking strategies focused on enhanced customer acquisition and retention. CRM goes beyond the transactional exchange and enables the financial institution to estimate the customers’ sentiments and buying intentions.  As a result, the customer can be offered appropriate products and services before he starts seeking them from your competitors. Customers are the backbone of all business activities. Using banking-specific CRM to successfully maintain and build upon the relationship you have with each prospect and customer will yield better results in customer acquisition, retention, and profitability.

Thank you, Alan, for contributing to my blog!  Readers wanting to excel in the sales and service area take note of what Alan shared.  In the banking world we track everything that matters, without a CRM, you can’t say you do that!  You can get an article on Cross-Selling for free here.
Still learning,

Honey


Honey Shelton
InterAction Training
20826 Sweet Violet Court
Humble, TX 77346
281-812-0211

Jump Start Bank Training

How do you get started with training at your bank? 

For starters, you must identify who “owns” training.   Which individual is responsible for leading the charge, organizing the effort, and, in some cases, implementing the training. 

Who should be the designated driver for training? No question human resources acts as home base for training.   It is the conscience of professional development no matter what size your bank is or wants to become. Oversight for salaries, promotions, personnel files, job descriptions and performance evaluations belongs to HR.  Human Resources is a key area of the bank that should be the fuel behind passion for training. 

Depending on the size and structure of your bank, it may be time for human resources to launch a formal training department. 

Next, you will need to do the preliminaries: 

1.  Get the Top Guns behind your training program

2.  Ascertain what is needed

3.  Build a plan to get where you want to go

Get Buy In From the Top 

 A community banker that has been through the process of getting a training program together is Randy Hesson, vice president/education director at Cornerstone Bank in York, Nebraska. 

“I think the most critical piece in making training effective is having the endorsement of the man or woman at the top,” Hesson said.  “Training took on a new meaning at our bank when our president said to our management team, ‘Our trainers are the messengers bringing my message that training is a must! 

It’s not  the trainers’ message, it’s my message.’ "

Determine What Training is Needed

“Another key piece to training effectiveness is determining who needs what. Here’s what is working for us in that arena. First, we have a 15-member education committee that meets monthly. Each member takes responsibility for surveying one or more departments to identify training needs and report them to the committee. Second, each employee is asked to complete a training profile form during the annual performance review. Input is expected both from the employee and the evaluating supervisor.” 

Build a Training Plan

Using the input from the employee surveys and supervisor input, build your plan.  Find programs or develop programs that train what's needed.  

It takes dedication and buy-in to keep training effective, on target and current.  Plus, it takes perseverance to guard against complaining or other tactics that my halt or stall your training strategy. Build your plan, work your plan and protect your plan from derailment and you will soon have a stronger more unified bank.

Still learning,

Honey
www.interaction-training.com

excerpts from original article by Honey Shelton in Bank News, www.banknews.com

Training for Distance

Have you run a marathon, a 10K or down the street?  Without training you can probably make it a block or so but you will give up or keel over if you try to run a lengthy race with no investment in building your strength.  The sentiment is the same in running a bank, a credit union or any organization.  Without training, employees may give up and get lazy from lack of a plan.  When it comes to training, set your sights on your destination then map

out the route that will take you there.  

Everyone invested in your bank hopes that the staff— from top to bottom — is well-trained. Are you using hope and luck as your strategies for making training a priority?  I suggest  doing a needs assessment, set goals and making a plan as a much better strategy. I am sure you would agree that you need to rely on more than hope when it comes to people knowing how to do their jobs.  Well-trained professionals are what build a reputation of excellence among customers, regulators, peers, investors and the community for your company.

Do you ever find yourself thinking we sure are lucky that we have people who know what to do and how to do it? Certainly, being grateful for the talent and skills of the staff is admirable and a best practice when expressed. Should the hope and luck strategies crash, then what?  

Training is about preventing problems and solving problems.  Training enhances confidence

and builds collective and individual intelligence.

Tomorrow I’ll blog on how to get started.

If you have any questions please comment on this blog or through facebook message.  I am a problem solver.  That is why I love training and helping others through challenging situations.

Still learning,

Honey

Training Advantages

E.W. Railly has a list of 10 advantages of training.  I trimmed it to 5 and added my own two cents.  And, check out the link below for how to provide training advantages for the Trainer!

Train the Trainer Boot Camp

1. Increased executive management skills.

Skills trickle down.  If the manager gains new skills and uses them, they will pass along those skills by example.

2. Development in each executive of a broad background and appreciation of the company's overall operations and objectives.  
We all like to be a part of something greater than ourselves.  Training can help professionals grasp the bigger picture.

3. Greater delegation of authority because executives down the line are better qualified and better able to increase responsibilities to others.

Training helps cure “micro-management”.

4. Creation of a reserve of qualified personnel for vacancies and staff new positions.

Better to have someone who can step up than scrambling for a new recruit when someone leaves.

5. Improved executive morale.

When you know more, you are more confident and thus have a greater morale.

In training all varieties of people I never tire of seeing confidence build in a person as they conquer new skills.  One of the best things you can give an employee is training.  One of the best things you can do for your organization is training. 

Still learning,

Honey

www.interaction-training.com

Trainers need Training too

I have been training in financial institutes for several decades now and know that we all need training.  We just don’t all need the same training.  A key to being a great trainer is having enthusiasm about what you are training.  Training the same subject over a long period of time can do one of two things.  The trainer can get bored teaching the same subject, and their audience will be bored as well.  We all remember college courses that were arduous to get through because the professor was tired and bland.  Or a trainer can keep getting better, more polished and more interesting if they stay engaged with their audience.

So how do you keep your enthusiasm?  Keep learning.   Keep getting training yourself.  When you know new stuff you are excited to pass that along to those you train.  I have taught a course, “Train the Trainer” for a long time.  It is a great course because I get to spend time with like-minded folk.  My audience may be trainers that have been at it a long time or fresh new trainers or a combination of both.  I enjoy learning from both.  The more seasoned trainers always have a wealth of great stories of their training experiences, some hilarious, some inspiring and some disasters to avoid.  New faces tend to bring a refreshing optimism to the class.  I love to meet young professionals excited about their career.

No matter what you do, training is a great way to pump up your enthusiasm. 

Still learning,

Honey Shelton

www.interaction-training.com

Your Best Day

Did you enjoy your day off?  Starting the week on Tuesday can be challenging if that means you have a full Monday’s worth of work to do on top of your Tuesday portion. 

And if you are anything like me, it takes me a little more time to get back into the swing of my work routine after a day off. 

So how do you organize your day when your to do list is longer than your hours in the day?

Everyday you should order your day by priority not urgency.  Think through what you want to accomplish long term.  What are your business goals? Do the things first that directly work towards those goals. 

Write out your “have to do’s” and assign them a time slot.  Then fill in the rest of the day.  At the bottom of your list you can put things that you’d like to accomplish if time permits. 

Of course we all have days when the urgent takes over and that is all we get done.  But when you work at prioritizing you are much more likely to also achieve forward progress towards your business goals.

If you don’t know how to set goals, spend some time with a mentor and ask how they set goals.  If you don’t have a mentor, find someone at work whom you admire and ask them if they would be your mentor.  They will most likely be honored.  If not then you don’t want them to be your mentor anyway.

So tomorrow get up and have more purpose in the way your day is structured. 

Still learning,

Honey

www.interaction-training.com