Happy Thanksgiving to all my blog readers. I have several facebook friends who have been doing 30 days of thankfulness on their page this month. What a great practice! Take time everyday to think of at least one thing for which you are thankful. I am thankful for family and friends. I appreciate my business, my work acquaintances both old and new. I am thankful for freedom and all those who've fought to ensure my freedom. I am thankful I can work and make a decent living. I enjoy having a home that is warm when it is cold outside and cool when the heat wave hits.
Think about those who have lost family members or good friends, are out of work, are homeless or live in countries with few freedoms.
It is easy to take for granted the blessings we have unless we practice gratitude. Focus on how much you have rather than on what you don't have. Try to spend this week being thankful and never uttering an ungrateful word.
Still learning,
Honey
www.interaction-training.com
Monday, November 25, 2013
Thursday, November 21, 2013
Boot Camp
Take some time to shape up for the New Year. The military have boot camps to get
their troops ready for a mission.
They have drills, build camaraderie and map out strategies to get their
mission accomplished. I have boot
camps for bank professionals with similar goals in mind. Get reenergized for your mission as a
financial expert. Get away
from your daily grind to brainstorm with others who work in a similar
area. Enjoy hearing ideas that may
be just what you need to get your team more productive.
In December I am looking forward to spending 3 days in
Galveston with other trainers. The
salty sea air is good for invigorating a training program. Training is a critical element in your
bank or credit union success. A
team can’t behave like a team unless they have received training that gives
them tools for success. Come join
us for a couple of refreshing days.
I ring in the New Year with a Supervisor Boot Camp Jan 8 – 9
in Houston. Supervisors set
the culture for the team. When a
supervisor is well trained they can then pass on confidence and skills
necessary to their group.
If you have any questions about any of the training or have
input for me on how I could best serve the financial community post a comment
or contact me by phone or email.
Click on these links for more information, schedule, who should attend and what we will cover
Still learning,
Honey
www.interaction-training.com
713-597-0534
honey@interaction-training.com
Tuesday, November 19, 2013
Technogy and Cost controls
In my last blog I discussed the critical
importance of keeping up with technologies. I have a technology associate who
recently wrote on how to utilize technology to control the costs of running
your bank or credit union branch. Of
particular interest is the recognition of the opportunity to not only save
money but make some money by getting customers to use their debit cards. Here are some excerpts from “Trent's
Comments” in January – February 2013
Internet Banking
Internet Banking, properly deployed, should greatly reduce your costs of customer service by allowing customers to handle more of their banking activities on their own. In particular, the ability to transfer funds, and see images of paid items will mean that, like mobile banking above, your customers require much less call center contact to address their banking needs. This reduces your costs and improves customer satisfaction. Another key part of Internet Banking is bill pay. Many banks have had poor experience, penetration wise, with bill pay, as their initial offerings were cumbersome, required advanced payment, and may have even cost extra to use. The reality is this... many of your customers have been driven to on-line payments through the biller's sites, and won't change their habits unless you find a way to make it easier ( I think aggregation of bills on a hand held device might have a shot) For now, concentrate on those of your customers who are still check writers, and promote the ease of bill pay to them. Each time you convert a check to an electronic form of payment your transaction costs go down significantly.
Debit Cards
Debit cards are immensely popular with customers. Generally, when banks promote debit card utilization, it goes up in response. When promotions cease, it then levels off - it does not go back to prior levels. Thus, we can acquaint usage with adoption. Even the most expensive debit card transaction (customer enters their PIN) is significantly less expensive than processing a check. Signature based debit card transactions actually generate revenue, via interchange fees. Efforts to convert check writers to debit card users will, at a minimum, reduce your transaction processing costs, and may even increase your interchange income. Continuous promotion of debit cards is always productive. Don't overlook debit cards for your businesses, as well. Most ATM/EFT
providers offer you a better interchange fee on such cards, and transactions are usually larger, so there is good revenue to be had.
As you invest in new technologies, much of the
focus is on the “sign-up” phase – getting customers to sign up for mobile banking, e-statements, or Internet Banking.
Clearly, it is important to get folks signed up as the first step. This is not the desired
result though . . . the intent is to get folks to adopt behaviors that reduce
your operating costs, and improve customer satisfaction. Effective employee
education and targeted marketing campaigns can help you to achieve your goals.
Let's look at four currently popular technologies
as examples:
Mobile Banking
While you certainly need to have mobile banking from a competitive standpoint, it is not until a substantial percentage of your customer base begin to actively use mobile banking that you will see cost benefits from the technology. Measuring unit costs is difficult. However, as customers become more comfortable with using their mobile phones to perform increasingly complex banking functions, visits to your branches and calls to your call center should decline. This will lower the cost of serving customers, and increase customer satisfaction, as they are able to quickly and easily handle many of their banking needs with no outside help. Our society is increasingly reliant on mobile devices, so it is important that you reserve your “place” on these devices. You will then be poised to offer additional mobile-based services.
While you certainly need to have mobile banking from a competitive standpoint, it is not until a substantial percentage of your customer base begin to actively use mobile banking that you will see cost benefits from the technology. Measuring unit costs is difficult. However, as customers become more comfortable with using their mobile phones to perform increasingly complex banking functions, visits to your branches and calls to your call center should decline. This will lower the cost of serving customers, and increase customer satisfaction, as they are able to quickly and easily handle many of their banking needs with no outside help. Our society is increasingly reliant on mobile devices, so it is important that you reserve your “place” on these devices. You will then be poised to offer additional mobile-based services.
E-Statements
E-statements offer you a significant cost savings, every month, over paper statements. Thus, getting customers to accept electronic statement delivery is a worthy goal. Think about the number of times companies that you do business with (utilities, delivery companies, etc.) encourage you to accept electronic statement delivery. Your customers are getting this pressure from all sides, and most are willing to go along with it, for everything from cost to privacy reasons. As a bonus, e-statement delivery paves the way for delivering other notices electronically, reducing costs and improving customer service (same day notification of returned items, for example.) In general, you should be able to reduce the costs of statement production by at least 50-75 cents per account, per month. Do the math. You want to save this money, and your customers want electronic statements. In addition to straightforward promotion of e-statements, you should include e-statements as the standard offering for new accounts, and use them as an incentive to customers who may be seeking a free account, by including accepting electronic statement delivery as one of the required terms for a free account.
E-statements offer you a significant cost savings, every month, over paper statements. Thus, getting customers to accept electronic statement delivery is a worthy goal. Think about the number of times companies that you do business with (utilities, delivery companies, etc.) encourage you to accept electronic statement delivery. Your customers are getting this pressure from all sides, and most are willing to go along with it, for everything from cost to privacy reasons. As a bonus, e-statement delivery paves the way for delivering other notices electronically, reducing costs and improving customer service (same day notification of returned items, for example.) In general, you should be able to reduce the costs of statement production by at least 50-75 cents per account, per month. Do the math. You want to save this money, and your customers want electronic statements. In addition to straightforward promotion of e-statements, you should include e-statements as the standard offering for new accounts, and use them as an incentive to customers who may be seeking a free account, by including accepting electronic statement delivery as one of the required terms for a free account.
Internet Banking
Internet Banking, properly deployed, should greatly reduce your costs of customer service by allowing customers to handle more of their banking activities on their own. In particular, the ability to transfer funds, and see images of paid items will mean that, like mobile banking above, your customers require much less call center contact to address their banking needs. This reduces your costs and improves customer satisfaction. Another key part of Internet Banking is bill pay. Many banks have had poor experience, penetration wise, with bill pay, as their initial offerings were cumbersome, required advanced payment, and may have even cost extra to use. The reality is this... many of your customers have been driven to on-line payments through the biller's sites, and won't change their habits unless you find a way to make it easier ( I think aggregation of bills on a hand held device might have a shot) For now, concentrate on those of your customers who are still check writers, and promote the ease of bill pay to them. Each time you convert a check to an electronic form of payment your transaction costs go down significantly.
Debit Cards
Debit cards are immensely popular with customers. Generally, when banks promote debit card utilization, it goes up in response. When promotions cease, it then levels off - it does not go back to prior levels. Thus, we can acquaint usage with adoption. Even the most expensive debit card transaction (customer enters their PIN) is significantly less expensive than processing a check. Signature based debit card transactions actually generate revenue, via interchange fees. Efforts to convert check writers to debit card users will, at a minimum, reduce your transaction processing costs, and may even increase your interchange income. Continuous promotion of debit cards is always productive. Don't overlook debit cards for your businesses, as well. Most ATM/EFT
providers offer you a better interchange fee on such cards, and transactions are usually larger, so there is good revenue to be had.
Still learning,
Honey
www.interaction-training.com
Tuesday, November 12, 2013
Bank Technology
Keeping up with changing technology can feel like catching a bullet train. Technology in financial institutions is incredibly helpful to us and to our customer. But in order for the technology to be a help, we must stay current in our understanding. The more we understand and are able to comfortably show our customer, the more confidence they will have in their own ability and in the financial institution’s ability to serve them well.
For tips on how your team can excel at taking care of your clients
check out my previously recorded webinars.
I try to educate myself by reading whatever I can find on
technology trends. By reading about
trends I can start to understand what is coming early on. I can think of many things I heard about but
didn’t understand. Now those same things
are common knowledge. For instance, I
started hearing about blue tooth technology.
I had no idea what blue tooth technology was at the time. I still don’t understand how blue tooth works
but I do know that it is wireless capabilities.
Many of the newest technologies make banking easier and more
accessible. Clients use direct deposit, mobile
banking, banking online and ATMs. All
those technologies lessen the likelihood of them coming into the branch. So the end result means we have less
opportunity to interface with clients.
That is why it is all the more important to make every interaction the
best possible.
I’d be interested in knowing what you read to learn about
technology trends.
Still learning,
Honey
www.interaction-training.com
Tuesday, November 5, 2013
Red Flags for the Elder Abuse
Elder abuse includes the illegal or improper use of an older adult's funds, property or assets. Recent studies suggest that financial exploitation is the most common form of elder abuse that only a small fraction of incidents are reported. Financial institutions can play a key role in preventing and detecting elder financial exploitation. Financial institutions often spot the red flags for abuse sooner than anyone else.
Check out previously recorded webinar for tellers: It’s More Than a Balancing Act and our manual Essential Teller Issues.
Possible signs of elder abuse might include the following:
Still learning,
- Frequent large withdrawals
- Sudden non-sufficient fund activity
- Uncharacteristic nonpayment for services
- Uncharacteristic attempts to wire large sums of money
- Closing of CDs or accounts with no regard to penalties
- Caregiver or other individuals shows excessive interest in the older adult's finances
- The financial institution is unable to speak directly with the older adult, despite repeated attempts to contact him or her.
- A new caregiver, relative or friend suddenly begins conducting financial transaction on behalf of the older adult without proper documentation
- The older adult's financial management changes suddenly, such as through a change of power of attorney to a different family member or new individual
- The older adult lacks knowledge about his or her financial status, or shows a sudden reluctance to discuss financial matters.
Honey
Honey Shelton
InterAction Training
20826 Sweet Violet Court
Humble, TX 77346
281-812-0211
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