Pub. 7 2017 Issue 3

4 www.azbankers.org T HE LAST TIME I VISITED BOSTON WITH MY HUSBAND, WE MADE A POINT OF EATING LOBSTER EVERY DAY. ON THE MOST MEMORABLE OF THESE DAYS, I recall a fresh broiled lobster, sprinkled with zesty lemon, each delectable bite dipped in rich, clarified butter. I savored that lobster, letting each juicy morsel melt slowly in my mouth before taking the next sip of a chilled, buttery Chardonnay – all while feasting my eyes on the Atlantic Ocean’s rushing waves just beyond our table. This symphony of sen - sations was orchestrated and enhanced by an attentive and thoughtful wait staff that deliv - ered joyful and positive energy throughout the evening. The elements were all in sync and the memory is now mine forever. The harmony of that Boston dinner is one I recall when I consider the ways in which a banking team can emulate a memorable client experience. What processes and train - ing must take place to orchestrate a mean - ingful client encounter and provide a mem - orable exchange at every touchpoint, with each very important client? Imagine if you were a business client who was certain that everyone on the bank team had your back. Your initial meeting may have consisted of an exchange of the bank’s shared values and brand promise, and the team energy was collaborative, communicative and focused on your specific needs. Understanding the unique needs of each client is step one, and banks spend fortunes training their teams to master the sales/rela- tionship process. Others have high perform - ing operations teams to help onboard new VIP accounts. Whatever the solution, man - aging the relationship from day one helps avoid the dangers of the ‘six month gap’. This often happens well after the commercial loan is booked, when a frustrated client pays a visit to the retail location and is met by the retail banker. This retail banker is likely unaware of the nuances of this new client and thus the service content delivered will vary from his or her initial experience with the bank. A good retail banker will save the day – but then it’s important to next make sure that the retail banker communicates the visit, the issue, and the outcome back to the commercial banker, so the relationship can be supported fully by the broader team. At the end of the day, what started as a simple visit and an easy fix could yield a learning experience for the initial account opening team; a material conversation to cross market another loan or bank product; and an important opportunity to deliver a warm, thoughtful thank you for your business to an important new customer. In this scenario, three critical components come into play: 1. Onboarding 2. CRM (Customer Relationship Management) 3. Culture Onboarding: A banker closes a $1.5MM com - mercial business line of credit and real estate loan and a new business account relationship is opened. The client is happy to be rid of the weekly transactional visit, and the banker celebrates an uptick in the quarterly results. But what happens next is critical. Banks with a solid onboarding process for all products and services win during that ‘six-month gap’ time frame. Onboarding and follow-up is an ongoing process where bankers can sparkle and shine — or shrink in the shadows! Banks that beat the competition use their onboarding process, coupled with CRM, to ensure that client communication is regular, thoughtful, and proactive. CRM: Assume the bank uses a CRM software or cloud-based program to ana - lyze sales results. Tracking production and performance are the most common uses of a CRM system by leaders to view the pipeline ExperientialBanking T he last time I visitedBostonwithmyhusband ,wemade a point of eating lobster every day. On the most memorable of these days, I recalla fresh broiled lobster, sprinkledwithzestylemon,eachdelectablebitedipped in rich, clarified butter.I savored that lobster, letting each juicymorselmelt slowly inmymouth before takingthe next sip of a chilled, buttery Chardonnay – all while feastingmy eyes on theAtlanticOcean’s rushingwaves just beyond our table. This symphony of sensationswas orchestrated and enhanced by an a ttentive and thoughtful wait staff that delivered joyful and positive energy throughout the evening. Thee lementswereallin syncand thememory is now mine forever. The harmony of thatBoston dinner is one I recallwhen I consider theways inwhich a banking team can emulate a memorableclientexperience.Whatprocessesand training must take place to orche strate a meaningful client encounter andprovide a memorable exchange atevery Understanding theuniqueneedsof each clientisstepone, and banks spend fortunes trainingtheir teams tomaster the sales/relationship process . Othershave high performing operations teams to help onboard new VIP accounts. Whatever the solution, managing the relationship from day one helps avoid the dangers of the ‘sixmonth gap’. This ofte n happens well after the commercial loan is booked,when a frustrated client pays a visit to the retail locationand ismet by the retailbanker .This retailbanker is likelyunawareof thenuancesof thisnewclientand thus the servicecontent delivered will vary from his or her initial experiencewith thebank.Agood retailbankerwill save the day –but then it’s important to nextmake sure that the retailbanker communicate sthe visit, the issue ,and the outcome back to the commercial banker, so the r elationship can be supported fully by the broader team. At the endof theday,what started as a simplevisit andan easy fix couldyield a learning experience for the initial account opening team ; a material conversation to cross EXPERIENTIAL BANKING and document results for their sales team. When used properly, CRM can deliver an ac - curate read of the bank’s business, while pro - viding accountability to the senior leadership team or board of directors. Banks that train their retail and treasury management bankers to use CRM for each client interaction can create a true competitive advantage. Culture: “Culture eats strategy for break - fast” is powerfully stated by Peter Drucker. High performing organizations have strong cultures that use best practices to implement their strategies. Some of those best practices include shared values, brand promise, and overcommunication. A bank with a clear vision, coupled with a team that holds shared values, is a powerful combination. Such teams learn to understand their organization and who it serves, and they learn to make dai - ly decisions efficiently. The bank with every banker participating in its brand promise has a distinct competitive advantage: A consis - tent service level, both inside and outside the organization. Lastly, a high performing bank provides regular leadership guidance, celebrates successes, lessons learned, and creates a culture of open communication and constructive feedback between bankers and management. Today’s banks face a challenging landscape that includes competitors as well as dis - ruptive and competing technology. Nev - ertheless, by fine tuning their cultures and processes, banks are in the optimal position to deliver that harmonious, memorable expe - rience that can drive meaningful, long-term customer relationships. w Mary Collum President, Vantage Strategic Consulting, Inc. “In business it’s all about making connections” - Richard Branson