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Engagement – Most important tool of a Banker
Meaning:Engagement can be defined as an effective communication between two parties i.e. in banking scenario
it can be between Bank and general public / employees / customers and for Bankers it can be between
customers , prospective customers and own team members.
Examples of engagement can be advertisements, interviews of management representatives published
through media, branding, branch ambience, employee appearances and etiquettes, interaction quality
between banker and customers /prospective customer and within the bank it can be email
communications, interactions between various team leaders and teams etc.
Importance:Character and quality of the bank is judged by the engagement quality of the bank as a whole, for
example public view MNC Banks differently to a state run bank notwithstanding now a day state run
banks offers everything under the sun as probably done by MNC Banks. But still MNC Banks remains
preferred Banker for many high net-worth individuals in India compared to state run banks.
This is where the importance of engagement comes in, MNC Banks brings with them American and
British flavor in their engagement style which is far more classy compared to Indian Banks and thus
customers looking at prestige and class look towards MNC banks against Indian peers.
Similarly there are customer groups who prefers to bank with a particular bank based on pure
preferential treatment assigned to them for years by that particular bank. This is prevalent in many
region centric banks. Here again the differentiator is engagement style of the bank with particular
groups, where services are offered in the most desired manner.
When we analyze the employee behavior it is often surprising to note that same individual who hardly
used to cross sell in a tradional old private sector bank suddenly turning out to be the best cross seller in
his newly joined bank, where cross selling is the mantra of banking. Difference here is again
Using engagement tool for improving results:Thus engagement comes out as an important factor or tool in Banking which plays a dominant role in
enabling the bank to capture its market share.
Let’s now discuss factors needed to be taken care while improving the quality of engagement.
Bank level engagement:At Bank level, most important is the match between bank’s aspirations and engagement quality; unless
there is a perfect match bank will fall short of its aspirations and ground results.
Team level engagement:-
Every bank has its own process of business and it is important that the process is conveyed to the team
by effective engagement. Unless everybody in the organization speaks same language and subjects
macro level aspirations won’t be reflected at micro level.
Team to customer engagement:Bank level engagement with public at large should be followed at ground level in both letter and spirit
and perfect level of uniformity should be exhibited in the engagement between team and customers or
prospective customers through all channels.
Conclusion:Considering the importance and criticality of engagement, banks should use engagement as the most
important tool and start managing engagement quality at all levels. Unless the quality of engagement
remains uniform across Bank / Team and Customer level, aspirations of the bank may remain pretty
distant from ground realities.