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Keys to Successful Workplace Banking (Bank at Work)

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Workplace Banking is designed to expand the reach of a bank’s distribution network by creating a proactive sales strategy that efficiently acquires new customers, and cross sells to existing customers. It addresses strategic challenge banks are facing today: Need for revenue growth, but customers shifting away from branches, which have been traditional source of acquisition and cross sell.

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Keys to Successful Workplace Banking (Bank at Work)

  1. 1. www.ppcgroup.com Peak Performance Consulting Group Welcome to Today’s Webinar: Workplace Banking Hosted by: Paul Corrigan Consultant (512) 607-6332 Page 1
  2. 2. www.ppcgroup.com Page 2  Paul Corrigan is a seasoned executive, who has over 20 years of management experience at RBS-Citizens and Citigroup. In 1996 he developed the Citibank at Work program as a new consumer acquisition channel. Today the program generates over 20% of the banks new checking customers on an annual basis.  Most recently he served as a Senior Vice President for RBS-Citizens where he built and managed the YourPlace Banking program. In just over 2 years, the program has grown to serve over 1,500 companies and 44,000 employees.  His expertise with Workplace Banking initiatives covers the full range from strategy to execution and includes considerable experience in program implementation and channel management.  Paul is located in Rye, New York.Paul Corrigan Main: (512) 607-6332 Direct: (914) 450-6047 Paul.corrigan@ppcgroup.com Introduction
  3. 3. www.ppcgroup.com Page 3  Executive Summary  Business Model  Benefits  Sales Process  Implementation Roadmap  Summary Agenda
  4. 4. www.ppcgroup.com Page 4  Workplace Banking is designed to expand the reach of a bank’s distribution network by creating a proactive sales strategy that efficiently acquires new customers, and cross sells to existing customers, through their workplace  Program addresses strategic challenge: Need revenue growth, but customers shifting away from branches, which have been traditional source of acquisition and cross sell  It puts branch teams in front of prospects and customers they no longer see  And provides a group sales opportunity with a captive audience  The Workplace Banking program opportunity is three-fold:  Become a part of the companies benefits package to build annuity stream - as the company hires new employees, bank gets opportunity to acquire new customers  Create a standard set of tools and best practices for branch teams to use for new customer acquisition and cross-sell  Deliver an integrated Consumer/Commercial ‘One Bank’ approach for clients Executive Summary
  5. 5. www.ppcgroup.com Page 5 OBJECTIVE Create a sales channel for new customer acquisition STRATEGY  Group sales model – sell where people congregate  Workplace marketing – sell to a captive audience  Employer endorsement – sell an employee benefit Workplace Banking Model
  6. 6. www.ppcgroup.com Page 6 VALUE PROPOSITION Relevant and tangible PRODUCT OFFER  Appeal to company DM – Financial Education & Planning  Market to all employee levels with segmentation strategy  Provide onsite service with dedicated Banker for firm Workplace Banking Model
  7. 7. www.ppcgroup.com Page 7 OPPORTUNITY Become part of companies benefits package to create annuity stream of new customers STRUCTURE  Dedicated resources to x-sell Commercial base & train branches  Sales process – clarity around who does what and when  Defined targeting – commercial base & branch target opportunities Workplace Banking Model
  8. 8. www.ppcgroup.com Page 8 METRICS Track acquisitions and measure sales effectiveness RESULTS TRACKING  By company & industry to measure profitability at portfolio level  Track all products sold for full sales channel picture  Measure sales effectiveness with activity tracking & ranking Workplace Banking Model
  9. 9. www.ppcgroup.com  A no-cost program to enhance employee benefits package  Lower payroll costs with increased Direct Deposit participation  Increased employee productivity with reduced financial stress  Reinforces employee/employer relationship Page 9  Pro-active sales program to drive incremental revenue  Integrated Commercial / Consumer Bank solution for clients  Increased branch productivity  Makes banking more convenient  Improved service, dedicated banking team that works with employees  Learn how to better manage their personal finances with financial education and planning tools  Increased morale EMPLOYEES COMPANIES BANK  Increase new account production and achieve compensation goals  Transition from transactor to advisor  Enhance job knowledge & skill development BANKERS Workplace Banking Model Benefits
  10. 10. www.ppcgroup.com Page 10 Industry & Number of Employees Commercial & Branch Target Identify Decision Maker & Make Appointment Joint Call with Commmercial RM Survey Employee Needs Financial Education Workshops Identify Targets Outbound Call Conduct Client Meeting Develop Execution Plan Implement Onsite Sales Process Prioritize Mapping the Process
  11. 11. www.ppcgroup.com Page 11 Secure Commercial and Retail Bank leadership buy-in for  Cross-business partnership  Branch targeting process Fail-safe the target strategy  Centralize the company registration process Approval based on industry type, # employees, Bank relationship 1. Target Strategy Develop a relevant and tangible offering  Obtain company decision maker support for program Provide ongoing access to employees  Leverage Financial Education & Planning Tier based on employee segment  Unique workplace channel pricing  Provide dedicated onsite banking team Convert well-banked employees 2. Value Proposition Determine scope & program volume objectives  Develop Bus. Head & Sales Rep. job role & comp plan  Allocate Sales Resources based on # Branches  Establish sales objectives 3. Sales Resources Determine performance measurements  Channel sales Products sold By company, by Branch, by Rep  Sales team activities Referral pipeline and onsite events Results tracking  Layout options 4. Metrics Implementation Roadmap
  12. 12. www.ppcgroup.com Page 12  Huge market opportunity – companies and their employees in branch footprint  Leverages commercial relationships – Worksite Banking is a natural extension of Banks current commercial product offerings  Grow core retail business - Creates a new channel to attract new customers and to improve cross- sell of existing customers.  Counteracts the trend of declining branch traffic - Changes paradigm of current retail bank acquisition strategy; Workplace Banking reaches out to customers at place of work  Creates a new, more efficient sales channel - Efficient method of capturing new customers & cross-selling existing customers without building more branches.  Program is tested and proven - Success abounds in US and around the world  Provides value – Financial Education, Financial Planning, dedicated banker and onsite convenience as a key components Summary
  13. 13. www.ppcgroup.com Page 13 Peak Performance Consulting Group We hoped you enjoyed today’s webinar presentation! For additional information and other Peak Performance Consulting Group presentations please visit our website at www.ppcgroup.com Or follow us Twitter @retailbanking Peak Performance Consulting Group 700 Lavaca St. | 14th Floor | Austin, Texas | 78701 W: 512-607-6362 | W: 512-607-6332

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