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Fire Your Banker, Hire A Relationship Manager!
- 1. From Bank Relationship to Strategic Partnership: The Right Way Presented by David Neshat Patricia Mullin, MBA, CCM Laurel Egan Kenny, MBA, MS
- 5. Your Team: Key Players and Roles EVP, Director CEO Operations Team Business Line RM ( Commercial Banking) Implementation Manager Product Development Manager Client Service Team Business Line RM (Treasury Management) Trainers Credit Treasury Cap Mkts Other Trade Strategic Partner FX Relationship Manager YOU Business strategy and management Industry analysis Competitive intelligence Marketing Your Business
Editor's Notes
- You need a strategic partner, not just a bank The bank for you isn’t just for banking anymore Choosing, managing and measuring your strategic partner is a matter of knowing what you need and watching for “Yellow” Flags You may have more negotiating power than you think once you learn our Top 10 Banker’s Secrets
- Translate your needs assessment into a wish list (#1 sell ideas to senior management) Do you like the person / people? Attention to detail / Attention to YOU Communication style / Listening skills Team (and intercommunication) Commitment to customer service / a job well done / hard work / ethics Credit Will they extend my business credit? Is credit the underlying driver of the relationship? What services that I need does the bank offer? How does the bank differentiate itself? Where do I fit as a client in terms of service level / niche? Community / regional / national / international capabilities and service NEED MORE ____________________________NEW_____________________________ Translate your needs assessment into a wish list Your needs = bank’s solutions (credit/treasury management) Where do you fit as a client in terms of service level / specialization? Community / regional / national / international capabilities and service Like business strategies (growth / customer service / philanthropy) Team player (will / can your bank work well with others) What is financial strength / health of your bank? Balance sheet Capital Ratio Do you like the person / people? Quality and caliber of your bankers ( demand the “A” team) Transaction-based or long-term-relationship oriented Attention to detail / Attention to YOU Communication style / Listening skills Team (intercommunication, influence) Commitment to customer service / a job well done / hard work / ethics Loyalty (long-standing institutional ties)
- Because your Relationship Manager is both a specialist in your industry and in your unique business model—and yet a generalist in terms of business strategy, there are a great deal of things that he or she may be able to help you with outside the scope of what is considered traditional banking. Marketing Joint sponsorships / events / conferences (present) Co-branding / joint advertising References Community involvement Philanthropy Public relations Focus groups White papers
- 6. Allocate your business to your line banks first. To offset low credit spreads, banks closely track “other wins”, and evaluate relationships on the overall relationship income. Each relationship must meet internal profitability hurdles. Marginal bank relationships are most at risk. They will likely seek to drop you before you seek to drop them!
- Celebrate success and establish milestones Communicate Financial situation changes positively or negatively, give your banker a heads up NOW to negate painful consequences LATER Enterprisewide systems are tracking you, so give your RM plenty of ideas as to your motivation Never miss an opportunity to communicate desired next steps for your business! Tell your RM’s manager about how well she is doing and she will do the same for you — put it on paper! Marketing Joint sponsorships / references / community involvement / philanthropy / public relations are all marketing opportunities Perks Business is not “all business” Get to know her outside of your business walls