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Practical Strategies
to Address the 10 Top Issues
Facing Banks Today
 10 Ten Critical Issues Banks Face
 Practical Strategies for Dealing with
these Issues
 Ideas to Shift from a Transactional
to a Customer-Focused Culture
 5 Qualities of a Customer-Centered
Culture
 4 Questions to Gauge Where Your
Organization is Today
 Tips to Move from Transactional to
Relationship-Based Selling
What You’ll Discover
• Increased consumer protection
• Tools for financial crisis
• Tighter credit rating agencies
#10: Increased and Changing Regulations
Grant Thorton Bank Executive Survey
Smaller banks not
providing products that
increase compliance
burden.
To “offset” compliance,
become a partner and
focus on customer needs.
Integrity Solution
• Interest rates remain low
• Shrinking retail footprint
• Demise of free checking
#9: Reduced Income and Profitability
In 5 years, free checking
has gone from 76 % to 39 %.
2013 Deloitte Study: Retail Bank Pricing
To increase income,
build cross-selling skills and a
positive attitude about selling.
Integrity Solution
• Averagebankhas2.1outof7
• Goalis4ormore
KeyChallenges
• Creatingandmonitoringeffective
cross-sellingprograms
• Lackofserviceandsalesskills
• Siloedteams
#8 Share of Wallet
BAI Banking Strategies: Strategies for Cross selling
Forrester Cross Selling
How many products on average
does YOUR bank have per customer?
 1 - 2 per customer
 3 - 4 per customer
 5+
To increase wallet share:
• Develop listening and
questioning skills to spot
additional opportunities.
• Encourage collaboration
Integrity Solution
Work together to spot opportunities
First National Bank of Elk River uses Integrity Selling® when recruiting new
business relationships.
“We don’t try to talk prospects into joining our bank; rather we sit down with
them and find out what their company and personal goals are. We are able to
spot strong potential clients and spend time with them.”
Chad Vitzthum, SVP
First National Bank of Elk River
“We decided to include back
office team members as well as
front line team members… this
has actually bridged that gap
and brought us together.”
Belinda Oxford
Certified Trainer
Over75%don’tconsiderbanks
fortheiradvisory,investment,or
brokerageactivities
#7 Opportunities
Challenges
• “Vanillaproductsandservices”
• Ignoringthemassaffluent
• Smallbusinessesnotsatisfied
Commercialcustomershave increasedtheir use of
creditlines from 30 – 33 % …
Banks building strongrelationshipshave great
potentialfor increasedprofitability.
KPMG
McKinsey & Co. Private Banking Survey
To capture opportunities
…adapt your brand image and
develop advisory expertise.
Integrity Solution
• NodifferencebetweenXandY
• Indifferenttoabrand
• Overlookcomplexproducts
• Expectconvenienceandtransaction
technology
#6: Commoditization
As standardized tools give only
standardized experiences,
brand differentiationis further limited.
Accenture: Banking 2016
Deloitte: Brand Commoditization in Retail Banking
To avoid commoditization,
make your people
your differentiator.
Integrity Solution
Whatmakes YOUR bank different?
 Your People?
 Your Products?
 The Overall Experience?
Your Bank
as one of Integrity
Your Product or Service
as creating value
Yourself
as a person of Integrity
Three Things to Validate
The growing influence of technology on
banking functions threatens to commoditize
even the most personalized aspect of
traditional models
— the customer experience.
#5: Customer Service
TheFacts:
• 3 out of 4 executives: “Customer experience has improved…”
• 2 out of 3 consumers: “No change.”
• 1 in 3: “I have a problem.”
Banks thatrespond to upset customersare
2.3 times more likely to retainthose customers
than if they did nothing.
KPMG Community Banking Outlook
PWC US Retail Banking Trends: Experience Radar 2013
PeopleMetrics 2013 Most Engaging Customer Experience Study
To improve the customer
experience, adapt a common
definition and values for
service and sales.
Integrity Solution
#4 Loyalty / Churn
More Facts…
• 2 in 5 switched after bad experience.
• More than 50% opened or closed accounts/services
in past 12 months.
• 40% have similar plans in next year.
A mostcommonreason for opening or closing accounts:
“the experience with my financial service providers.”
Ernst & Young Global Consumer Banking Survey
Bain Report 2012: Customer Loyalty in Retail Banking
To minimize churn, focus on
rapport building skills to grow
and maintain customer
relationships.
Integrity Solution
Poor service/problem
resolution
High fees
Branches not
convenient
Products didn’t suit
needs
Poor rates on
credits/deposits
Reasons for Switching
Booz & co. Small Business Banking Customers An Attractive Segment
for Organic Growth
43%
38%
22%
20%
15%
• 8in10Americansblamebigbanks
• 5yearslater,66%arestillangry
• Morethanhalfdon’tbelievetheir
bankhastheirbestinterestatheart
• 42%feeltakenadvantageof
• Nearly50%thinktheyshouldbank
locally
#3 Trust
COMPLETE TRUST:
#1 “financial stability”
#2 “the way I’m treated…”
Kasasa Harris Poll: Consumer Banking Insights Study
2013 Deloitte Study: Retail Bank Pricing
Ernst & Young Global Consumer Banking Survey
To build or restore trust…
connect with customers.
Integrity Solution
Looking at matters from a
glass-half-full perspective,
the financial services industry
has great potential.
#2: Human Touch
TheRealities…
• Less opportunity
• Technology doesn’t build
relationships
• Branch visits are for problem
resolution
TheFacts…
• Web now #1 channel for
banking
• 61% of internet users
bank online
• 35% of smart phone owners
use mobile banking
2013 Pew Research
PWC Retail Banking 2020
PWC US Retail Banking Trends: Experience Radar
60% of great experiences…
involve some form of human touch.
To ensure the human touch,
discover what you can
about relating to
different Behavior Styles.
Integrity Solution
#1: Customer-Centric Culture
• 61% consider a customer-centric business model to
be very important
• Less than 20% are prepared
61%
TRANSACTION
MINDSET
CUSTOMER
MINDSETGAP
A successful customer experience requires
more than transactional skills and product knowledge.
To build a customer-focused
culture, shift from transaction
to customer-focused beliefs,
behaviors, and skills.
Integrity Solution
So, is
GOOD
SERVICE
the ANSWER?
PROVEN: Well-executed service programs DO
significantly impact on revenue and bank earnings.
So why do so many banks believe they provide
excellent customer service --
but still have low RESULTS?
The GAP:
Many customer service
processes are not fully
integrated into the culture.
5 Qualities of a Customer-Centric Culture
Teams work together to deliver a consistent,
memorable customer experience.
Individuals go beyond the transactional experience to
build high value customer relationships.
Everyone speaks a common language and exhibits
common ethics and values.
Frontline has a positive view of selling and sees
themselves as part of the sales process.
All employees believe selling is great for the customer,
themselves, and the bank.
1
2
3
4
5
Do you have a customer-centric culture?
ToWhatDegreedoYourPEOPLE…
• Understand the components of a
memorable customer experience?
• Use a COMMON LANGUAGE and
FRAMEWORK for service and
sales?
• Take a PROACTIVE approach to
problem resolution?
• Develop TRUST with customers
and ASK QUESTIONS to identify
how products meet needs or
solve problems?
ToWhatDegreedoYourLEADERS…
• Foster a culture of POSITIVE,
CUSTOMER-FOCUSED SELLING
rather than a transactional
mindset?
• Model and coach customer-centric
BELIEFS AND BEHAVIORS?
• Provide service and sales training?
• PROACTIVELY reward customer-
focused behaviors and
performance?
Value Gap Assessment
www.integritysolutions.com
Congruence Model
View
of
Selling
Commitment
to
Activities
View
of
Abilities
Belief
In
ProductValues
Congruence
A person’s
attitudes,
beliefs and
values have more to
do with the level of
success they achieve
than knowledge or
skills!
Success Factors
Knowledge & Technical Skills
Attitudes, Values, Beliefs, Motives
and Achievement Drive
Congruence Makes the Difference
“Most of the people who’ve gone through our
Integrity program said, “Oh, that’s what selling is?
Really? It’s just me serving my customer, sharing my
knowledge and experience, helping them get the right
product and service, or solve their problems? Hey, I
can do that!” I’ve really seen a lot of success with
that. And giving them a system that works, that’s
comfortable, that makes sense -- really helps them
succeed.”
 View of Abilities scores up 15%
 Commitment to Activities up 25%
 Goal Clarity up 27%
Values and Ethics
Selling is a mutual exchange of value.
Selling isn’t something you do to people; it’s something
you do for and with them.
Develop trust and rapport before any selling activity
begins.
Selling pressure is never exerted by a sales professional.
It’s exerted by customers when they recognize the value of
your products and services.
Selling techniques give way to values-driven principles.
Values and Ethics
From Integrity Selling®
1
2
23
4
5
Values and Ethics
Truth, respect and honesty provide the basis for long-term
selling success.
Ethics and values contribute more to sales success than
techniques or strategies.
Understanding wants or needs must always precede any
discussion about product.
Negotiation is never manipulation. It’s a strategy to work
through concerns – when customers want to work through
them.
Closing is a victory for the customer, the sales professional
and the organization.
6
7
8
9
10
From Integrity Selling®
Shared Values Increase Success
President & Chief Operating Officer Rob Stephenson
credits Integrity for helping First Dakota
“Integrity and values are very important to First
Dakota management…Employees agree that
living their values increases the confidence of
customers.
The thought that we’re truly wanting to do the
right thing for the customer makes it easy for us
to sell products. It’s not selling the product of
the month -- it’s selling what the customer
needs at this moment in time.”
Strategy Summary
1. Become a PARTNER and focus on customer needs.
2. Build cross-selling skills and a POSITIVE ATTITUDE ABOUT SELLING.
3. Develop listening and questioning skills to spot additional
opportunities, and encourage COLLABORATION across teams.
4. Adapt your brand image and develop ADVISORY expertise.
5. Make your PEOPLE your differentiator.
6. Adapt a COMMON DEFINITION and VALUES for service and sales.
7. Focus on rapport building skills to grow and maintain CUSTOMER
RELATIONSHIPS.
8. CONNECT with customers right from the start and throughout.
9. Discover what you can about relating to different Behavior Styles.
10. Shift from transaction to CUSTOMER-FOCUSED beliefs, behaviors,
and skills.
Want to Learn More?
• View recording (video & audio)
• Request copy of slides, bibliography and two free
white papers
About Integrity Solutions
• Training industry leader for 45 years
• Trained over 3,000,000 people from
130+ countries
• 200+ leading financial institutions as clients
• Tailored solutions that improve service, sales, and
coaching cultures for banks, credit unions, insurance and
other financial organizations
• Proven behavior change process that gets results
ContactIntegritySolutionsat
615.385.2246orvisitusat
www.integritysolutions.com
Thank you
Appendix: Sources
2013 Deloitte Study: Retail Bank Pricing
2013 Pew Research
Bain Report 2012: Customer Loyalty in Retail Banking
Ernst & Young Global Consumer Banking Survey
Kasasa Harris Poll: Consumer Banking Insights Study
PWC Retail Banking 2020
PWC US Retail Banking Trends: Experience Radar

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Practical Strategies to Address the Top 10 Issues Facing Banks Today

  • 1. Practical Strategies to Address the 10 Top Issues Facing Banks Today
  • 2.  10 Ten Critical Issues Banks Face  Practical Strategies for Dealing with these Issues  Ideas to Shift from a Transactional to a Customer-Focused Culture  5 Qualities of a Customer-Centered Culture  4 Questions to Gauge Where Your Organization is Today  Tips to Move from Transactional to Relationship-Based Selling What You’ll Discover
  • 3. • Increased consumer protection • Tools for financial crisis • Tighter credit rating agencies #10: Increased and Changing Regulations Grant Thorton Bank Executive Survey Smaller banks not providing products that increase compliance burden.
  • 4. To “offset” compliance, become a partner and focus on customer needs. Integrity Solution
  • 5. • Interest rates remain low • Shrinking retail footprint • Demise of free checking #9: Reduced Income and Profitability In 5 years, free checking has gone from 76 % to 39 %. 2013 Deloitte Study: Retail Bank Pricing
  • 6. To increase income, build cross-selling skills and a positive attitude about selling. Integrity Solution
  • 7. • Averagebankhas2.1outof7 • Goalis4ormore KeyChallenges • Creatingandmonitoringeffective cross-sellingprograms • Lackofserviceandsalesskills • Siloedteams #8 Share of Wallet BAI Banking Strategies: Strategies for Cross selling Forrester Cross Selling
  • 8. How many products on average does YOUR bank have per customer?  1 - 2 per customer  3 - 4 per customer  5+
  • 9. To increase wallet share: • Develop listening and questioning skills to spot additional opportunities. • Encourage collaboration Integrity Solution
  • 10. Work together to spot opportunities First National Bank of Elk River uses Integrity Selling® when recruiting new business relationships. “We don’t try to talk prospects into joining our bank; rather we sit down with them and find out what their company and personal goals are. We are able to spot strong potential clients and spend time with them.” Chad Vitzthum, SVP First National Bank of Elk River “We decided to include back office team members as well as front line team members… this has actually bridged that gap and brought us together.” Belinda Oxford Certified Trainer
  • 11. Over75%don’tconsiderbanks fortheiradvisory,investment,or brokerageactivities #7 Opportunities Challenges • “Vanillaproductsandservices” • Ignoringthemassaffluent • Smallbusinessesnotsatisfied Commercialcustomershave increasedtheir use of creditlines from 30 – 33 % … Banks building strongrelationshipshave great potentialfor increasedprofitability. KPMG McKinsey & Co. Private Banking Survey
  • 12. To capture opportunities …adapt your brand image and develop advisory expertise. Integrity Solution
  • 13. • NodifferencebetweenXandY • Indifferenttoabrand • Overlookcomplexproducts • Expectconvenienceandtransaction technology #6: Commoditization As standardized tools give only standardized experiences, brand differentiationis further limited. Accenture: Banking 2016 Deloitte: Brand Commoditization in Retail Banking
  • 14. To avoid commoditization, make your people your differentiator. Integrity Solution
  • 15. Whatmakes YOUR bank different?  Your People?  Your Products?  The Overall Experience?
  • 16. Your Bank as one of Integrity Your Product or Service as creating value Yourself as a person of Integrity Three Things to Validate
  • 17. The growing influence of technology on banking functions threatens to commoditize even the most personalized aspect of traditional models — the customer experience.
  • 18. #5: Customer Service TheFacts: • 3 out of 4 executives: “Customer experience has improved…” • 2 out of 3 consumers: “No change.” • 1 in 3: “I have a problem.” Banks thatrespond to upset customersare 2.3 times more likely to retainthose customers than if they did nothing. KPMG Community Banking Outlook PWC US Retail Banking Trends: Experience Radar 2013 PeopleMetrics 2013 Most Engaging Customer Experience Study
  • 19. To improve the customer experience, adapt a common definition and values for service and sales. Integrity Solution
  • 20. #4 Loyalty / Churn More Facts… • 2 in 5 switched after bad experience. • More than 50% opened or closed accounts/services in past 12 months. • 40% have similar plans in next year. A mostcommonreason for opening or closing accounts: “the experience with my financial service providers.” Ernst & Young Global Consumer Banking Survey Bain Report 2012: Customer Loyalty in Retail Banking
  • 21. To minimize churn, focus on rapport building skills to grow and maintain customer relationships. Integrity Solution
  • 22. Poor service/problem resolution High fees Branches not convenient Products didn’t suit needs Poor rates on credits/deposits Reasons for Switching Booz & co. Small Business Banking Customers An Attractive Segment for Organic Growth 43% 38% 22% 20% 15%
  • 23. • 8in10Americansblamebigbanks • 5yearslater,66%arestillangry • Morethanhalfdon’tbelievetheir bankhastheirbestinterestatheart • 42%feeltakenadvantageof • Nearly50%thinktheyshouldbank locally #3 Trust COMPLETE TRUST: #1 “financial stability” #2 “the way I’m treated…” Kasasa Harris Poll: Consumer Banking Insights Study 2013 Deloitte Study: Retail Bank Pricing Ernst & Young Global Consumer Banking Survey
  • 24. To build or restore trust… connect with customers. Integrity Solution
  • 25. Looking at matters from a glass-half-full perspective, the financial services industry has great potential.
  • 26. #2: Human Touch TheRealities… • Less opportunity • Technology doesn’t build relationships • Branch visits are for problem resolution TheFacts… • Web now #1 channel for banking • 61% of internet users bank online • 35% of smart phone owners use mobile banking 2013 Pew Research PWC Retail Banking 2020 PWC US Retail Banking Trends: Experience Radar 60% of great experiences… involve some form of human touch.
  • 27. To ensure the human touch, discover what you can about relating to different Behavior Styles. Integrity Solution
  • 28. #1: Customer-Centric Culture • 61% consider a customer-centric business model to be very important • Less than 20% are prepared 61% TRANSACTION MINDSET CUSTOMER MINDSETGAP A successful customer experience requires more than transactional skills and product knowledge.
  • 29. To build a customer-focused culture, shift from transaction to customer-focused beliefs, behaviors, and skills. Integrity Solution
  • 31. PROVEN: Well-executed service programs DO significantly impact on revenue and bank earnings. So why do so many banks believe they provide excellent customer service -- but still have low RESULTS?
  • 32. The GAP: Many customer service processes are not fully integrated into the culture.
  • 33. 5 Qualities of a Customer-Centric Culture Teams work together to deliver a consistent, memorable customer experience. Individuals go beyond the transactional experience to build high value customer relationships. Everyone speaks a common language and exhibits common ethics and values. Frontline has a positive view of selling and sees themselves as part of the sales process. All employees believe selling is great for the customer, themselves, and the bank. 1 2 3 4 5
  • 34. Do you have a customer-centric culture? ToWhatDegreedoYourPEOPLE… • Understand the components of a memorable customer experience? • Use a COMMON LANGUAGE and FRAMEWORK for service and sales? • Take a PROACTIVE approach to problem resolution? • Develop TRUST with customers and ASK QUESTIONS to identify how products meet needs or solve problems? ToWhatDegreedoYourLEADERS… • Foster a culture of POSITIVE, CUSTOMER-FOCUSED SELLING rather than a transactional mindset? • Model and coach customer-centric BELIEFS AND BEHAVIORS? • Provide service and sales training? • PROACTIVELY reward customer- focused behaviors and performance?
  • 37. A person’s attitudes, beliefs and values have more to do with the level of success they achieve than knowledge or skills! Success Factors Knowledge & Technical Skills Attitudes, Values, Beliefs, Motives and Achievement Drive
  • 38. Congruence Makes the Difference “Most of the people who’ve gone through our Integrity program said, “Oh, that’s what selling is? Really? It’s just me serving my customer, sharing my knowledge and experience, helping them get the right product and service, or solve their problems? Hey, I can do that!” I’ve really seen a lot of success with that. And giving them a system that works, that’s comfortable, that makes sense -- really helps them succeed.”  View of Abilities scores up 15%  Commitment to Activities up 25%  Goal Clarity up 27%
  • 39. Values and Ethics Selling is a mutual exchange of value. Selling isn’t something you do to people; it’s something you do for and with them. Develop trust and rapport before any selling activity begins. Selling pressure is never exerted by a sales professional. It’s exerted by customers when they recognize the value of your products and services. Selling techniques give way to values-driven principles. Values and Ethics From Integrity Selling® 1 2 23 4 5
  • 40. Values and Ethics Truth, respect and honesty provide the basis for long-term selling success. Ethics and values contribute more to sales success than techniques or strategies. Understanding wants or needs must always precede any discussion about product. Negotiation is never manipulation. It’s a strategy to work through concerns – when customers want to work through them. Closing is a victory for the customer, the sales professional and the organization. 6 7 8 9 10 From Integrity Selling®
  • 41. Shared Values Increase Success President & Chief Operating Officer Rob Stephenson credits Integrity for helping First Dakota “Integrity and values are very important to First Dakota management…Employees agree that living their values increases the confidence of customers. The thought that we’re truly wanting to do the right thing for the customer makes it easy for us to sell products. It’s not selling the product of the month -- it’s selling what the customer needs at this moment in time.”
  • 42. Strategy Summary 1. Become a PARTNER and focus on customer needs. 2. Build cross-selling skills and a POSITIVE ATTITUDE ABOUT SELLING. 3. Develop listening and questioning skills to spot additional opportunities, and encourage COLLABORATION across teams. 4. Adapt your brand image and develop ADVISORY expertise. 5. Make your PEOPLE your differentiator. 6. Adapt a COMMON DEFINITION and VALUES for service and sales. 7. Focus on rapport building skills to grow and maintain CUSTOMER RELATIONSHIPS. 8. CONNECT with customers right from the start and throughout. 9. Discover what you can about relating to different Behavior Styles. 10. Shift from transaction to CUSTOMER-FOCUSED beliefs, behaviors, and skills.
  • 43. Want to Learn More? • View recording (video & audio) • Request copy of slides, bibliography and two free white papers
  • 44. About Integrity Solutions • Training industry leader for 45 years • Trained over 3,000,000 people from 130+ countries • 200+ leading financial institutions as clients • Tailored solutions that improve service, sales, and coaching cultures for banks, credit unions, insurance and other financial organizations • Proven behavior change process that gets results
  • 46. Appendix: Sources 2013 Deloitte Study: Retail Bank Pricing 2013 Pew Research Bain Report 2012: Customer Loyalty in Retail Banking Ernst & Young Global Consumer Banking Survey Kasasa Harris Poll: Consumer Banking Insights Study PWC Retail Banking 2020 PWC US Retail Banking Trends: Experience Radar