What sets highly productive banks and credit unions apart from their peers? While some institutions thrive, others merely keep pace. To understand banking productivity, we need to define it clearly.
Productivity involves using our strengths, intellect, and time to achieve meaningful results with minimal effort. Research shows that productive organizations excel in selecting and managing team members. They set "Big Goals" and practice habits that enhance decision-making and time management. Rather than working longer hours, productive individuals break down big goals into manageable tasks.
So, should banking associates extend their hours or work weekends to boost productivity? Absolutely not. Productivity isn’t about spending more time in the office; it’s about making smarter choices with the time you have. It’s about being efficient rather than just busy.
Effective institutions leverage advanced CRM tools to help associates focus on significant goals while managing individual tasks efficiently. For instance, senior managers understand that maintaining regular one-on-one interactions with top customers is crucial. Without these interactions, competitors may lure away your best clients.
To ensure consistent achievement of your “Big Goals,” follow these steps:
Utilize Your Banking CRM: If you don’t have one, consider Quest Analytics IQCRM. It integrates with core banking systems and is cost-effective for any financial institution.
Segment Customers: Classify your top clients into Gold, Silver, and Bronze categories. Use the CRM to track and manage these segments based on defined business rules.
Assign Responsibilities: Designate branch managers or relationship officers to each segment to ensure accountability and consistent relationship management.
Set Up Reminders: Configure your CRM to notify relationship managers about when customer contacts are due. For example, Gold customers should be contacted every 3 months, Silver every 6 months, and Bronze annually.
Focus on Quality Interactions: Ensure that each customer interaction is meaningful. Provide relationship managers with relevant content and industry insights to facilitate valuable conversations. Quest Analytics offers the Vertical IQ tool for up-to-date industry knowledge and client engagement resources.
Monitor and Review: Use CRM reporting to track progress and hold managers accountable. Effective reporting should lead to actionable business discussions. Reports alone won’t drive productivity; they need to be reviewed and acted upon.
In conclusion, bankers who effectively use productivity tools focus on meaningful customer interactions. If bankers on your team balk at making relationship calls and documenting their touch points, it may be time to reconsider their role. The primary objective of a banker is to forge and maintain strong customer relationships which requires a consistent strategy and the tools to support it.
For more information or to see a live demonstration of our right-sized CRM solution for community banks and credit unions, contact Quest Analytics at sales@quest-analytics.com or schedule a 30 minute complimentary call with Kraig Nellis.