“They usually have two tellers in my local bank, except when it’s very busy, when they have one.” –Rita RudnerHas anybody noticed all the emails popping up lately advertising research about banks, customer buying habits, customer service perceptions, bank investments in CRM, best practices in sales, etc. – all for sale and sure to help you improve performance?
Well, here in Gonzoburg, we’re not being left out of the picture by any means. Oh, no. To get into the research fray, we have conducted a rigorous, extensive, scientific, control group-based research project examining financial institution sales, service and CRM strategies (in other words, here’s what we have heard from everybody we have talked to lately).
Our summary findings:
|Percentage of financial institutions with a service differentiation strategy||
|Percentage of FIs with a service culture that is a competitive advantage||
|Percentage of FIs that are migrating from an order-taking culture to a sales culture||
|Percentage of FIs that have made an investment in sales/CRM systems to support this strategy||
|Percentage of FIs that are focused on relationships, not accounts or transactions||
|Percentage of FIs that will win with a compelling customer value proposition, not price, in the long-term||
|Percentage of FIs that think they will get to invest more money in sales/CRM systems in 2009 given the current economic climate||
|Percentage of FIs that say, “Well, we tried to build a service culture but the truth is, our service really isn?t as good everybody else’s.”||
|Percentage of FIs that say, “Oh, forget service and value. Let’s face it. If we just open our doors we’ll probably get our share of the business just on the luck of the draw.”||
For those of you that are statistic wonks, .00001% translates, more or less, into one guy in Facilities who just got offered an early retirement package.
OK, so maybe we might suffer a bit when the rigor of our methodology is compared to our esteemed peers. But here’s the point:
Certainly, there are valid measurements that are common in the industry – new core relationships, products/services per household, customer satisfaction/net promoter scores are all statistics that can indicate sales/service progress. However, this is a year in which the focus needs to be on getting specific wins and results using the systems and programs already in place.
In our visits with clients, we’ve come across some good, focused campaigns geared toward targeted results that we want to share. Here are five specific CRM/sales goals you might want to think about for your shop if you have not already.
I believe these five ideas merit consideration for a number of reasons:
It’ a good year for service and CRM strategies that are less big-picture and more focused, pragmatic and specific. Come to think of it, that’s every year.
A Cornerstone Advisors Best Practices Assessment provides your institution with an exploration of the benchmarks, best practices, and technology strategies that are driving financial service companies today. This objective snapshot creates a valuable baseline and starting point for your institution’s efficiency improvement strategies.
Contact Cornerstone today to learn how your organization can achieve maximum efficiency in its staffing, performance and processes.