tips from a frustrated bank shopper
DESCRIPTION
When sizing up our credit union and community bank clients, we often start by “shopping” their branches and those of their competition. This has allowed us to experience, first hand, how more than a hundred branches hit a home run with members – or completely screw it up. Here’s what you can learn from a hundred credit union and bank shops.TRANSCRIPT
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Tips from
a FRUSTRATED
Bank Shopper
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“Nothing kills a bad product faster than good advertising.”���
~ David Ogilvy
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The Facts
• 8.7% of consumers said that they switched their PFI in the last year (up from 7.7%) • Shoppers consider 1.9 institutions (up from 1.6) • Most common reason to switch: Life Circumstances • Only 43% of consumers who purchased an additional banking product did so with their PFI
Source: J.D. Powers & Associates
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Today’s Conversation
Shops What to measure How
What We’ve Seen The Good, The Bad & The Ugly
Tips Best Practices Tools
Case Studies
Image Compare to retail examples
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What is Most Important to Members
u Locations/Access u Pricing u Product Suite u Market Presence
Tangibles
u Perception/Image u Expertise u Trust u Satisfaction u MEMBER EXPERIENCE!!!
Intangibles
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Shopping
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34
The Experience
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INSTITUTION EXPERIENCE METER (SCALE 1-10)
SERVICE SALES OVERALL
Branch
Image Greeting
Eye Contact
/ Courtesy Qualifying
Product
Presentation Cross Sell Close
Would You
Buy?
Shoppers enter branches as if they are unhappy with their current bank and are shopping for a new checking account. The shopper simply asked for information on the institution’s checking accounts and lets the sales representative react.
The Process
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Scoring
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Client Location Did employee identify themselves and establish rapport? Yes No Did employee demonstrate product knowledge? Yes No Did employee attempt to qualify? Yes No Did employee explain benefits? Yes No Did employee ask to open account/set appt? Yes No Were you quickly attended to? Yes No Were you given opportunity to ask questions? Yes No Was the employee listen/responding to needs? Yes No Notes: • Greeted quickly by a receptionist who entered our name and need into a computer • Waited in waiting area for about 5 minutes • MSR introduced herself and shook hands – walked us to desk • No qualifying questions asked • Explained all checking options (even Second Chance) • Negative feel to conversation with “We run ChexSystems,” and “If you qualify” • Also seemed to take all options out of the conversation with, “We’ll tell you what account you qualify for.” • Provided personal experience sell with “Our online banking is really easy to use.” • No close • Provided business card for follow-up
Notes
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Client Scores
INSTITUTION EXPERIENCE METER (SCALE 1-10)
SERVICE SALES OVERALL
Branch
Image Greeting
Eye Contact
/ Courtesy Qualifying
Product
Presentation Cross Sell Close
Would You
Buy?
10 7 7 1 4 1 5 6
Competition Average Scores
INSTITUTION EXPERIENCE METER (SCALE 1-10)
SERVICE SALES OVERALL
Branch
Image Greeting
Eye Contact
/ Courtesy Qualifying
Product
Presentation Cross Sell Close
Would You
Buy?
6.3 2.5 2.5 1.0 2.3 0.3 1.0 2.5
Compare
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The Ugly The Brochure Handoff
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The Bad The Crutch
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The Good Question … Recommend …
Experiences
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A Few Tips
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A Few Tips
1. Get ‘em talking
o Ask basic questions • About their family • About their work • Where they bank now • Why change • How they plan to use the account
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A Few Tips
2. Listen before you talk
o It’s not a test!
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A Few Tips
3. They came here for a reason
o They drove to your branch for a reason.
o Ask to open the account!
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A Few Tips
4. Don’t give up
o Your brochures are not THAT dazzling!
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A Few Tips
5. Personal Experience
1. Personal product use “I love our online banking … it’s soooo easy!”
2. Personal experience “Congratulations on your new baby! When my first child was born…”
3. Case history “I had a member who went through that once … here’s how we helped…”
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The 4 Step Close
Step 1 Ask to open the account today
Step 2 If they cannot, ask to get the process started, then make an appointment for them to come back
Step 3 Be proactive! Ask for the member’s phone number and a best time to call them
Step 4 Provide a business card and the days/hours you typically are at the branch
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Best of the Best A clear member interaction process must be trained, encouraged, measured and evaluated: 1. All staff introduce themselves and ask for member name
• Shake hands and use member name wherever appropriate
2. All staff ask basic leading questions to identify need and financial goals. These will include information on product as well as personal questions.
3. When MSR (or other) staff is needed, teller should escort member (when reasonable) and make formal introduction • When not available, show member to waiting area and
assure them that they will be helped shortly • Offer drink
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Best of the Best 4. MSR asks key questions to determine member need
• Repeat need as they understand it • Translate financial need into relevant product • Inform member on how product will benefit the
member (not list features) • Identify other products that may aid access or
relate to member’s needs 5. Close sale – ask to open account today 6. Determine other needs – verify needs have been met 7. Provide valuable information for new products:
• Demo Online Banking • Provide ATM/Location map, circle locations that are
most convenient for member
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Best of the Best
8. Provide contact information for future questions 9. Walk member to door
• Assure waiting members that you will be right with them and thank them for their patience
10. Shake hands, thank member, tell them that they are appreciated 11. Follow-up with hand written note or phone call
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Facilitate
Meaningful
Conversation
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Life Stages
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A CASE STUDY
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Set Standards
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Take a Genuine Interest
CONTACT INFORMATION:
Phone number:
( ) _______- ___________
Best way to Contact:
Home Work Cell Email
Best time to call:
_______________________
Okay to leave message?
YES_____ NO_____
Customer Email Address:
_______________________
Employee Name:
_______________________
Referred to:
_______________________
_______________________
Date: ______/______/______
After account opening,
contact new customer with:
!Immediate thank you card
Completed: _____/_____/_____
!2 week follow-up call
______/______/______
!2 month follow-up call
______/______/______
!6 month follow-up call
______/______/______
!1 year anniversary call
______/______/______
CUSTOMER NAME(S) ______________________________________________________________________
GETTING TO KNOW YOU
FINANCIALSNAPSHOT
RELATIONSHIP BUILDER
Tell me about your family. What do you do for a living? What are your passions/hobbies?
Where do you currently bank?
__________________________________
__________________________________
__________________________________
What accounts do you have?
__________________________________
__________________________________
__________________________________
What do you like about them?
__________________________________
__________________________________
__________________________________
Is there anything you dislike?
__________________________________
__________________________________
__________________________________
Do you have other deposits, CDs or investments with any other banks,
credit unions, or brokerage firms?
__________________________________
__________________________________
Do you own your own home or
have a mortgage loan?
__________________________________
__________________________________
What!s your current mortgage rate?
__________________________________
__________________________________
What are your financial goals for
this year?
__________________________________
__________________________________
Do you have any immediate needs
to borrow money?
__________________________________
__________________________________
Do you plan to buy, build, or remodel your home in the next 6 - 12 months?
YES NO
Do you plan to make any other majorpurchases such as a car, boat or RV?
YES NO
PRODUCTS NEEDED
CHECKING
SAVINGS
DEBIT CARD
CREDIT CARD
OVERDRAFTPROTECTION
MORTGAGE
HOME EQUITY
OTHER LOAN
INVESTMENTS
INSURANCE
TRUST
PRODUCTS SOLD
STAFF CHECKLISTFOR STAFF USE ONLY:
NEW
ONLINE BANKING
CDs/IRAs
EXISTING
BILL PAY
ESTATEMENTS
CHECKING
SAVINGS
DEBIT CARD
CREDIT CARD
OVERDRAFTPROTECTION
MORTGAGE
HOME EQUITY
OTHER LOAN
INVESTMENTS
INSURANCE
TRUST
ONLINE BANKING
CDs/IRAs
BILL PAY
ESTATEMENTS
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Consultative Selling
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Results
u Understanding the bank needs & situation u Understanding the market u Understanding the competition u Analyzing product suite u Analyzing sales process u Mutually setting standards u Consistent training & coaching u Providing the right tools
Attrition Dropped from ���31.74% to 17.67% in one year!
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In the end … it’s all image!
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“I might have to make a visit to Uncle Dave,” which is what people in Ouray say
when they need to take a loan from the local bank, Citizen’s State, whose
chairman is named David Wood.
Twilight of a Mountain God, January, 2009 Runner’s World Magazine
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How Do You Get An “Uncle Dave?” • Have the right “Uncle Dave” – someone who can represent the credit union well and “own the role” • Be the first to market – it won’t do to be the second “Uncle Dave” in the market • Be consistent – “Uncle Dave” is THE community banker
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Be Like A Running Store
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Become A Specialist • Know Their Run – Do your members need a one-time “quick fix” like a home improvement loan or are they in it for the financial marathon? Keep a member log. • Size ‘em Up – Like each shoe fits each runner differently, so does each financial product. Instead of analyzing their gait and feet, ask them basic questions about how they will use the product and their goals. • Be Their Coach – You and your staff are the experts! Coach your members and they will entrust more to you.
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Sum it Up
• Know thy self • Compare yourself to the competition • Show you care, ask questions • ABC – Always Be Closing • Treat ‘em like a guest in your home • Be the expert
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Follow Us…
WeAreMarketMatch
www.WeKnowCreditUnions.com
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Eric Gagliano Senior Vice President
(937) 426-9848
www.WeKnowCreditUnions.com
How to Reach MarketMatch