The Strategic Planning Lie That’s Keeping Banks Mediocre [VIDEO]
Roxanne Emmerich exposes the toxic lie behind most strategic plans—and the second-order thinking top banks use to pull away from the pack.
Welcome to the Top 5 Percenter™ Blog
Build Up Your Bank’s Customer Loyalty
Quite a few decades ago, I remember going to bank CEO conferences and hearing this line uttered: “Our people are order takers, we’ve tried everything, we don’t seem to be able to break this problem.”
Guess what?
Well, now here we are two-three decades later. Yet, out of the 4000 or so banks that remain, most of them still haven’t figured out how to move into a relationship where they’ve built bank customer loyalty and own the entire customer relationship.
This does not bode well for the remaining 4000 banks as we’re on our path down to 2000 banks. In fact, unless you become the only bank that your customer needs, you’re going to be losing customers. Because whoever is in that relationship can begin to own the entire relationship.
Increased vulnerability
So as soon as you create an open space for someone else to get in, know that you are vulnerable to losing the entire account and having to match pricing. And know that you’re vulnerable in terms of what they’ll say about you to others because maybe—just maybe—you’re not their favorite.
The need to create a customer loyalty approach in banking has never been more important—which means we need to have the entire share of wallet, and we need to have cross-sales.
If it feels like sales, they’re doing it wrong
Some people don’t like the word sales. Hey, some people don’t like the word accounting, but sales is not a bad thing. In fact, if it feels like sales, they’re doing it wrong.
By getting behind the eyes of your customers and finding out what they need, and then helping them buy those things, your people become the trusted adviser that you need them to be and that your customer wants them to be. It’s the only way to build bank customer loyalty.
What does your customer want?
Your customer wants to be able to say, “You’re the only bank I’ll ever need, and you’re the only banker I’ll ever need.” Please give them that chance by knowing how to handle the transactions such that you own the entire relationship in a way that never feels like sales.
– Roxanne Emmerich
Please watch the video above and share it with your exec team and board.
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