New Year's Resolutions for Retail Bankers: Abridged

December 20, 2010 at 1:15 PM
CPG recently submitted a list of ten resolutions for retail bankers to consider as we enter 2011. However, if our experience with our own personal resolutions of years past has taught us anything, it is that making the list is always the easiest part. For those of you who, like us, tend to be better at coming up with resolutions rather than following through on them, we have narrowed our list down to the three that we believe all retail bankers should try their very hardest to stick to over the next twelve months:
 
1.   Spend more time in the field. Recent regulatory changes coupled with intense pressures on earnings and capital challenges have created, for many banks, a high degree of focus on internal operations. In years past, senior retail executives spent a great deal of their time in the field, listening to frontline employees, learning from them, and motivating the workforce. Resolve to get out of the office and attend fewer meetings and gain a fresh perspective on which products and services are working and not working, how the frontline staff is engaging with customers, and how the competitive environment feels on the street corner.
 
2.   Invest to build better marketing expertise. Mine available data with the goal of creating a constant stream of communications. This can include targeted direct mailings, as well as employee communications, lead lists, etc. In addition, look to use this data to create better dashboards for the frontline staff to use.
 
3.   Create a unified delivery channel strategy. Sure, everyone wants to be able to offer the latest alternative technologies to their customers and everyone would love to be able to offload some of the expense associated with traditional branch banking. Nevertheless, it has become clear that alternative channels will not completely replace more traditional delivery systems in the near future. Work to create a clear picture of how the entire delivery network – branches, ATMs, online, mobile, etc. – is utilized by different segments of the customer base and think about how these channels can best work as a whole to deliver the desired customer experience.
 

For those of you who are feeling more ambitious, the full list can be found here.

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