Dear Bank/Credit Union CEO,
What if you receive intel that a powerful competitor is poised to enter your market exactly 13 months from now? Your financial institution faces the potential loss of scores of customers, along with the revenue they represent. You have 12 months to derail this threat – what do your analytics tell you that you can act on right now to keep your customers attached to you? How will you keep them so close that exploring a relationship with this new competitor isn’t even an option for them?
Whether provided by internal resources or external experts, leading through this threat depends upon you and your organization having the right analytics now to ensure predictable, successful outcomes 13 months down the road.
In an industry constantly roiled by competition, this is not a far-fetched reality. Analytics make the difference between winning and losing on this front – provided you have the RIGHT analytics and provided you act on them in the RIGHT way.
The RIGHT Analytics are the Fuel for Strong Customer Relationships
Because strong customer relationships are the most important contributor to your growth and long-term success, it is crucial to know what to DO with your analytics to build these relationships. It’s more than just having the customer stay with you. The ability to actually deepen relationships with customers through elite frontline execution and engaged back office support is the keystone. It will allow you to engage customers in such a way that they will not easily be lured away by a disruptor in your space.
Ms. or Mr. Bank/CU CEO, where do you begin?
How do you begin to build a team – from front line to back office – into a well-oiled machine that just hums and keeps on humming? It begins with facing a reality – that your execution might not be as good as you think it is, or hope it is. You must accept the stark challenge of facing up to the hardest of facts to learn where the oil leak is and why it’s leaking. In other words, diagnose and start the repair work.
Once you’ve stopped the leak, you can begin the process of elevating frontline performance, which will then give way to optimizing and finally differentiating. When you reach that level, the competition is rendered inoperable – and actually a bit jealous!
The Clock is Ticking
But how long does something like this take and how do you get from repair to a differentiating performance from your frontline team, every time? The clock is ticking and you need something predictable – a method that ensures a successful outcome. Wherever you put your money and your energy and your time, it has to be effective to disrupt or derail a competitive threat. The clock is ticking!
