Early and Co.

Banking Moments of Truth, Session 6

2011-03-28T10:25:00.000-07:00

In the five previous Moments of Truth we briefly overviewed the basic concept of Moments of Truth, and the specific Moments of Truth of “who’s calling?” and “may I tell ( name ) who’s calling”, listening to our tellers and CSR’s, cross Serving as opposed to cross-Selling, and returning phone calls.

Today we emphasize a “time” Moment of Truth that should occur during our first 30 awake minutes of each day, or during the last 30 minutes before we go to bed: Making, and prioritizing, a “to do” list!

It’s a proven fact: the vast majority of people who make daily “to do” lists, and refer to them daily, accomplish far more than those who don’t. It just keeps us focused on doing the important things, not just the easy things! Will you accomplish everything on your list every day? No! Will you accomplish more if you work off a list? Absolutely!!!

A few quick tips: At least initially, limit yourself to a maximum of ten “to do” things on your daily list. Then beside each one, put an “A”,
“B”, or “C”, with “A” being the most important. Then rank each “A” as A1, A2, A3, etc. Try to have no more than four things on your “A” list. Now, the real key: since you’ve determined that the “A” list items are the most important, do A1 first, A2, second, A3 third, etc....and don’t do “B” and “C” things ’till the “A” list is done! If you only get your “A” list done, you’re way ahead of your “no list” competitors!

Making a “to do” list and following it as closely as you practically can. It’s the proven habit that helps you achieve your personal and bank goals. If you’d like more no cost, no obligation thoughts on “to do”
AND “to delegate” lists, call me at 615-477-2420, or contact me through our website.

Banking Moments of Truth, Session 5

2011-03-07T07:42:00.000-08:00

Moments of Truth...small things which can have a large impact, positively or negatively. We’ve already overviewed four of them, and today we’ll add a fifth one to our brief discussions.

Someone calls you on the phone, but you’re in a meeting, with a customer, out of the office, or tied up in some way. They leave a number with someone in your office, or on your voicemail, for you to call them back. They don’t know how busy you are, that the bank examiners are in the bank, that tomorrow is Board meeting day...or whatever. They just want you to call them back. He or she may logically realize that you’re busy, but emotionally to the person leaving a call back number, calling them back is the most important thing you have to do today!

So what do you do if the whole day has rushed by and its time to go home and you have a stack of calls to return? You know the answer. Perhaps its a quick call to thank them for calling, and setting up a time for a longer time to talk, or calling and leaving a message that you’ve been tied up all day but that you’ll call them back in the morning. Then making a note to yourself to call them back in the morning....and calling them back the next morning.

I could go on and on, but the message is clear: never leave for the day without at least making an attempt to call back everyone who has left a message for you to call. Will you always be able to do that? Probably not. But openly and honestly trying your best to do that puts you way ahead of most of the competition with this important Moment of Truth.

Banking Moments of Truth, Session 4

2011-02-24T16:17:00.000-08:00

Today we’ll briefly discuss another Moment of Truth...those small things which can have a large effect, positively or negatively, on our customers and potential customers. Today’s subject revolves around defining and practicing what I refer to as “Cross-Serving”, instead of “Cross-Selling.” I’ll only briefly overview it here, but if you’d like to discuss it in more depth at no cost or obligation, e-mail me or contact me by phone at your convenience. I’ll be delighted to help.

Cross-Serving represents an attitude centered around helping the customer or prospect. Cross-Selling in banking is focusing on products and services the bank wants to sell more than focusing on what the customer or prospect really wants or needs! There is a huge difference. When we and our staffs remember to ask ourselves, “What services do we offer that would really benefit (customer or prospect name)”, we’ve taken the right first step. Step 2 is a simple check of CIF to brief us on the services, if any, the person currently has with our bank. CIF also logically clues us to many services the person doesn’t have with us.

Cross-Serving is not bank focused. It is customer focused. And, the customer or prospect can tell the difference instantly! It’s the difference between trying to force a drink of water on someone, and asking a thirsty person in the desert if they’d like a cold drink of water!

Cross-Serving. Something you and your staff can learn to do that the customer or prospect will genuinely appreciate.

Banking Moments of Truth, Session 3

2011-02-17T09:04:00.000-08:00

This session on banking Moments of Truth briefly overviews one element under the broad heading of, “ Listening.” In future sessions we’ll overview other subjects under this heading.

In many banks the group in banking that management least tends to solicit input from, and listen to, is its tellers and CSR’s. These key staffers often see and talk with more customers daily than management sees and talks with in a week or a month. Plus, customers tend to open up to tellers and CSR’s about their likes and dislikes more than they tend to open up to management. As we recommend programs to banks to not only train their tellers and CSR’s, but also to actively seek their input, we occasionally get comments from management that focused efforts to seek teller and CSR comments would only end up in “ gripe” sessions!

In working with tellers and CSR’s for years, we can emphatically say that nothing could be further from the truth! As a group, tellers and CSR’s are dedicated to the bank and helping it succeed , and giving them opportunities to input is sincerely appreciated and effective for the bank. You may be able to initiate and develop these programs on your own, but if you need help, get it from us or from someone else you know can help. Soliciting input from your tellers and CSR’s. It’s a listening Moment of Truth that is much too important to delay acting upon!

Banking Moments of Truth, Session 2

2011-02-07T20:34:00.000-08:00

Moments of Truth. Moments which may seem like small moments, but which can positively or negatively influence big decisions. In my last message I briefly referenced a Moment of Truth that happened to my wife and myself at a restaurant. Today I’ll throw out another Moment of Truth in the first of a series of Moments of Truth which happen every day in banking.

Someone calls the bank or a department in the bank, and asks to speak to (name). The telephone response from some bank employees is to simply ask, “Who’s calling?” What does that response mean to the customer or prospect calling the bank? Research tells us that many people have little or no positive or negative response. It also tells us that more than a small percentage of callers have the mental response that, “ If I’m the right person calling, I’ll get to speak to (name), if I’m not, I won’t get to speak to him/her.” Should the caller have that somewhat negative reaction to the bank staffer’s response? Probably not. Do many of them have it? Absolutely! It’s a Moment of Truth.

So what should the telephone responder say when the caller asks to speak to someone. Research tells us that the simple response, “ May I tell (name) who’s calling?”rarely evokes a negative response, and often evokes a positive one. It’s simple, it’s easy, and it’s a positive Moment of Truth.

Banking Moments of Truth

2011-02-02T14:58:00.000-08:00

In banking, we deal with all sorts of regulations, policies, procedures, and systems. Some of these we can manage and control, others we cannot. Dealing with complex banking challenges tends to make us overlook simple things we can more easily control that are very important. In these brief comments, I’ll overview a subject, and in subsequent comments, I’ll develop it with specifics.

What are “Moments of Truth?” They are things which may seem small, but things which influence big decisions. To illustrate, I’ll start with an example away from banking. Several months ago after a Sunday morning church service, my wife and I went to a nice local restaurant for lunch. When we went inside, the hostess, with an expression on her face that said we were interrupting, looked up and said, “We don’t open for lunch for ten minutes.” We sat down in the waiting area, but we didn’t feel as welcome as we should have felt.

Perhaps the hostess felt bad. Or was rushed. Or whatever. But whatever her problem was, it should have been put aside when we came in. How much more welcome would we have felt if she had said something like, “Thanks for coming in. We open for lunch in about 10 minutes, but if you’ll have a seat in our waiting area, we’ll seat you as quickly as possible.” She might even have offered us a cup of coffee. It was a “ Moment of Truth “ opportunity that should have been handled better.

Banking “Moments of Truth.” We’ll be covering them in the next few messages.

To Quota or Not To Quota?

2011-01-20T19:00:00.000-08:00

Today I was working on some updated guidelines for a bank's out-of-the-bank sales calling and contacting program. This client bank, an excellent bank and one of the best managed and top performing banks in his state and region, still faces the challenges many banks face of maintaining a constant, consistent, and effective sales contacting presence in the community.

Why is that? Is it time...or the need for better time management by his staff...or the need to set calling and contacting quotas....or something else? It could be one or more of these, or the challenge could be there for a variety of other reasons. In this particular bank's case, the CEO has wisely taken the time to really look closely at his staff to ascertain the things his particular staff needs to do to achieve the results his bank wants. And the bottom line is that it is really beginning to work! We are privileged to work with him and his staff in this effort.

How closely are you examining your staff to determine the specific things it needs to do in your calling and other efforts? Every bank, every staff is as unique as a fingerprint. There are no canned solutions. But the solutions are there to be found, and those solutions may be solutions that are unique to your bank. That's one of the exciting challenges banks face. And the solutions are even more exciting than the challenges! It may be to use quotas...it may not. But whatever it is, if its right for your bank, the desired results will likely follow.....

Back to the Basics

2011-01-08T13:57:00.000-08:00

I just got back from watching a grandson play a hard fought basketball game. His team trailed until late in the third quarter before going back to basic teamwork to pull together, finish strong, and win.

That’s what we have to do in banking today. All the new federal regulations and a stagnant economy can keep us frustrated and ineffective unless we go back to fundamentals and focused team effort. Are we really planning and setting goals in key areas, or are we free wheeling right now? Are we doing everything we can to serve, develop, and solidify our customer base? Are we re-emphasizing customer service and customer service training? Are we identifying and working on those “moments of truth" that happen every day when we deal with customers and folks who are "not-yet" customers? Are we pulling together as a team, focusing on the fundamentals, to win?

In 2011, lots of banks will struggle, lots will have great years. That’s the way it has always been. Which bank will you be? The choice really is yours! Go back to the basics and get rid of any “woe is me" attitude that our economy and regulations may have brought to the surface. 2011. It can be a great year for your bank. It’s your choice.

It's Time To Get Our Pride Back

2010-07-20T15:33:00.000-07:00

I especially enjoy the Summer months, especially since my wife and bought a house with a beautiful swimming pool seven years ago. This time of year, when I've been really busy, or travelling a lot to see clients, or just need to think, I often grab my favorite float and just float around the pool, mentally solving all the world's problems!!! On the 4th of July we had our kids and grand kids over, and amidst the family fun, food and festivities, we had the chance to reflect on the pride we all need to have in our great country. We may have our problems, but there has never been a country as great as this one, or a country that has helped so many other countries across the world!

Last night in the pool, I was thinking about our banking industry, and the pride we should have in that too. As I work with our client banks and talk to customers across the country, I find that most people don't buy the news media doom and gloom coverage of " the banks", and I find that the vast majority of people still highly respect their banks and bankers. And for good cause. I rarely meet a banker that is not committed to the service and services that help his/her customers and communities! Providing strong financial services has always been a key to our nation's success, and that's not going to change. Take pride in what you do, who you serve, and how much you help people. That's a healthy pride, a pride you've earned!!!!

Steady, Not Spectaclar, Gets It Done!

2010-06-23T07:30:00.000-07:00

This past week-end, I was glued to my flat screen TV watching the greatest golfers in the world at the US Open Golf Championships at California's fabled Pebble Beach course. The views were spectacular, the course challenging and difficult.

Its often been said that sports represent a microcosm of life. I think there is certainly some truth to that. I've observed that week-to-week on the regular courses the PGA plays, the winning score is often 10, 15, or 20 under par. Spectacular scoring! The courses are not set up to be as difficult as the US Open courses are set up to be. At the Open course every year, the course is so difficult that par or over often wins. Par won this past week-end when Northern Ireland's Graeme McDowell won, shooting a final round with only one spectaclar hole, but avoiding the disasters that hit every other leading contender as they tried for the spectacular!

What does that say to us about life? Two simple things: One, the more difficult the circumstances...like an on going tough economy and rapidly changing regulations...the more bankers need to focus on fundamentals like great customer service, sound lending, and time honored banking practices. Its not the time to go for the spectacular " birdies " of life, that can lead to the bogies, double-bogies, and " others ." And, its the time to make sure our people understand and buy into that! Stay steady, and make the birdies when clear opportunities arise. Think about it!

2010-04-26T06:39:00.000-07:00

Challenging Times, Exciting Opportunities

Yesterday my wife and I enjoyed a great day at the National Cornbread Festival in South Pittsburg, Tennessee! For those who haven't heard of it, it's a family fun event event, with a daily admissions price of only $ 3, in a beautiful small community not far from Chattanooga where thousands ( some say as many as 40,000 to 5o,000) of folks gather every year on the last week-end in April to create, sample, and enjoy every conceivable recipe of cornbread food delicasy!

Early & Company is privileged to have a bank client with an office in South Pittsburg, and while this photography nut was snapping shots of their food area with folks lined up to get the bank's secret recipe " Patsy's Cornbread Salad", crowds were shopping for local crafts, the mobile lady on stilts was towering above the crowds, a cornbread recipe cooking contest between local bank CEO's raising money for a children's charity was drawing attention, and lots of other fun stuff was happening, I thought about the cross section of folks there. Folks, who in spite of challenging times and economic uncertainties, were excited. Whatever our challenges in America, we are resilient and we overcome. If you ever doubt that, just get out to events across our country, to the Saturday baseball and soccer games with cheering families and fans, to people living in the now, looking to the future! As you work and plan in your banks today, take a moment or two to reflect on the many privileges and opportunities we have to serve and grow our banks. And think of the opportunites! They're waiting for each of us!

2010-03-24T08:30:00.000-07:00

It's A Time Of Change, A Time For Daily Analysis

With the passage of the Health Care bill, this has been a week of significant change for our country, whether you're pro or con on the health care subject. As bankers, we not only have the challenge of anticipatating how the new law with its many components will personally affect us and our families, we must also study everything we can to evaluate how our customers, and thus our banks, will be affected. Couple that with the uncertainties of changes to our banking fee structures and other inpending changes, and its a bit complicated in the banking industry at this time.

Change. Never comfortable. Always challenging. Maybe we don't get paid " the big bucks " we'd like to get paid to handle change, but addressing change and managing change is why we all get paid. Change is occurring all across our society at a faster pace than ever before. The real question is, will we address it openly, honestly, and consistently, or will we throw up our hands in frustration! As I told one of my young associates recently when she was a bit frustrated, " if it was easy, anybody could do it"!

But...the opportunities we are now facing are as exciting as the challenges we are facing. How will you address them? We hope with optimism, input from associates, personal study and research, and the realization that opportunities abound for those who seek them out!!!

2010-02-19T07:27:00.000-08:00

Change is tough! But ignoring change and burying our heads in the sand only sticks our rear ends in the air!!!

This week I spent some time with a bank senior management group reflecting on many events of the past 18-24 months. Just three I'll mention briefly could lead every bank into lengthy discussions: 1. The raise in FDIC coverage from $ 100,000 to $ 250, 000, and the public's knowledge/lack of knowledge of the raise , 2. The consistent and mainly negative media coverage of " the banks ", and their supposed " unwillingness " to make loans, and the failures of some financial institutions, and 3. The changes, and anticipated changes, in regulatory reqirements for financial institutions.

Regarding FDIC coverage, much research, including what Early & Company has done, has shown that the majority of Americans are still unaware of the change! Banks need to address this, each in ways that are specific and effective to the public (s) in their specific markets.

The old adage, " All generalities are false, including this one" certainly applies to " the banks" media coverage. Knowing the dangers of generalities, I'll make this statement anyway:
A major focus NOW for banks...the vast majority of whom are sound and committed to lending and to serving their markets... should be to develop, implement, and change as needed, specific plans and actions for their specific institutions in this envirionment. We all tend to complicate banking way too much. Banking is basically two functions: Performance and Perception! Banks must consistently and effectively address both for long term success.

Regulatory changes. Some are needed, many are not. Change is inevitable, but how we react to change is our choice. Burying our heads in the sand only sticks our rear ends in the air!
Plan. Get whatever help you need. And implement. And change what you can control that needs to be changed. For the banks who do that, odds are great that 2010 will be a GREAT year!

Quote of the day: "In every adversity lies the seed of an equal or greater benefit."

2010-01-31T08:36:00.000-08:00

In my hometown, we don't get much snow. Usually 1-3 inches per year. Well...this week we got about twice that much, and a bit of ice, in one afternoon and evening. Yesterday morning I got out in the snowy beauty and watched the delight in my 6 year old grandson's eyes as he sledded his way down the street!

As I work with banks and bankers across the country, I see a light in some eyes, and I see a look of resignment in the eyes of others. Sure these are challenging times. Sure the national media is daily slamming " the banks ", and sure we have to work harder and smarter now than ever before. But...these times offer banks our greatest opportunity in years to separate ourselves from ordinary and poor performing banks. It's attitude. It's commitment to developing and maintaining a culture of service and high performance. To quote a book title that summarizes, " It takes so little to be above average"!

Is the light still in your eyes? Are you excited about the challenges of today and tomorrow? It's in your hands...

Quote of the day: " Successful leaders see the opportunities in every difficulty, rather than the difficulty in every opportunity." -Reed Markham