Developing an Effective Bank Strategy From the Ground Up
Bank strategy best practices point to a three-pronged approach to achieve success. Within any type of retail bank, the business must focus on the customer’s needs and the company’s goals. Yet developing an effective strategy must focus on best practices, as well.
A key component of any bank strategy is to develop the proper branch-level goals within your organization. Analyze the difference in sales performance across all branches and define factors that are out of the branch’s control, such as location and competition. Next, develop smart, attainable goals within the organization, such as:
- Identify employee-related concerns (e.g., improper engagement or needed coaching)
- Analyze the best branches to learn what those locations are doing differently to achieve better results and implement those practices in struggling areas
- Ensure employees are using every possible customer touchpoint effectively
Branch staffing optimization
The evaluation of branch staffing to achieve goals is critical. Though technology can help, this practice is not just about managing employee hours and cutting benefits packages. Rather, it is the effective management of key employees who have the sales and service skills necessary to help create a long-term relationship within the organization. Staffing models also must focus on redesigning current jobs so that compensation and recognition programs focus on achievements. Optimizing branch staffing to achieve business goals is a critical component to success within the organization.
Making the move
There must be additional focus on making decisions regarding expansion, exiting the market and consolidating numerous locations. Data is the key component of decision making in these areas, and Equifax can help.
We can use proprietary market data and industry expertise to analyze the performance of any location within a specified market. The information can then help position the company to make key decisions based on this intelligence. By benchmarking the data across the industry, Equifax aids retail banks in making informed decisions in this area.
Equifax Retail Banking Solutions assist in the decision-making process to ensure all bank strategy best practices are met. Building customer relationships, increasing market share and strategic planning of business models enable retail banks to succeed.