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5 Key 2022 Planning Strategies

As the calendar has now rolled into October, you undoubtedly have been called into the first of several meetings to discuss your strategies and goals for next year.  

It’s planning and budget season. 

How will you gain more members/customers and grow relationships with existing ones next year? Well, now’s the time to answer these questions.   

Growth-minded credit union and community bank leaders need to make vital decisions to propel business growth in 2022 and an effective plan takes into account the changing nature of banking.   

Our team, here at LEVEL5, lives and breathes financial institution growth every day, so we’re sharing our 5 key 2022 planning strategies for credit unions and community banks.   

#1 Analyze Your Branch Network    

Before you can begin to think about organic growth with net new customers in net new areas, you need to ensure the current branches and the customers they serve are performing. 

Initially, you must to take a holistic assessment of your entire branch network.  

Do you have a current and accurate understanding of loan and deposit performances per branch 

Which demographics make up your clientele at each branch and have they changed?  

Do you have the right number of branches within a certain market to benefit from the network effect?  

And most importantly, which branches are performing at forecast, and which ones are not? 

Knowing what you’re working with is the foundation for making correct growth decisions for next year. In order to know, your finger needs to be on the heartbeat of the entire organization 

#2 Optimize Your Branch Network   

Once you’ve captured a clear picture of your network, it’s time for action.   

While some branches may be thriving, others may not be performing. In order to optimize, it may be crucial to consider closing or relocating them before they can take more toll on your financial health than they already have.    

It’s best to get ahead of loss by data-driven analysis to determine what needs to be done. Once a non-performing branch is closed, you can move those resources into a new branch that will turn positive numbers within a healthier market.   

Identify geographic markets where your optimal demographic is growing. With the right branch in the right place, you’re armed to expand your network in an impactful way. Informed consulting services tell you which branches to close, keep, remodel, and/or relocate.   

#3 Boost the Retail Experience   

Branches are still at the forefront of customer engagement and retention, but due in part to digital channels, their role has become less transactional and more about onboarding and advisory sessions.   

The Financial Brand publication notes that bolstering a credit union or local bank standing as a trusted advisory community institution helps to keep them competitive against mega retail banks. From our experience, we couldn’t agree more.    

Therefore, the branch should be where new customers come to open accounts and clientele visit to seek advice from a real person, making the functional experience of your spaces paramountAfter all, the effort you put into your environment speaks to the effort you’ll put into your banking relationships.  

All great branches should include at a minimum:  

  • An inviting entrance, opening into a welcoming space that facilitates trust with staff  
  • High quality branding, amenities, and materials in line with your organization’s culture  
  • Informal advisory areas 
  • Private advisory areas   
  • Comfortable furniture  
  • Well-lighted spaces    

Our ReFi program helps you assess clientele experience in your current branches with actionable ways to remodelre-inventing an inviting and engaging branch experience.    

#4 Secure Your Budget   

Planning is key, but it’s all backed up by the ability to properly secure funds for future projects.  

Make sure to properly communicate all future fund needs to all stakeholders and decision-makers. In addition, make them aware of the purpose behind each project so proper decisions can be made now and no surprises pop-up later on.    

A well-defined plan, with actionable and attainable goals will be the projects awarded the proper funds for execution.  

#5 Prepare An Employee Training Plan  

Ensure your tellers and bankers on the ground are up-to-speed on the ultimate purpose of the branch. They need to know that they’re on the front lines of fostering relationships and growth.   

While critical functions such as onboarding, executing transactions and product cross-selling are key to any in-branch function, there is always a gap in the training where a newly built (or remodeled) branch and its core strategic function are lost on the staff that occupy it.  

Ensure that your branch staff not only know how to perform the duties defined in their job descriptions, but also how to do it in the space you’ve planned and built.  

To learn more about the 5 key strategies outlined above and how LEVEL5 can assist you with your strategic assessments and branch build projects, Contact Us today. We’re ready to help you meet your 2022 goals.   

The #1 Hidden Key to Your Reopening

The phrase “New Normal” is getting thrown around a lot today. In the wake of the pandemic, things are undeniably different, even though we are all collectively pining for things to go back to the way they were.

For Retail Bankers who have now opened branches back up, things are inevitably different. The branch may look the same. The people may be the same smiling faces that were there before the shutdown. But we can’t ignore that there has been a major change.

Sanitization stations are readily available, shields are acting as a transparent barrier to our conversations, and policies are different.

Back during the shutdown, many meetings were had as to what “New Normal” branching will look like. While this is still unfolding in front of us, new policies have been in place to ensure the safest environments possible.

Policy documents were drawn up, bank managers were briefed, who in turn had team huddle ups – then, boom, the gates were lifted and we were back in business.

Yet, it’s not really that easy, is it?

To properly enact your new policies, you must train the staff. This is not as easy as mandating policies in a pre-opening huddle-up, or distributing a flyer. It would be nice if it was – it’s just not.

We talk quite a bit about training when it comes to Branch Transformation. In our “PLACES!” training, the key to a successful branch opening is ensuring that the frontline staff understand the space in which they are now working. This includes the flow, the procedures, and the customer service objectives.

While re-opening your branch likely has not seen structural changes just yet, policies and procedures are different. They must be exercised, repeated, and coached.

Think about the training that is needed to reinforce these new policies. Speak to them, quiz them, and most importantly, make them act it all out. Repeat this until you feel the branch staff knows exactly how and what to do.

So, among the many things on your plate, you must ensure that proper training is enacted as we are now operating branches in this “New Normal.”

What Retail Bankers Can Learn From The Recent Target News

Target’s “Modernization” is Basically “Branch Transformation” for Big Box

In news that broke last week (https://www.insider.com/targets-modernization-plan-has-backfired-workers-say-2019-10), it seems that many Target employees have not been happy about the new “Modernization” effort that the Big Box retailer has been implementing.

This is newsworthy for Retail Bankers who are struggling through or at least considering a Branch Transformation effort of their own. Nobody ever said that transformation is easy, but it’s often the right thing. And doing the right thing can be challenging, to say the least.

You see, Target’s “Modernization” effort is really a Big Box version of retail banking’s “Branch Transformation” efforts with two main anchor points: 1) a new design model, which, 2) allows for a better environment in which employees are better suited to sell (or at least consult).

If you’ve spoken to us lately, or attended our recent speaking engagements, LEVEL5 has been actively discussing Target’s revitalization – an effort to bring better shopping experiences to their customers. While the Business Insider article primarily talks about employee complaints regarding backrooms and stocking procedures, the takeaways here for Retail Bankers should be this:

Change Is Disruptive

People just don’t like change. You can only move someone’s cheese so much before they revolt. If you read between the lines and understand what Target is trying to do, it actually makes sense. Trader Joes, for example, has utilized their store staff as both stockers and sellers for a long time. It has been well documented how these “universal associates” are omni-present, not only making sure the shelves are full of product and aesthetically pleasing, but also making sure to answer any questions shoppers may have.

Training Guides Only Get You Halfway There

It does make sense to have a training guide, documenting the reasoning, end goal, and tactical elements to get Target through “Modernization.” But training guides are just that – guides. It’s black ink on white paper and undoubtedly some pretty pictures. At the time of this article, LEVEL5 has not seen the guide, but we know a thing or two about transforming branches and have developed our fair share of guides, but they are meant to be a visual aid to the real transitioning element – training.

People Training Completes the Mission

If you were given the definitive guide to Fly Fishing, had the best gear in the world and put in the middle of the the most productive stream running through Yellowstone, but you were not trained on casting, tying knots, or setting the hook, how many trout do you think you’d catch?

Being shown how to do something in a real world setting is key. Not only does it allow the tips to be put in action, but you can iron out the wrinkles with “practice makes perfect,” and allay any fears about the unknown.

We have executed countless training sessions with our PLACES! program, that not only speak to a Branch Transformation project including Universal Tellers, but also teach a branch staff how to effectively and accurately utilize new cash equipment, even the likes of Digital Signage.

I have no doubt that in the coming months, Target will figure this out. The new “Modernization” will be spoken of highly with better sales and happier employees (and customers) a part of it.

But change is tough and it needs to be handled delicately. If you’d like to learn more about the LEVEL5 PLACES! training program, contact us today.

PLACES! TRAINING

PLACES! is designed around a theatrical theme. As in a theater production, everyone in the “cast” or your organization has a place, whether it is onstage out in front or back stage behind the scenes. No matter the role, everyone must know their lines and be ready to make a vital contribution as part of your cast and crew.

Numerous clients have taken advantage of PLACES! training, introducing their employees to a program that promotes the importance of maintaining a consistent brand throughout the branch system and entire organization. This training program is for organizations who want to incorporate a Service and Sales culture from top to bottom. Outcomes are most effective when participation includes all levels, ranging from front line to back office. Inclusion of senior management and involvement of board members helps accelerate the evolution of the desired changes in culture.

An initial phase of the PLACES! Training includes an on-line communications assessment that helps employees and management to improve their lines of communication both internally and externally. Next, a gap analysis is conducted early in the process to determine the organization’s current state and desired end-state. The PLACES! training is customized to address the organization’s gap analysis, resulting in a tailored training curriculum that works to both close the gap and raise the bar.

Benefits of the PLACES! training include:

  • More effective lines of communication
  • Better understanding of the organization’s purpose in the community
  • Improved recognition of the needs of the customer base
  • Connection of customer needs to relevant products and services
  • Improved relationships internally and externally
  • Increased coaching skills
  • Better accountability to sustain desired behaviors

PLACES! offers a flexible 3- to 12-month modular certificate program with interactive and engaging sessions led by a master facilitator. Video taping of communication skills and ongoing individual skills assessment are interwoven into personal development plans which reinforce performance reviews, scorecards and annual goal setting.

The goal is for your organization to distinguish itself in the marketplace just as LEVEL5’s goal is to be unique with its full-service offerings to its clients.

Ask to speak with a LEVEL5 PLACES! Client today…

PROFESSIONAL DEVELOPMENT OFFERINGS

Computer-Based Training via Webinar

Each Webinar is topic-specific. Included in the investment are:

  • A toll free call in number in advance of each Webinar
  • A master “learning guide” suitable for reproduction in advance of each Webinar
  • Professional facilitation of each Webinar
  • An audio reinforcement (in an MP3 format) after each Webinar

A select list of Webinar topics include

Sales Productivity Topics Management Effectiveness Topics
Acquiring New Customers Coaching for Optimal Performance
Addressing Sales Objections Managing for Results
Building Rapport Managing/Motivating your Employees
Influencing versus Selling Managing your Outside Sales Rep
Making Time Work for You Setting Clear Goals/Expectations
Outsmarting your Competition Techniques of World Class Managers
Proven Prospecting Techniques The Five Fatal Flaws of Management
Referrals = Success The 5 “P’s” of an Effective Leader
Sales Conversations vs. Presentations
The Secrets to Cross-Selling

Two-hour, Lunch & Learns

Each Lunch & Learn is topic-specific. Included in the investment are:

  • A presentation PPT used to facilitate each Lunch & Learn
  • A master “learning guide” suitable for reproduction in advance of each Lunch & Learn
  • Professional facilitation of each Lunch & Learn

A select list of Lunch & Learn topics includes:

  • The Keys to Mining your Existing Book of Business
  • Secrets to Outsmarting your Competition
  • How to Plan your Day…Work your Plan!
  • Effective Sales Conversations with Business Owners/Executives
  • Proven Prospecting Techniques
  • Selling to Different Buying Behaviors

Half-day Seminar

Introduction to the Productive Selling Zone® for Commercial Banking

Included in the investment are:

  • A presentation PPT used to facilitate the seminar
  • A master “learning guide” suitable for reproduction in advance of the seminar
  • Professional facilitation of the seminar
  • Written documentation at the conclusion of the seminar inclusive of chart notes and action steps for a successful integration of what was taught.
  • At the conclusion of the seminar attendees will create a Personal Call-to-Action based upon what they learned during the seminar

One-day Workshop

Creating a Productive Selling Zone® for Commercial Banking

Included in the investment are:

  • A presentation PPT used to facilitate each Lunch & Learn
  • A master “learning guide” suitable for reproduction in advance of each Lunch & Learn
  • Professional facilitation of each Lunch & Learn
  • Written documentation at the conclusion of the workshop inclusive of chart notes and action steps for a successful integration of what was taught.
  • At the conclusion of the seminar attendees will create a Personal Call-to-Action based upon what they learned during the workshop

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