Foundations - Midwest Retail Banking MagicThe Challenge: A major national bank was launching retail operations in the Midwest, their first entry into this consumer market. They had 21% name recognition, no retail expertise in the regional staff, nor any regional processing capabilities. The first stage of their rapid deployment schedule called for opening 60 branches during 12 months in grocery stores - a new and unproven concept with Midwestern banking consumers. Solutions: Key to this aggressive startup was a clear, focused strategy and building a committed, dynamic team that could inspire, motivate and adapt quickly when barriers were encountered. The business model stressed retail sales and customer service behavior rather than the traditional banking transaction processing mindset. Bright, aggressive, energetic leaders and associates were hired through a variety of innovative methods given the quality and volume of team members required. The vision, values, organization structure and policies were created to decentralize authority and empower customer service innovations. Employee involvement during the growth of the organization strengthened their ownership in, and the success of, the business. Sales behaviors and results were driven by specially focused compensation, incentive, training, performance management and recognition systems. Sales results and successful campaigns were communicated at area and regional rallies and in newsletters to encourage replication of success. Communication was a cornerstone for sustaining success - information needed to flow out and great ideas rise up for implementation. An extensive communication plan outlined expectations, ensuring senior leaders kept informed and visible, while employees had the opportunity to contribute to the evolution of their company. Results: The 60 branches opened on time and within budget, employing over 900 associates; continued deployment of branches was approved. Within 2 months each store was averaging 240 new accounts per month, deposits over $1.6 million and loan balances over $.7 million. Employee turnover rates were 26%, well below the national average of 43%.Contact us to learn how we can produce results for you
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