The Business Side of Banking

31 August, 2012 (21:22) | Blog | By: admin

By: Alan Buhler

The business side of banking is to generate shareholder value (for your members or your investors). Improved client profitability drives the revenue that increases value. One way to improve overall profitability is to reduce costs. Another way is to keep your existing profitable clients from leaving and at the same time, cross-sell new products and services to those existing clients. Many studies show that it costs about 133% less to keep, or cross-sell to, existing clients than it costs to obtain brand new clients—that clearly drives profitability.

Be sure to invest the time and resources in your CRM/sales tracking automation solution as part of your total client retention strategy. Your commitment to client loyalty will in turn, help you gain an important competitive edge in the markets you serve. One of the prime keys to developing and nurturing any banking relationship is your onboarding strategy and the appropriate frequency of interaction. Sustaining and growing your relationships with your clients requires continual monitoring and management. This, of course, is a significant value of CRM/sales tracking automation software. It is, quite simply, the tool that gives you the ability to implement and track a systematic process of regularly keeping in touch with your clients.

CoreTrac’s ResourceOne allows community financial institutions to efficiently recommend more of their products and services (especially the right products and services) to potential and existing clients while reducing their overall client service costs. Increased referrals and cross-selling, better pipeline management, targeted marketing, exceptional service, goal-based behavior enhancements that drive toward strategic outcomes are all measurable benefits of implementing a CRM/sales tracking automation solution. Elevating your team’s performance and enhancing growth in the communities you serve… it’s the business of banking!

Alan Buhler is Executive Vice President at CoreTrac, Inc. He can be reached at abuhler@CoreTrac.com or (512) 236-9120 ext. 272.

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