The Competitive Edge for Credit Unions

Performance Improvement Tip

Reach Out to Members and Advance your Connections

Smart companies know that simply developing a better product and providing quality service may no longer be enough. The most forward-thinking companies deliver great service along with their products and work to build relationships that will endure over many years.

Making effective phone calls to confirm follow-up meetings can help you build these kinds of relationships and deepen the connection members have with your organization.

Make follow-up phone calls to:

• Ensure the member has chosen the right product and is satisfied with it - usually within 2-3 weeks after the account is opened.
• Expand the relationship and secure more products per household within 90 days after the member joins the credit union or opens a new account.
• Impress members with your desire to serve and to help them be more proactive about their overall financial needs.

Learn more about improving your credit union's performance ...

Featured Paper

Leading People Through Change
An Omega Performance resource to help you improve business.

Available for download now is our essential guide for building your change resilience, coaching your people to commitment, and increasing business results.

Download now ...

Come See Omega

Business Lending and Other Business Services Conference
Williamsburg, VA
July 14, 2008
Topic: Building Successful Commercial Lending Strategies
Speaker: Dr. Jerry Crigger, Senior Consultant, Credit and Risk

Quick Links

Our Website | Events | Omega News | About Us | Complimentary Resources

The Competitive Edge for Banks

Credit

Using a Real Estate Lending Strategy (Part 4 of 4)

A step-by-step approach to real estate lending that covers assessing the borrower, assessing the market and property, analyzing repayment, and documenting and managing the loan can help your bank:

• Improve new underwriting for commercial real estate transactions,
  
• Enhance existing portfolio administration of commercial real estate loans,
  
• Reduce problem assets, and
  
• Shorten the turnaround time for commercial real estate requests due increased underwriting efficiency and better decision-making.

As with commercial loans, there can often be a significant level of negotiation of loan structure and monitoring. When Documenting and Managing the Loan, keep these two questions in mind:

1. What are the appropriate pricing, facility, covenants, and documents necessary to close this loan?
   
2. What administrative controls are needed to monitor this loan?
   

Learn more about improving credit performance ...

Sales & Service

Ask Open Questions to Get Customers Talking

Expressing a sincere desire to help a customer and starting a dialogue that explores his/her immediate need is a great way to begin building customer connections that result in exceptional customer experiences.

Here are a few open questions you can use to get a customer talking:

• Tell me more about what you're looking for.
  
• How will you use this account?
  
• What's important to you in an account like this?
  
• What similar accounts do you have elsewhere that might affect your decision about this one?
  
• What other checking and savings needs might you have in the next year or so that might affect your choice of account now?

Learn more about improving sales and service performance ...

Leadership

Coaching Through Change

Coaching through organizational change relies on powerful questioning strategies to help an employee move through the personal steps of change by self-discovery -- one of the key tenets to coaching.

Powerful questioning strategies that align coaching with the internal change process help employees to:

• Become aware,
  
• Analyze the situation,
  
• Choose to act, and
  
• Take action.

Effective coaching helps employees rise above themselves to see the impact the change has on customers, the team, and ultimately your organization.

Learn more about improving leadership performance ...

Featured Papers

A New Era in Retail Financial Services

Get your complimentary copy of Omega's guide to harnessing the profit potential in creating, advancing, and sustaining customer connections.
Download Now

Leading People Through Change

Available for download now is Omega's essential guide for building your change resilience, coaching your people to commitment, and increasing business results.
Download Now

Diagnosis: Cash-Ache
Analyzing Business Borrowing Causes

See a key element of Omega's acclaimed Decision Strategy in action and gain insight into how to reduce analysis time, improve underwriting quality, and build more rewarding customer relationships in this complimentary eBook.
Download Now

Webcast Replays ...

Corporate Finance:
Viewing Investment Decisions Through Your Customers' Eyes

Originally aired May 15, 2008
More information and to register

The Profit Potential in Creating, Advancing, and Sustaining Customer Connections

Originallly aired March 25, 2008
More information and to download

Unraveling the Mysteries of K-1s and Pass-Throughs:
The Secret to Understanding U.S. Personal Tax Returns

Originallly aired April 15, 2008
More information and to download

Quick Links ...

Our Website | Events | Omega News | About Us | Complimentary Resources

The Competitive Edge for Community Banks

Performance Improvement Tip

Create and Implement Service Standards

Much of the research on customer service in financial institutions tells us that customers choose their provider based more their feelings about the organization rather than on any of the products or services it offers.

Customers want their bank to make them feel comfortable and to show an interest in them as an individual. Critical to maintaining a comfortable experience for customers is your bank's ability to consistently and expertly deliver excellent service.

Establishing service standards and using them as a guideline can help employees deliver a consistent and professional experience to customers during every interaction.

Remember though that service standards are the baseline for performance - what customers count on in every interaction. Memorable service goes beyond the baseline standards you create.

Learn more about improving community bank performance ...

Featured Papers

A New Era in Retail Financial Services

Available for download now is Omega Performance's guide to harnessing the profit potential in creating, advancing, and sustaining customer connections.

Get your complimentary copy now ...

Leading People Through Change

Available for download now is Omega's essential guide for building your change resilience, coaching your people to commitment, and increasing business results.

Download Now

Webcast Replays

Corporate Finance: Viewing Investment Decisions through your Customers' Eyes

Originally aired May 15, 2008
More information and to download

The Profit Potential in Creating, Advancing, and Sustaining Customer Connections

Originallly aired March 25, 2008
More information and to download

Unraveling the Mysteries of K-1s and Pass-Throughs: The Secret to Understanding U.S. Personal Tax Returns

Originallly aired April 15, 2008
More information and to download

Quick Links

Our Website | Events | Omega News | About Us | Complimentary Resources

The Competitive Edge for Banks

Credit

Using a Real Estate Lending Strategy (Part 3 of 4)

A step-by-step approach to real estate lending that covers assessing the borrower, assessing the market and property, analyzing repayment, and documenting and managing the loan can help your bank:

• Improve new underwriting for commercial real estate transactions,
  
• Enhance existing portfolio administration of commercial real estate loans,
  
• Reduce problem assets, and
  
• Shorten the turnaround time for commercial real estate requests due increased underwriting efficiency and better decision-making.
  

When Analyzing Repayment, focus on these measures to determine cash flow and collateral value:

1. Loan to Cost - Does the budget cover all reasonable costs? Is the proportion of loan to cost reasonable? Is equity of sufficient size? Is it to be put up front? Is it cash equity?
   
2. Debt Service Coverage - Does the projected NOI provide coverage for the annual debt service? What is the trend for effective rents on the market?
   
3. Loan to Value - How was the value determined? Was the appraisal completed according to current standards? Does the collateral provide sufficient coverage for the loan?

Look for the fourth step, Documenting and Managing the Loan, next week.

Learn more about improving credit performance ...

Sales & Service

Deepening Customer Connections - 3 Ways to Succeed

The challenge for banks, as for any business in today's environment, is to remain competitive by creating a great customer experience with every customer, every time.

An important aspect of deepening those great initial customer experiences is following up effectively. You can build relationships with customers that will endure over many years by:

• Ensuring satisfaction - the only way to know that a customer is satisfied with a particular product is to follow up, usually within 2 to 3 weeks after the account has been opened.
  
• Expanding the relationship - the greatest opportunity to deepen customer connections and secure more products per household is to arrange a follow-up meeting within the first 90 days of becoming a customer or of opening a new account.
  
• Being proactive - follow up on any need cues in the first 90 days or the customer will be vulnerable to doing business with other financial organizations.
  

Learn more about improving sales and service performance ...

Leadership

Navigating Through Change? Here are the Realities.

Leading employees through a particular organizational change requires self-awareness and authenticity about where you as a leader are in your personal commitment to the change.

Sometimes you may not agree with a change and yet you must still help your employees deal with it constructively. Sometimes your manager may not be helpful in leading you through a change, but you still must help your employees through it.

Leading employees through change requires that you

• Inspire them to want to follow you and the organization in a whole new direction.
  
• First understand your employees and how they are reacting to the change before you can lead them anywhere new.
  
• Be authentic about how you are personally reacting at the same time you demonstrate support for the change.
  

Learn more about improving leadership performance ...

Featured Papers

A New Era in Retail Financial Services

Get your complimentary copy of Omega's guide to harnessing the profit potential in creating, advancing, and sustaining customer connections.
Download Now

Leading People Through Change

Available for download now is Omega's essential guide for building your change resilience, coaching your people to commitment, and increasing business results.
Download Now

Join Us Online for these Live Presentations

Webcast Replays ...

Corporate Finance:
Viewing Investment Decisions Through Your Customers' Eyes

Originally aired May 15, 2008
More information and to register

The Profit Potential in Creating, Advancing, and Sustaining Customer Connections

Originallly aired March 25, 2008
More information and to download

Unraveling the Mysteries of K-1s and Pass-Throughs:
The Secret to Understanding U.S. Personal Tax Returns

Originallly aired April 15, 2008
More information and to download

Quick Links ...

Our Website | Events | Omega News | About Us | Complimentary Resources

The Competitive Edge for Credit Unions

Performance Improvement Tip

Create Real and Genuine Member Experiences

Frontline staff are able to connect with members when they are professional and genuine. When staff:

1. Acknowledge the member immediately,
   
2. Stand, shake hands, smile, and make eye contact,
   
3. Introduce themselves,
   
4. Ask the member's name and use it,
   
5. Thank the member for coming and asking how they can help,

they convey a sense that they are genuinely glad to see the member and set the stage for delivering an outstanding member experience.

Learn more about improving your credit union's performance ...

Featured Paper

Leading People Through Change
An Omega Performance resource to help you improve business.

Available for download now is our essential guide for building your change resilience, coaching your people to commitment, and increasing business results.

Download now ...

Come See Omega

Business Lending and Other Business Services Conference
Williamsburg, VA
July 14, 2008
Topic: Building Successful Commercial Lending Strategies
Speaker: Dr. Jerry Crigger, Senior Consultant, Credit and Risk

Quick Links

Our Website | Events | Omega News | About Us | Complimentary Resources

The Competitive Edge for Banks

Credit

Using a Real Estate Lending Strategy (Part 2 of 4)

The commercial real estate market may be in better shape than the residential one plagued by subprime loan defaults, but loans to developers and investors are still at risk and banks could face hundreds of millions of dollars in losses as a result.

A step-by-step approach to real estate lending that covers assessing the borrower, assessing the market and property, analyzing repayment, and documenting and managing the loan can help lenders:

• Improve new underwriting for commercial real estate transactions,
  
• Enhance existing portfolio administration of commercial real estate loans,
  
• Reduce problem assets, and
  
• Shorten the turnaround time for commercial real estate requests due increased underwriting efficiency and better decision-making.

When assessing the market and property:

The borrower should be able to provide demographic information or a feasibility study to show support for a new project. Pre-leasing can also signal the level of demand for a new project. Existing properties can be assessed based on historical performance and market information on similar properties. Appraisals provide a lot of market data as well, but they are often not available until later in the process.

Look for the third step, Analyzing Repayment, next week.

Learn more about improving credit performance ...

Sales & Service

Scorecard Coaching Best Practices (Part 4 of 4)

Scorecard coaching (coaching direct reports to achieve outstanding and predictable results) is one of the primary responsibilities of managers at all levels in a customer-centric arena like sales and service. To have the greatest impact in scorecard coaching conversations, managers must master four specific coaching best practices, the fourth of which is:

Addressing Resistance

• Acknowledge the employee's concern
  
• Explore it with questions and listening
  
• Resolve the heart of the concern by providing information, positioning with benefits, and providing alternatives
  
• Check for satisfaction
  

Learn more about improving sales and service performance ...

Leadership

Effective Leader or Pushy Boss?

Effective leaders and pushy bosses are not one in the same. In most cases, pushy bosses use their authority to get people to do what they want. Effective leaders, on the other hand, rely on true leadership skills like:

Creating a can-do environment by making it easy for staff to head in the right direction because they want to, not because they have to.

Inspiring passion and excitement by making goals and objectives clear to staff, getting them excited about where the organization is going, and guiding them in working hard and achieving more than they thought possible.

Forgetting about authority by learning how to be a leader people want to follow not because they are forced to, but because they genuinely want to head down the same path to success.

Learn more about improving leadership performance ...

Featured Papers

A New Era in Retail Financial Services

Get your complimentary copy of Omega's guide to harnessing the profit potential in creating, advancing, and sustaining customer connections.
Download Now

Leading People Through Change

Available for download now is Omega's essential guide for building your change resilience, coaching your people to commitment, and increasing business results.
Download Now

Join Us Online for these Live Presentations

Corporate Finance:
Viewing Investment Decisions Through Your Customers' Eyes

May 15, 2008
More information and to register

Webcast Replays ...

The Profit Potential in Creating, Advancing, and Sustaining Customer Connections

Originallly aired March 25, 2008
More information and to download

Unraveling the Mysteries of K-1s and Pass-Throughs:
The Secret to Understanding U.S. Personal Tax Returns

Originallly aired April 15, 2008
More information and to download

Quick Links ...

Our Website | Events | Omega News | About Us | Complimentary Resources

The Competitive Edge for Contact Centers

Tip of the Week

Build Agent Confidence to Maximize Outbound Sales

Outbound calling can be a very successful strategy for building and retaining key customer relationships. When agents proactively contact customers with the goal of helping them gain the most out of their relationship with your organization, customers remain loyal and bring more of their business to you.

For some agents, outbound calling can be an uncomfortable experience. Here are three strategies for you to share with your agents to keep them motivated and confident when making outbound calls:

• Practice New Skills - Whether by rehearsing or experience on the job, fears will diminish as agents are exposed to new and different situations from which they can improve and build their competence and confidence.
• Prepare and Strategize - A strategy helps agents anticipate and prepare for their calls. Completing a pre-call action plan can provide agents with some sense of security and comfort, and help them approach their calls with confidence.
• Adjust Attitude - When agents examine how they feel and think about their sales role, they will feel less confused and better able to adjust to the tasks that make them uneasy.

Learn more about improving contact center performance ...

Feature Paper

Leading People Through Change
An Omega Performance resource to help you improve business.

Available for download now is our essential guide for building your change resilience, coaching your people to commitment, and increasing business results.

Get your complimentary copy now ...

Join Us Online for this Live Presentation

Corporate Finance:
Viewing Investment Decisions Through Your Customers' Eyes
May 15, 2008

More information and to register

Come See Omega

ICCM Canada Conference & Expo

When: October 8, 2008
Where: Toronto, Canada
Topic: Building Corporate Capability and Cutting Training Time through Product Knowledge Reference Tool
Speakers: Caroline Gray, Omega Performance Senior Vice President, Information Technology and Technology-Based Learning and Jeff Lachenauer, EQUI-VEST Training Manager for AXA Equitable

More information and to register

The Competitive Edge for Banks

Credit

Using a Real Estate Lending Strategy (Part 1 of 4)

The commercial real estate market may be in better shape than the residential one plagued by subprime loan defaults, but loans to developers and investors are still at risk and banks could face hundreds of millions of dollars in losses as a result.

A step-by-step approach to real estate lending that covers assessing the borrower, assessing the market and property, analyzing repayment, and documenting and managing the loan can help lenders:

• Improve new underwriting for commercial real estate transactions,
  
• Enhance existing portfolio administration of commercial real estate loans,
  
• Reduce problem assets, and
  
• Shorten the turnaround time for commercial real estate requests due increased underwriting efficiency and better decision-making.

When assessing the borrower, lenders should keep these two factors in mind:

1. The project needs to start with a bigger picture analysis of the borrower, not just looking at the project to be financed.
   
2. It's critical to determine the status of all of the borrower's other projects, as they may impact the success of the project under consideration by distracting the borrower or using cash flow from this project for others.

Look for the second step, Assessing the Market and Property, next week.

Learn more about improving credit performance ...

Sales & Service

Scorecard Coaching Best Practices (Part 3 of 4)

Scorecard coaching (coaching direct reports to achieve outstanding and predictable results) is one of the primary responsibilities of managers at all levels in a customer-centric arena like sales and service. To have the greatest impact in scorecard coaching conversations, managers must master four specific coaching best practices, the third of which is:

Action Planning

• Complete the action plan throughout the coaching conversation
  
• Ask the employee to summarize the action plan at the end of the conversation
  
• Ensure the steps meet the following criteria: accountable, concrete, and time-specific

Look for the fourth scorecard coaching best practice, Addressing Resistance, next week.

Learn more about improving sales and service performance ...

Leadership

Create a Safe Environment for Risk-Taking During Times of Change

Creating a supportive and save environment for direct reports is one of the most important things a manager can do when an organization is in the midst of change. Supporting individuals through the change process from self awareness to higher levels of commitment and action will go a long way in helping the organization achieve the business results the change is intended to bring.

Managers can create a supportive and safe environment by:

• Seeking out those who stand to lose something
  
• Coaching people to integrate change into their work routines and develop resiliency to the current and future changes
  
• Encourage experimentation through recognition
  
• Be open to "mid-course corrections"
  
• Give people time to adjust to the change
  

Learn more about improving leadership performance ...

Featured Papers

A New Era in Retail Financial Services

Get your complimentary copy of Omega's guide to harnessing the profit potential in creating, advancing, and sustaining customer connections.
Download Now

Leading People Through Change

Available for download now is Omega's essential guide for building your change resilience, coaching your people to commitment, and increasing business results.
Download Now

Join Us Online for these Live Presentations

Corporate Finance:
Viewing Investment Decisions Through Your Customers' Eyes

May 15, 2008
More information and to register

Webcast Replays ...

The Profit Potential in Creating, Advancing, and Sustaining Customer Connections

Originallly aired March 25, 2008
More information and to download

Unraveling the Mysteries of K-1s and Pass-Throughs:
The Secret to Understanding U.S. Personal Tax Returns

Originallly aired April 15, 2008
More information and to download

Quick Links ...

Our Website | Events | Omega News | About Us | Complimentary Resources

The Competitive Edge for Credit Unions

Performance Improvement Tip

Serving Small Businesses - 3 Must-Have Skills

Although the needs of small businesses vary, having employees that can make cash flow projections, cross sell your credit union's products and services, and negotiate with members is a great asset for your credit union. Consider these 3 skills when developing employee training programs:

1. Cash Flow - Are your staff members able to test and challenge financial projections, anticipate cash flow changes, and understand economic cycles that affect business?
2. Cross-selling and Member Focus - Have your staff members presented themselves as professionals who understand your members' business and personal finances, and know individual member's business objectives and long-term goals?
3. Negotiating Skills - Do they understand your members' businesses well enough to offer creative solutions? Can they find the win-win in lending negotiations and determine whether business members are will to pay for value-added services?

Learn more about improving your credit union's performance ...

Featured Paper

Leading People Through Change
An Omega Performance resource to help you improve business.

Available for download now is our essential guide for building your change resilience, coaching your people to commitment, and increasing business results.

Download now ...

Join Us Online for these Live Presentations

Corporate Finance: Viewing Investment Decisions Through Your Customers' Eyes
May 15, 2008
More information and to register

Come See Omega

Business Lending and Other Business Services Conference
Williamsburg, VA
July 14, 2008
Topic: Building Successful Commercial Lending Strategies
Speaker: Dr. Jerry Crigger, Senior Consultant, Credit and Risk

Quick Links

Our Website | Events | Omega News | About Us | Complimentary Resources