Developing Your People to Create Better Efficiency
This is the second in a three-part series on what we see as the major challenges that banks must address in order to be as successful and as profitable as possible. Earlier, we talked about creating a consistent sales culture in the bank. Today, we’ll focus on how banks can improve efficiency ratios while getting more out of their people.
We recognize that banks need to do more with less. Bankers are being forced to reduce their costs and, at the same time, grow revenue. The only way banks can make this happen is to get more out of its people. They have to find ways to make sure they’re working on all cylinders all the time.
To make the best of this situation, you must:
- Have a staff that can make split-second decisions about prioritizing their time.
- Make sure your best people are working with your best customers or those who have the potential for revenue growth.
- Think about efficiency with respect to the 360-degree view (also known as the enterprise-wide approach).
Simply put, this is all about optimizing every opportunity and meeting more of your customers’ needs. Bankers must be ready each time they greet a customer in the lobby or pick up the phone. They need to know how to make meaningful connections with their customers, know their needs and anticipate what will help them in the future.
In other words, they need to be more prepared than ever because every opportunity is a chance to increase efficiency and impact the bank’s bottom line.
At the same time, banks must have a plan to develop under-performing employees to make them more like their top performers. This is about discovering what makes your best people good at what they do, and then using that insight to teach everyone in order to drive performance. Remember: to improve your efficiency, mediocrity is not an option.
To learn more about this and the other two major challenges facing banks today, and how you can turn these challenges into opportunity, listen to a replay of Omega Performance’s recent webinar