Vision 2014: Speaking up - The Voice of the Commercial Client and How It Should Drive Your Business

Click here to load reader

Embed Size (px)

description

Customers are always speaking. Some will tweet, some will walk in (or out) of your bank, others will engage face to face, and others just quietly walk away. Are you listening? In this session, we will highlight an in-depth win/loss analysis that Emprise Bank conducted on its commercial customers and get true insight into what customers are thinking. Emprise also will share what it is doing to continue to win and make changes to its commercial lending process.

Transcript of Vision 2014: Speaking up - The Voice of the Commercial Client and How It Should Drive Your Business

  • 1. 2014 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian Public. Speaking up: The voice of the commercial client and how it should drive your business Teri Ginther Emprise Bank Mike Horrocks Experian #vision2014

2. 22014 Experian Information Solutions, Inc. All rights reserved. Experian Public. A single positive review and interaction can increase lead conversations by 20%Source: PowerReviews 3. 32014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Survey question What business goal can be most impacted by an effective customer experience strategy? 4. 42014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Goals impacted by an effective customer experience strategy Churn 1% 14% Retention 11% Net Promoter Score 17% Customer satisfaction 12% Marketing ROI 9% Profit 37% Revenue 5. 52014 Experian Information Solutions, Inc. All rights reserved. Experian Public. How does customer experience impact your bottom line? 73% 22% 5% 0% Heavily Somewhat A little Not at all 6. 62014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Emprise Bank Original charter from 1910 (Stockyards National Bank) W.A. Mick Michaelis Jr. and partner purchased oil company in 1965 included $20 million Stockyards National Bank Family owned for 48 years Over $1.5 billion in assets 38 locations in Kansas 7. 72014 Experian Information Solutions, Inc. All rights reserved. Experian Public. It all started 8. 82014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Assumptions We know already how they will react Not responding to changes Not willing to ask for feedback Not responding once we have the feedback Dangerous roads 9. 92014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Are we doing the wrong thing? 10. 102014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Broad market surveys Small business Strategic commercial clients Listening / segmenting best practices Local market forums and focus groups 11. What our commercial clients told us 112014 Experian Information Solutions, Inc. All rights reserved. Experian Public. 12. 122014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Balance how we are servicing our clients 13. 132014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Reward me!! 14. Is it still all about price? 142014 Experian Information Solutions, Inc. All rights reserved. Experian Public. 15. 152014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Survey question At the end of the day, is it really only pricing that matters? 16. 162014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Focused only on wins Our clients love us Not having a formal action process in place Not having executive buying in place Potential pitfalls 17. 172014 Experian Information Solutions, Inc. All rights reserved. Experian Public. The resolution Listen to clients, change and grow 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. 18. 182014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Customer sentiment 19. 192014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Survey question What are the top decision drivers for your clients? 20. 202014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Emprise is interested in making a long- term business relationship. "Emprise said, 'Yes, we will figure something out. We can work with this. We wanted to see if the banks seemed to be flexible enough, were very much business oriented, and viewed themselves as partners rather than just a lender. We like the way they deal with us after the loan is done. I think the key at Emprise is that we worked with a group of probably six different people as a team. It was not a one off where you talk to this guy about that and this guy about that. They were all involved in the whole thing. Great customer reviews 21. 212014 Experian Information Solutions, Inc. All rights reserved. Experian Public. I've known Emprise forever and they're easy to get along with. They're good bankers, and they have good common sense. They don't hassle us with a lot of financial information, like other banks. If they did I wouldn't borrow any money." I don't know of anything we don't like, except that they probably are not as aggressive on rates as some of the other banks. Honestly, I felt more comfortable with Emprise, but it was strictly about the rate. Opportunities to change 22. 222014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Key takeaways Focus on losses as much as the wins Have a formal next steps program in place Balance your feedback If you are not willing to take action on what you will hear, dont ask 222014 Experian Information Solutions, Inc. All rights reserved. Experian Public. 23. 232014 Experian Information Solutions, Inc. All rights reserved. Experian Public. 24. 242014 Experian Information Solutions, Inc. All rights reserved. Experian Public. For additional information, please contact: [email protected] | @mikehorrocks Hear the latest from Vision 2014 in the Daily Roundup: www.experian.com/vision/blog @ExperianVision | #vision2014 Follow us on Twitter 25. 252014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Visit the Experian Expert Bar to learn more about the topics and products covered in this presentation.