Quick Insight Blog
Deposits are the foundation upon which banks thrive and grow. Deposits provide most of the raw material for bank loans and, thus, represent the ultimate source of bank profits and growth. Providing exceptional customer service, along with the products and services sought by the bank's target market, plays a critical in growing and retaining core deposits.
Staff turnover and inexperienced staff members adversely impact customer service and places a high training burden on existing personnel. Automated workflow applications can supplement scarce experienced staff by providing approved, best practice roadmaps for new personnel.
Just as with the lending function, deposit growth depends on business development officers finding and retaining profitable deposit customers. Like the lending function, simple workflow applications can automate some of the key customer-facing operations functions and can even serve as an inexpensive "CRM-lite" application to manage client cross-sell programs.
A simple workflow application, similar to the loan pipeline application, can be extremely useful in managing the marketing program for new business accounts. Using a workflow application allows anyone in the bank (with appropriate access permission) to view the status of the action, even when the responsible person is absent. This kind of information and response builds customer satisfaction and loyalty. Even though it's heartfelt, "I'm sorry" doesn't mean much to a disappointed client.
Another particularly important benefit provided by these solutions is the reporting function, which provides both management and staff quick and easy access to forward-looking, predictive information they can use to fine-tune the marketing program or the product mix in order to hit budget targets.
This schematic represents the "under the hood" workflow
of a community bank new account opening process. While
the process itself is complex, the software application
screens that users see are simple and intuitive.
Implementing workflows for these types of processes
creates a controlled process with variance oversight that
insures on time service delivery.
Once your critical workflow processes are in place, you have a series of controlled best practice processes that work without any learning curve for new personnel. Workflows are easy to change as needed. Now you can guarantee that each of your customers will receive the same quality treatment, every time.