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T H E O N LY ALL-BUSINESS RES OUR CE FOR B ANKS AND CR ED IT UNION B R ANCHE ST H E O P E R AT I O N S I S S U EMARCH 2018 VOLUME 1 ISSUE 3Growing Great BranchesKAITLIN MORRISONFeaturedCommunity First Credit UnionFleming Island Branch
TABLE OF CONTENTSMARCH 2018T H E ONLY ALL-BUSINESS RESO U RCE FOR BA N K S A N D C RE DIT U N IO N BRA N C HE S722EDITORS POVGrowing Great BranchesKaitlin Morrison826Dealing with Today’s Banking Customersor How to Get Some SleepSales or ServiceScot VackarBRANCH TRAINING30CU Training Q&ABRANCH STRATEGIESBUSINESS LENDINGCreating a Better Member Experience throughCross-SellingRyal TayloeTen Workforce Management Mistakes inCredit Unions Today35Chad Davis20LENDING SOLUTIONSAre Your Branches Prepared for the Future?Ken Gonyers17How “The 7 Habits” Can Make Your SalesTeams Highly EffectiveNick BrownCUSTOMER SERVICERoy Urrico13IN-BRANCH PRODUCT SALESCOLLECTIONSFour Tips to Create a Strategic CollectionsProcessBRANCH STRATEGIESThe Perfect Universal Associate BranchRecipeMeredith Deen37Steve BalmerBRANCH TRAININGTraining to Keep Top TalentKen Gonyers5B R A N C HB U S I N E S S M A R C H2 0 1 8 C U B U S I N E S S . C O M
ABOUT UST HE ONLY ALL-BUSINESS RESO U RC E F O R BA N K S A N D C RE DIT U N IO N BRA N C HE SPUBLISHING TEAMTim O’Hara, Publishertim@cubusiness.comT HE ON LY ALL-BUSINESS RE SOURCE F OR BAN KS AN D CRE DIT UN ION BRAN CHE ST H E O P E R AT I O N S I S S U EKaitlin Morrison, Editorial Directorkaitlin@cubusiness.comMARCH 2018 VOLUME 1 ISSUE 3Growing Great BranchesKAITLIN MORRISONAshok Kumar, Associate Publisherashok@cubusiness.comPatti Manzone, DesignerBRANCH BUSINESS TEAMSteve BalmerNick BrownChad DavisFeaturedCommunity First Credit UnionMeredith DeenFleming Island BranchKen GonyersRyal TayloeSUBSCRIPTIONSCredit Union BUSINESS is published monthly(12 issues per year) by CU Business Magazine,Inc. A one-year Digital membership is 75/yrAn online membership form is available atwww.cubusiness.com/register.Roy UrricoScot he-teambuilder/SALES AND ADVERTISINGTim O’Hara, Publishertim@cubusiness.com or 561-282-6015 #1CONTACT INFORMATIONCredit Union BUSINESS MagazineP.O. Box 2223, Palm Beach, FL 33480(561) 282-6015 (561) 588-7711 (fax)tim@cubusiness.com6B R A N C HB U S I N E S S M A R C H2 0 1 8 C U B U S I N E S S . C O M
BY KAITLIN MORRISONTABPOVGrowing Great BranchesW—In “Branch Training: Q&A,” Ken Gonyer givesus a glimpse into what PVFCU does to help theirteams thrive. It’s an excellent primer.elcome to the sounds of Spring!Outside my office, I can see daffodilscoming up again and reaching outtowards the sun. Each year in March,they consistently grow and thrive inthe warmer weather and the sun’s bright and cheeryglow. It’s awesome to see. Last year, we plantedthese flowers and gave them everything they’d needto thrive: plenty of space, great soil, water and (ofcourse!) sunshine. This year, they were strong enoughto come back on their own without much assistance.Sometimes, flowers are like that. They may needoccasional watering now and then, but generallyspeaking, they’re ready to shine on their own.Just like March daffodils, great teams areintentionally planted. Before they have everythingthey need to thrive, they need support and trainingfrom their organizations. Your branch needs yourintentional guidance through changing environments,just like those flowers do! You can’t just assume yourteam will always “grow back” without a little help andsupport from you, the branch manager.In this issue, we’re tackling challenges that memberservice representatives face in their everyday jobs andinteractions with members at your branch. In a sense,the different components of what teams need to thrivemake up a “teller toolkit.”Here’s a preview of what you’ll find in the pagesof this month’s Branch BUSINESS:—Reading Scot Vackar’s “Sales or Service - AreYour Branches Prepared for the Future?”, we findinsightful help for branches looking to boost theirsales by getting their tellers and member servicerepresentatives on board.There’s so much more in this issue, so I hope you enjoyit. We’re trying to offer more useful information andinsights you can use.Speaking of offering more, we’ve had a really greatresponse for our new LinkedIn Group, “Bank and CUBRANCHES.” I hope you’ll check it out and join-inon the discussions. The response to our group and new(revamped) website have been so strong lately thatwe’re having to work even harder to keep up. Thanksfor your suggestions and interest--keep it coming.We’re listening. If you have an idea for our magazine,website or LinkedIn page, I hope you’ll email me atkaitlin@branchbusiness.us.Our website contest is still accepting entries.The winner will receive an upcoming feature andrecognition in a future issue. To enter, just join ourLinkedIn group and post a link to your site, along withwhy you think it deserves to win. Just a fun way we’regoing to recognize great websites from our readers!For Branches,KaitlinEditor, Branch BUSINESSkaitlin@branchbusiness.us—Roy Urrico’s “Branching Out: Dealing withToday’s Banking Customers or How to Get SomeSleep” serves as a good reminder that branch teamsreally need to stick with service--ignore memberservice at your own peril! Unfortunately, many agood organization has failed at this.7B R A N C HB U S I N E S S M A R C H2 0 1 8 C U B U S I N E S S . C O M
FEATU REDBRA NC HBY MARIA COPPOLACommunity First Credit Union OpensNew Fleming Island BranchCredit Union relocates banking center to freestanding location atIsland Walk NorthCommunity First Credit Union, a fullservice credit union based in Jacksonvillewith membership open to anyone wholives on the First Coast, has opened itsnewly built Fleming Island branch at2004 East West Parkway. The branch replaces theformer retail location at 1545 County Road 220. Thefreestanding branch is in front of the newly openedFresh Market on a parcel Community First owns.The opening is part of the credit union’s BranchTransformation Project, the institution’s mostaggressive and comprehensive branch and facilitiesupgrade and update in its history, which seeks to alignphysical branch locations with modern banking needsand customer uses. The Fleming Island Branch is ona corner with more parking as well as a full-servicedrive-thru and drive-up ATM. Community First hasmore than 5,000 members in Fleming Island who usethis branch for their daily and weekly banking.“We are proud to serve our Fleming Islandmembers with this brand-new branch,” said JohnHirabayashi, CEO and president of Community First.“This location provides convenience and an enhancedexperience in modern, in-person banking.”Construction took approximately seven monthsand is 3,360 square feet. The number of branchemployees remains the same for the new location.DBSI, a nationwide leader in banking and credit unionbranch transformations, designed and built the newbranch.The interior design features modern bright colors,furniture and finishes along with a mix of carpet andsolid flooring and surfaces. The interior also featuresa relaxation zone, interactive tablets, transactioncounters without barriers, a digital community boardand other technology-based solutions. The branchexperience includes full- and self-service and assistedservice options through a discovery bar and interactivekiosks along with traditional teller service. Specializedfinancial experts are instantly available throughthe credit union’s Expert Nearby solution, whichgives members instant access to a member servicerepresentative for help with consumer loans, mortgagesand other specialized services.8B R A N C HB U S I N E S S M A R C H2 0 1 8 C U B U S I N E S S . C O M
FEATURED BRANCHThe branch also has a distinctive cylindrical glasstower, one of the credit union’s signature exteriorfeatures in its newly constructed branches. The tower’sinterior will serve as a community room available foruse by local organizations and businesses.In addition to opening the Fleming Island Branch,the credit union has recently launched constructionof a new, expansion branch at Oakleaf Plantation andhas started the renovation of its Jacksonville Beachlocation.Community First Credit Union of Florida is a statechartered credit union based in Jacksonville servinganyone who lives or works on the First Coast.Community First is one of the 10 largest credit unionsin the state, serving more than 126,000 membersand with assets of 1.5 billion. Community First has18 locations and 300 employees. A not-for-profit,Community First is a full-service financial institutionoffering banking, loans, mortgages and investments forconsumers and businesses throughout the First Coast.For more information visit www.communityfirstfl.org.9B R A N C HB U S I N E S S M A R C H2 0 1 8 C U B U S I N E S S . C O M
CUS TO MERSERVI C EBY ROY URRICODealing with Today’s BankingCustomersor How to Get Some SleepNot too long ago financial institutionsdictated when to perform financialtransactions through their 9-3 branchhours. Of course, the branch environmenthas changed dramatically in the pastdecade and will continue to change in the years ahead.With the adoption of the Internet, mobile technologies,e-payments and social media, accountholders areshifting quickly from the brick and mortar worldto the digital world. Credit unions, as usual, eagerlyaccepted the challenge of multichannel delivery bydiligently developing robust channels. The fear is thatas branches have become less important to numerousconsumers who are more frequently choosing thesealternate channels to do their regular transactions thereis now a major disconnect with members. In addition,with all the channels now in play to satisfy memberconvenience demands, are branches still relevant? Theanswer is yes; branches are still the face of financialinstitutions for many significant financial life events.Branches remain the method consumers prefer foropening new accounts, mortgages, refinances, personalloans, insurance and investments. Research alsosuggests that the branch remains the primary driver ofaccount satisfaction and brand identity.This does not make the job of running a branchany easier. The challenges for branch managers havenever been greater. What keeps branch supervisors upat night? For Donna Fain of Pioneer FCU her concernscenter on meeting financial goals, training and keepingup with technology. The reason for those sleeplessnights are items inherent with new technology such asinvestments in new systems, training and coming togrips with ROI. Plus branches are now more expensiveto operate on a per transaction basis.For many others branch supervisors the challengesinvolve meeting staffing needs and satisfying memberservice concerns.Still Comes Down To ServiceWhat has not changed at all it that everything on anychannel still revolves around the accountholder andfortunately many financial institutions understand that.There is much not to like about banks accordingto recent surveys. No doubt financial institutionsworldwide have taken a thumping in terms ofundesirable publicity in recent years following the2008 financial crisis. Frequently disparaged for theirshortcomings, retail banks receive constant remindersthat they are unliked and untrusted. However somerecent surveys indicate that the news might be worse10B R A N C HB U S I N E S S M A R C H2 0 1 8 C U B U S I N E S S . C O M
CUSTOMER SERVICECustomer opinions, across sevenindustries, came from 75,000surveys during Q1-Q3 of 2013and analyzed using the ForeSeemethodology.Thereportfeatures data that is predictiveof future consumer behaviorsfor American Express, Apple,Amazon, Coca-Cola, Cisco,Facebook, Gillette, Honda,Google, Microsoft, MorganStanley, Oracle and more. Thebest-performing company out ofthe 100 surveyed was Amazon.com, with a satisfaction score of 87; while one newfinancial institution scored 65 to put it dead last. WhileAmazon dominates the retail industry at the brandlevel (87), Nordstrom (86), Coach (85), Costco (84)and Tiffany (84) are statistically within reach of theleader. For financial services, American Express (82)leads MasterCard (76) by six points.Industry comparison shows highest customersatisfaction in Automotive and Consumer PackageGoods (CPG). Looking closer, ForeSee found that theAutomotive and CPG (Consumer Packaged Goods)industries score highest (tied at 82) followed by Retail& Apparel (81) and Technology & Electronics (80).The Financial Services category registers at the bottomof the scale with an average score of 75. FinancialServices also displayed the largest gap between thehighest and lowest scoring brands within a category.Add to that the reality, per the Foresee report, thatwith new technologies that facilitate connectivity,consumer expectations increased for all businesses.Retail financial institutions must perform some heavylifting, given the high expectations from consumersused to exceptional service at other retail outlets. Likeit or not, in today’s totally connected world service ismeasured against companies like Amazon.than anticipated, as service at banks is deficient. Infact, the financial service industry as a whole needsthe most assistance of any industry in customer serviceaccording to the surveys.For instance, GMC Software, gauged customeropinion of retail banks with a survey questioning4,032 consumers across the UK, Germany, Franceand the U.S. The report, The End of the BankingAutocracy, advised retail financial institutions toutilize technology better to offer a 24x7 cross-channelservice. Nevertheless, even with better technologyfulfilling service satisfaction needs must come withmore human contact.Another survey by ForeSee revealed that as a group,the financial services industry earned ominous servicemarks, with an average score of 75 out of 100 points —the worst scores of any industry measured, includingautomotive, retail and apparel, and technology andelectronics.ForeSee’s survey factored in not justaccountholders’ overall experiences with a business,such as a financial institution. The survey quantifiedcustomer experience by calculating satisfaction scoresfor each of the 100 brands on a 100-point scale, aswell as three key measurements that are predictive offuture behavior – retention, upsell and recommend.11B R A N C HB U S I N E S S M A R C H2 0 1 8 C U B U S I N E S S . C O M
CUSTOMER SERVICEare looking to “big data,” collecting and analyzinga wide variety of consumer information throughinterconnected systems that update across channels inreal time.BankThink launched a new series in whichconsumers from dissimilar demographics expressedwhat they are looking for from their financial servicesproviders. Responses varied widely, as you mightexpect. One respondent wanted faster person-toperson payments, while another wanted a return toold-school banking. A Baby Boomer accepted theappeal of mobile banking, but still wanted exceptionaltransactions to start and end with a handshake. Threestudents requested good customer service, voluntaryoverdraft notifications and community outreach,respectively.Obviously financial institutions sense a mountingpressure to deliver a superior experience nowadays.It is up to the financial institutions to decide if theywish to adapt to the changing landscape or leave thefuture to the more flexible rival newcomers that arealready rushing to engage customers and respondappropriately. Banks, and to a lesser extent, creditunions, must admit there is a problem and center onsalvaging trust and become the trusted advisor onceagain. Delivering superior service becomes valuable tothe financial institution when it generates more incomeAccording to the 2013 Credit Union Satisfaction Indexfrom technology and analytic firm CFI Group, creditunions scored more than 80 points on a 100-point scalein several areas based on responses from 400 membersfrom across the U.S. Branch convenience, branch staff,online banking and communication were key reasonswhy members said they were satisfied with their creditunions.What Consumers Really Want ContactThe solution to the retail banking customer serviceissue is not entirely technological. A Diebold reportstrongly suggested that a friendly, knowledgeable staff,which falls right in most credit unions’ sweet spot,remains one of the most important factors contributingtowards the public’s assessment of a good service orotherwise, and its impact cannot be underestimated:the human factor matters. Today’s accountholderswant more from their financial institutions. Theyanticipate a professional, skilled branch staff enabledwith technology that delivers a personalized, secureand convenient experience. Most financial institutionsrecognize that they need to make changes to meet theseconsumer expectations. This is particularly true in theirbranches.Consumers want a more personalized bankingexperience from the teller line to self-service channels,including mobile, online and ATM channels. TheDiebold study reveals customers want financialinstitutions to remember their individual preferences,regardless of which channel they use to conductbanking. And they want their experiences cateredspecifically to those preferences. For example, if aconsumer declines a specific marketing offer at onechannel, the accountholder does not want that sameoffer at another channel. Many times, accountholderswalk into a branch, call or login online only to receivethe same cross-sale pitch each time. To achieve thislevel of personalized service, financial institutionsTURN ON YOURBRANCH SUPERVISORS& MANAGERSwithTEAMBUILDER.4 B R A N C HB U S I N E S S M A R C H2 0 1 8 C U B U S I N E S S . C O M
250,000 Credit Union Employees 92 Million Members 100 Million MiraclesSince 1996, Credit Unions for Kids has raised more than 100 million for Children’s MiracleNetwork Hospitals, giving hope and healing to kids in your local community.YOUR FUNDRAISING DOLLARS IN ACTION:10 MILLION 2MILLION1 iMRI machine and surgical suite1 Cardiac X-ray machine2701 Ultrasound machine2501 Bone marrow transplant1001 Fully-equipped Giraffe OmiBed incubator THOUSAND THOUSAND THOUSAND
TABCUSTOMERSERVICEfor the financial institution or builds a more devotedaccountholder relationship.That is why it is not surprising that not only did creditunions score consistently higher than banks across theboard in six areas that drive consumer satisfaction,according to the CUSI study, but the survey in lookingat penetration of products and services among members,found checking and savings products each accountingfor 94 percent penetration, and debit cards, 73 percent.Other products have 30 percent or less penetration.Even more important, anywhere members choose tointeract with your organization matters. Therefore itis more important that every interaction with membersis rewarding for both parties. Especially since alllocations take on more responsibility in today’s sellingatmosphere.The desire to implement innovative technology isnot a replacement for face-to-face interaction withcompetent staff. Accountholder demands reflect theworld we live in today. This translates to nontraditionalinteraction; personalized service and 24x7 reach.Yet, the option of speaking to a real member-servicerepresentative should always be there at realistic (andmaybe unlikely) hours of the day. The fact of the matteris that although consumers are in general comfortableusing technology for the majority of their bankingtransactions they still crave handholding and access toknowledgeable representatives when it comes to morestrategic transactions.Roy Urrico is a freelanceghostwriter andbyline writer of books,articles, newsletters,guides, case studiesand white papers aboutfinancial institutions,financial technology,compliance, informationsecurity, credit and collections, foreign exchangeand many other financial topics. To find out moreabout how Roy can help your org
Today’s Banking Customers or How to Get Some Sleep” serves as a good reminder that branch teams really need to stick with service--ignore member service at your own peril! Unfortunately, many a good organization has failed at this. —In “Branch Training: Q&A,” Ken Gonyer gives us a glimpse into wha
