Breaking Down the Silos

When we talk to bankers and credit union professionals from around the country, we often sit down with our client's business unit leaders. And what we often find is a series of banks within banks. For example, the mortgage department knows their products inside and out. They can tell you what money is available for first-time homebuyers or if there are any government programs that can help you with your down payment. They can quote you the 30-year fixed rate for an average credit rating with no problem-- but they likely can't tell you a 10-year CD rate.

Too often, institutions are operating in silos ... like mini-banks inside of banks. There are HUGE opportunities being lost in the branches with our existing customers.

So, what can we do about it. I think it falls on Marketing. Not "marketing" as external messaging (necessarily), but Marketing as an internal communication conduit.

I believe the sledge hammer to the walls of these silos is knowledge. We shouldn't expect all employees to know every aspect about every bank product ... but they MUST know the product exists, how to identify prospects and who to contact to help the customer out.

If you want to break down the silos you need to set up processes to:

• Know who each departments best customers are and what they look like
• Better communicate with the customer to identify their needs
• Have a process, not to refer, but to facilitate a conversation with inter-departmental experts

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Take care,

Eric