Is the Sleeping GIANT awake??

Greetings...

By now, I am certain that you have heard... Walmart and American Express are joining forces to reach the "unbanked."  That quake you felt and the flutter of your heart were natural reactions to the awakening of the sleeping giant.

Is the Sleeping Giant Awake???

Let that statement settle in a bit... and while you do...a few quick facts

• The world's largest retailer...with over 4,540 US locations
• 1.4 million US associates
• $316 billion in annual US sales
• Serve 200 million customers annually
• Donated $872 million dollars in the US

These are staggering figures for any industry.  They also happen to be important building blocks to become a successful financial services company.

Now apply them to banking industry.  Wal-Mart would be:

• The 4th largest branch network
• The largest employer
• The largest customer base

So...just what exactly is Walmart doing?  (Here is a link to the USA Today article.)

Changing the game of banking...that's what!

In partnering with American Express to create the Bluebird prepaid debit card, they are attacking-- directly-- a large population of customers and at the heart of our industry's non-interest income engine.  Think about it...and this is a quote from the American Express Group VP..."Every Walmart cash register is the equivalent of a (bank) teller."

WOW.

In ONE fell swoop, Walmart has become the largest banking entity in the country.  I have felt for nearly 12 years, since I first dealt with a Walmart banking lease for an in-store branch, that they were simply biding their time and learning community banking by allowing community banks, mainly, to set-up shop in their stores.  They built a "bank customer" base, provided a service and now that they have their own financial services...I would start looking for those bank branch leases to be non-renewed by Walmart and the space taken back for their own use.

This is truly a "circle the wagons" moment for our industry.  We have to determine the impact and focus our attention on providing what Walmart is NOT KNOWN FOR...and that is service.  Not just "say their name and smile" service...but life-altering, life-stage based service that keeps a customer coming back.

Service is our differentiators and Walmart's kryptonite!  FOCUS...FOCUS...FOCUS...and deliver premium service in a way that Walmart simply cannot-- personally and with 100 years (or more for your institution) of experience and expertise.

Now is the time...and the day is today!  For a great blog on the type of service that you need...  Disney Service in Your Branch.

This is not just an alarm...it is an all-hands-on-deck call.

Let's respond together!

Cheers!

Bruce

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Is it Plugged In yet? ...and other mystifying questions!

Yes...

The question came...right after I finished my explanation of my problem and my plea for help.

"Is it plugged in yet?"

Now, I consider myself a smart person.  And I understand that this basic question can certainly offset lots of time spent on deeper troubleshooting, when dealing with a 1st time user.  However, the REAL question is WHY ask this question to a customer that has a proven background and long history of purchases with the firm?

The answer will shock some ... and only shock others because OTHERS are shocked!

    The answer is that they did not know me at all!

Sure, they had my name and account particulars.  Probably had my purchase history handy.  Indeed knew the model I had purchased.  Certainly could access my past service calls.

Did they use that data??  Seems not.

So...my post for today centers around using organizational knowledge assets...seemingly important and routinely available data that can be transformed into knowledge!

When I speak, I frequently share stories about the Ritz Carlton hotel and experiences with their service.  I share, because the stories are amazing... personal guidance to the coffee shop by a contractor, using the name of the guest by each associate, personal notes by the GM.  Stuff of service legend and the envy of many companies.

However, the real essence is that the story HAPPENS because the staff is willing and able to act.

Willing and able...hmmm.  

Willing means that staff is ENGAGED and feels empowered to act because they believe they are part of the solution and the team... and not simply an employee.  Ritz Carlton gets it..and so does their staff!

Able means that the staff is trained, mentored, coached, evaluated and rewarded for their efforts.

Did you know that Zappos (the online retailer) actually offers new staff $2,000 if they quit AFTER the four-week training.  Its designed to weed out those that are not committed to the Zappos way.  Zappos knows that the cost will be immaterial to the potential service risk of a poor employee.

So, getting back to the "is it plugged in yet?" question... more than likely it is not the "fault" of the service rep, but the failure of the leaders to ensure their staff was "willing and able" to use the data at their fingertips and transform it into service knowledge.

Here is how that service call might have gone...

"Mr. Clapp I see that you are a frequent client of "ABC" and I appreciate your continued support.  Knowing that you purchased the XTRA GOOD version, I will move straight into troubleshooting, well beyond simply powering the unit.  Now, with your last call..."

See how the data available was transformed into service knowledge to both engage and delight the customer!  Here is where the caution goes... you don't need a multi-million dollar Oracle database to manage the info...you need a willing and able staff.  Technology certainly helps, but I have seen many expensive systems go unused because of poor training and a disengaged staff!

Next time...how to CREATE a willing and able staff.

Cheers!


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MarketMatch is a full-service marketing consulting firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate MOMENTUM and yield the greatest RESULTS for your bottom line.

Learn more here.

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Reflecting on Reflections

I had a personal epiphany over the weekend and then turned it into a professional one.

There's no greater reflection of ourselves than observing the actions of those we lead.

It all started when I wished my 5-year-old son would stop yelling first and asking questions later. 

Then I realized that he was a “mini-me.”  A 3-foot tall version of my impatient, hotheaded self.  He wasn’t born with a short fuse, he learned it through watching me.

The same is true for our institutions.  As managers or those responsible for the service delivery of our banks or credit unions, if you are unsatisfied with the actions of your staff – first look at the culture that created the behaviors.

Walt Disney understood this:

“People look at you and me to see what they are supposed to be.  And, if we don't disappoint them, maybe, just maybe, they won't disappoint us."

- Walt Disney

I don’t believe that Orlando, Florida is the hotbed of outstanding, service-oriented people.  If that were true, your experiences outside of Disney would be the same as those inside the park.  What Disney has, however, is a clear definition of service excellence and a consistent and unwavering expectation from the CEO to the janitor that this definition is to be lived everyday – with absolutely no exceptions.

Rather than punish my son for his actions, I will make a conscience effort to not disappoint him in MY actions ... then maybe, just maybe, I won't be disappointed in his.

How will you and your management team effect the service culture of your institution?

Take Care,                                                                                                                  

Eric

OTHER MEANINGFUL WALT DISNEY QUOTES:

“You can design and create, and build the most wonderful place in the world. But it takes people to make the dream a reality.”

“Of all the things I've done, the most vital is coordinating those who work with me and aiming their efforts at a certain goal.”