SPARTANBURG, S.C. — Vital Credit Union has found a way to build relationships with customers methodically, cross-sell a broad product range, and develop a true sales culture throughout the organization.
The $41 million credit union has created ways to enlist the support, feedback and ideas of their employees who were asked to implement the service/sales culture process.
The CU's employees also played an extremely active role in the team meetings, according to CEO Pat West.
"The key is to have the employees buy in to any significant change in the service/sales process," West said. "You would be surprised by how many credit unions develop a sweeping new sales culture in the safety and comfort of the senior management think tank and then lead by memoranda rather than be in the trenches with the troops."
West and CFO Omero DeLorenzo worked together to acquire employee buy-in and solicit the staff's ideas on how to improve and implement the program.
In the 12 months ending in June 2014 Vital posted 25% loan growth. In the second quarter this year, that figure was even higher-- 27%. (The CU had negative loan growth of almost 1.5% in the quarter ending June 30, 2013.)
The key to this success has been the flawless implementation of a service/sales culture, according to Vital executives.
The credit union also enlisted the help of Rory Rowland, president of Rowland Consulting based in Missouri, who helped to create a service/sales culture plan.
"Pat West and her management team put a tremendous amount of work into creating an effective incentive plan for the employees," Rowland said. "They gave the employees tremendous notice on how the incentive plan would impact their paycheck. Even letting them know nine months in advance what their paycheck would look like with the new incentive plan. This had a tremendous impact on how incentive plan was accepted and the results that were achieved."
Convincing branch managers was the key, according to West. It was only through their coaching, mentoring, and constant encouragement of employees that allowed the credit union achieve such high loan growth. Vital CU also had weekly team meetings that measured the success of the program.
"We achieved nirvana when employees began checking their goals on a daily basis," West said. "When employees had that level of commitment and buy in, every conversation with a member was focused on offering the right product to the right member at the right time for the right reason. When employees had that level of focus nothing would stand in their way of success."
