Albert Einstein was not known for management consulting, but a quote of his rings true for bank leaders these days: "In the middle of difficulty lies opportunity."
The sudden need to educate customers about our institutions and how segments of the banking system work has been fascinating to observe. Many of the videos and statements I've seen (primarily from community and regional bank CEOs) were well done.
Kudos are deserved for those who provided videos very quickly after the initial Silicon Valley Bank and Signature Bank news.
Written statements were critical and important. The videos, whether in interview format or in personal addresses, however, tended to be more effective at conveying responsiveness and confidence.
Oregon Community Credit Union is piloting a new schedule to address rising absenteeism and concerns about stress among its call center staff.
Over the course of the week, I enjoyed many brief history lessons given by CEOs. It reminded me of how solid and established so many banking institutions are in their communities.
That said, I couldn't help but wonder about how many bank employees were only then learning their banks' histories. I also wondered how many were knowledgeable of the things being explained about the banking industry prior to these statements.
That is not a slight on most bank employees. Good people learn, retain and utilize the information they are asked to. They focus on things that are consistently reinforced to them.
For far too long, however, banks were in the practice of only providing training and education specific to a job.
Tellers were only trained for teller work, and very little else.
New account-opening personnel were trained on the system they used and a subset of products and services.
Loan officers had little to no knowledge of the work being done behind the lines or in the back offices. And very few folks outside of senior management were familiar with the bank's history or kept abreast of general industry information.
It's been a point of interest for me since my very first banking job nearly 30 years ago. In that job as an in-store branch manager, the idea that everyone had to be trained, able and willing to do any number of jobs was simply accepted.
There were few "silos" in a 450 square foot branch.
And the all-hands-on-deck approach went beyond job tasks. Entering a new market in which few even knew the name of our bank meant we had to be able to tell the bank's story.
Each employee could give a brief explanation of who we were, where we came from and why we were the bank (and branch) a customer should choose.
But the need to be ready and able to explain these things was not unique to us. Anyone working in an in-store or nontraditional branch around the country was far more likely to find themselves fielding questions in the category of "Who are you?" and "Is this a real bank?"
Those experiences prepared many thousands of bankers well for future positions in their organizations. They not only developed diverse skillsets, but also became adept at explaining the value propositions of their institutions.
The more comfortable a banker is in discussing their business, the more productive the conversations they will find themselves in.
More and better conversations lead to new relationships, better customer service experiences and … yes … increased sales.
In fact, assisting teams in continually improving their knowledge of the banking industry in general is actually some of the best "sales training" you can provide. It prepares bankers for substantive conversations that foster healthy growth.
Beyond that, one of the more effective ways of keeping good people on our teams is showing a commitment to their ongoing education and development.
The need today to increase communications and basic education about the banking industry to the general public creates opportunities to increase banker knowledge, as well.
One of the bigger challenges for any marketer or marketing campaign is getting folks' attention in the first place. An opportunity that exists now is that the public is paying more attention than usual to the banking industry and their personal banking relationships.
A high percentage of banks are in exceptional financial condition and have compelling stories to tell about who they are, where they stand and what they bring to their customers.
They are in a great position to tell their personal stories, while also explaining the roles well-run banks play in supporting their communities and their citizens. And people are listening.
The more individuals — from the frontline to the C-suite — who can confidently tell their bank's story, the better positioned a bank will be to build relationships and earn business.
Recent events may have been a catalyst, but improved communications and banking education is a worthy ongoing goal.
