Taking the Marriage of Personal Financial Services / Retail Division & Commercial / Corporate division to next step (Applicable for all BANKS as the structure is more-o-less the same)
Retail, Business Banking & Corporates are 3 divisions all banks have. How can we reduce Costs and Improve cross departmental sharing of leads and best practices?
The answer lies in taking the marriage of 2 departments to next level. "Dotted Line Mapping" may be used effectively for the same.
Example -
I am part of SME Factoring CMB business. We at Factoring are mapped to the Field Sales team. Mapping team to team, cluster to RM etc results in effective realisation of the leads generated. The mapping ensures the leads are lost in the processes and are effectively being followed up. A Dual way pressure ensures both the parties are on toes always. A bond is created which ensures good for both the teams.
We all know about the Retail - Corporate - Business referral programme where each lead submitted is rewarded monetarily through HSBC online system. Top Mgmt of HSBC is also keen to reap the success of marrying PFS & CMB (lead sharing). However i feel to actually derive the benefits and make it a long term proposition - "MAPPING RM to RM" is required.
E.g : - Let Each Team Leader in SME CMB (Corporate / Business Banking) be mapped to a Team leader in Retail selling Team. Once a month meeting will happen between the two where the month's business acquisitions / leads are shared with each other. Business coping can be done in the team meeting also where the field sales officer responsible for the same can give real time input of the probability of Retail or a Corporate sale. Thus each Team leader becomes one point of touch in Retail for Corporate / Business banking and vice versa. When given atleast 20% cross sales targets - this kind of mapping would do wonders for both the divisions.
Benefits -
- A Bank becomes both personal & business banker to the client
- Leads will not be lost in processes
- A news business acquisition will hold much more Total customer value & thus more revenues
- Eradication of current cylos - PFS, CMB etc etc. A Bank becomes ONE as to current MANY
Retail, Business Banking & Corporates are 3 divisions all banks have. How can we reduce Costs and Improve cross departmental sharing of leads and best practices?
The answer lies in taking the marriage of 2 departments to next level. "Dotted Line Mapping" may be used effectively for the same.
Example -
I am part of SME Factoring CMB business. We at Factoring are mapped to the Field Sales team. Mapping team to team, cluster to RM etc results in effective realisation of the leads generated. The mapping ensures the leads are lost in the processes and are effectively being followed up. A Dual way pressure ensures both the parties are on toes always. A bond is created which ensures good for both the teams.
We all know about the Retail - Corporate - Business referral programme where each lead submitted is rewarded monetarily through HSBC online system. Top Mgmt of HSBC is also keen to reap the success of marrying PFS & CMB (lead sharing). However i feel to actually derive the benefits and make it a long term proposition - "MAPPING RM to RM" is required.
E.g : - Let Each Team Leader in SME CMB (Corporate / Business Banking) be mapped to a Team leader in Retail selling Team. Once a month meeting will happen between the two where the month's business acquisitions / leads are shared with each other. Business coping can be done in the team meeting also where the field sales officer responsible for the same can give real time input of the probability of Retail or a Corporate sale. Thus each Team leader becomes one point of touch in Retail for Corporate / Business banking and vice versa. When given atleast 20% cross sales targets - this kind of mapping would do wonders for both the divisions.
Benefits -
- A Bank becomes both personal & business banker to the client
- Leads will not be lost in processes
- A news business acquisition will hold much more Total customer value & thus more revenues
- Eradication of current cylos - PFS, CMB etc etc. A Bank becomes ONE as to current MANY
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