Your commercial and small business bankers love Vertical IQ for call preparation, but the value of Industry Intelligence reaches far beyond these groups. In this seven-part blog series, we will discuss how Industry Intelligence can be utilized by lines of business across your bank enterprise.
>> Related:
Part 1 of 7: Industry Intelligence Offers a Wealth of Treasury Management InsightPart 2 of 7: Industry Intelligence Puts Card Services in Charge
Part 3 of 7: Credit Underwriting Can Connect the Dots with Industry Intelligence
Part 4 of 7: Industry Intelligence Adds Up for Wealth Management & Investments
It’s logical that the Industry Intelligence found on Vertical IQ can help small business and commercial bankers win more deals and retain more business. But did you know that bankers across your entire bank enterprise also can benefit from the effective use of Industry Intelligence?
Consider Group Banking for a moment. Group Banking has the power to incentivize a company’s employees, offering them banking benefits that may not be readily available to your other bank customers. Industry Intelligence can offer associates in Group Banking key insights on the ins and outs of the industries in which their clients operate. What’s more, this knowledge can enable them to help their clients in some very tangible ways.
Industry Intelligence helps your Group Banking team:
Review the latest Industry Trends to get specific information about issues that may be relevant to employee satisfaction and retention.
We’ve all read the headlines lately about businesses struggling to hire employees. Group Banking can be part of an incentive package offered by employers to help attract and retain good workers — so it is useful for your Group Banking team to understand which industries might be struggling with employee satisfaction and retention. Industry Trends, Credit Underwriting & Risks, and How Firms Operate are the first Industry Profile chapters to review for employee-related issues.
Looking at the Credit Underwriting & Risks chapter of the Industry Profile for Restaurants, for example, we see that there are two specific areas of concern around employees, which Group Banking may be able to address.
First, there are rising labor costs. The restaurant industry suffers from high worker turnover, in addition to the current issues around labor shortages. Typically, low pay, variable hours, and physical demands result in low job satisfaction and drive turnover.
To address this industry challenge, many restaurants are raising starting wages to try to attract applicants, but there are other benefits that also can appeal to prospective employees and retain existing ones — Group Banking, for instance — which may be less expensive to the restaurant’s bottom line. For restaurant employees, their direct deposit oftentimes is not enough to qualify them for a free checking account. With a “Workplace Banking program,” however, you can help these employees avoid banking fees.
Second, the Industry Profile notes that an individual restaurant’s management greatly affects the dining experience, which means retaining good managers is crucial to success. Ineffective management can result in bad food, poor service, unclean facilities, and high worker turnover. Some restaurants offer management incentives based on sales to retain strong performers, but benefits like Group Banking could also incentivize good managers to stay put.
Understand the industry landscape and have more engaging conversations by asking the Call Prep Questions.
Asking good questions yields valuable information to the banker and boosts the confidence and loyalty of the client. Industry Intelligence arms Group Banking associates with the insights they need to ask more tailored questions, drawing out information and enabling the banker to provide solutions that truly move the needle for the client.
If we look at the Call Prep Questions on the Industry Profile for Medical and Imaging Labs, for example, we see several questions that could relate to Group Banking. First, under the Working Capital section, we see the question: What are you doing to improve worker productivity? The note below explains why this is an important topic to discuss: Labor is the largest expense for medical and imaging labs, averaging 24-25 percent of sales.
Under the How Firms Operate portion of the Call Prep Questions, we see two other hot topics related to employees: What challenges do you face in hiring and retaining technical staff, and How many office and administrative staff do you employ?
Under the notes for these questions, we learn that key staff employed by medical labs include pathologists and lab technologists (who analyze samples), technicians (who perform tests), and histotechnicians (who prepare tissue specimens). But they also employ office staff to determine patient eligibility, accurately code procedures, submit reimbursements to insurers, and follow up on errors or denied claims. All of these roles are critical to the successful operation of these facilities. Adding Group Banking to the benefit package could entice new employees to come on board or to retain existing ones.
Utilize Industry News and current events as part of their business development and retention efforts.
Group Banking associates can use Industry Intelligence for both business development and client retention. It’s quick and easy when you utilize the Industry News section on each Industry Profile.
To reach out to a prospect, try finding and printing a relevant article related to their industry. Highlight a few key points, and include a business card and handwritten note that says something to the effect of, “I saw this article and thought of you. How is this issue impacting your business? I’ll call next week to discuss.” It will take less than 10 minutes of a banker’s time, but it will leave a lasting impression on that prospect.
For existing clients, you can use a similar tactic, printing an article, highlighting salient points, and dropping in the mail or using as a value-added leave-behind after a meeting. Either way, you will show the client that you are in tune with their industry and looking out for them and their business.
Industry Intelligence brings it together
When a Group Banking associate takes just a little time to get up to speed on their client’s industry, it can provide them with the insights needed to help their client succeed. With Industry Intelligence, this knowledge is at your fingertips, saving bankers time and effort, while boosting the level of service they provide to business owner-clients. That’s a win for the bank, a win for the client, and ultimately, a win for the client’s employees who will benefit from Group Banking.
Close more deals, retain more business, and grow more relationships, all with the help of Vertical IQ. Ready to get started? Contact Vertical IQ today for a free demo!
Image credit: Hannah Busing via Unsplash