Vertical IQ kicked off our free spring webinar series a few weeks ago with a great presentation by Jack Hubbard, chief experience officer of St. Meyer & Hubbard, entitled What a Beer Cart Driver and Boutique Hotel Can Teach Us About Welcoming New Clients. In it, Jack discussed what financial professionals should consider before taking the new client onboarding plunge. He also included several case study examples of how banks have maximized referrals, optimized cross-solving, and put millions in their pipeline with a systematic onboarding process.

Bringing in new clients

In his presentation, Hubbard noted, “When our clients come to us…they’re all coming to a new bank with a new hope that their experience is maybe better than their previous bank. Our job over the first year of that relationship is to make it welcoming for them.”

Hubbard advocated the use of “trust-based” selling to bring new clients into the bank, which is comprised of five Cs:

  • Conversations: This is the most important differentiator that you have as a sales professional—make them engaging and personalized.
  • Curiosity: Just as we enjoy watching previews of coming attractions at the movie theater, make your client interested in what is coming next.
  • Customization: Use a one-on-one, personal approach, without relying so heavily on technology.
  • Collaboration: Let the client know you’re in this together—you are there to help them solve their business’s problem.
  • Connectivity: It’s important to make connections with multiple people in the client’s organization, not just the head honcho.

The effort you and your bank put into your commercial client trust-based selling and onboarding processes will reap rewards, both for you and your client. The client will have increased confidence in their decision to go with you and your bank, and it will improve the overall client experience. Plus, when you make buying from you/your bank easy, you increase cross-selling and referral opportunities. All of this will help the bank’s bottom line, as well as your performance goals.

What makes an onboarding process successful?

There are six key elements to an effective onboarding process, according to Hubbard.

  • Infrastructure and process: Create a company-wide, scalable process. A new client orientation to introduce the client to other members of the banking team is one possible idea, as well as a variety of touchpoints throughout the year after the loan closing.
  • Tools and technology: Tools like Deluxe or CRMs like Salesforce can help streamline the process. Hubbard also discussed a tool that can be attached to the CRM record called “Share of Heart,” which is a worksheet to gather more personal details about the client like their hobbies and spouse’s name. Incorporating that kind of information into client conversations can help draw a deeper connection between the client and the bank.
  • Training: Everyone needs to understand their roles and responsibilities. As an example, senior managers need to be taught exactly what to say on a follow-up/welcome phone call with the new client three days after the loan closing. Things like role plays and skills drills can help.
  • Measurement: All banks need to gain knowledge about how well their process is working. Measurement can be done via customer feedback as well as more statistical data about sales. Don’t forget to celebrate wins!
  • Coaching: Managers and leaders must observe and enhance their bank’s methods in order to improve the process. This might include occasionally sitting in on phone calls to the client or reviewing emails that are being sent out.
  • Sustainment: Continue to tweak and refine the process and communicate successes. Hubbard advocates using private LinkedIn groups or chat groups within a CRM, where a bank’s commercial bankers can share tips and tricks with one another.

Hubbard shared that for banks that have successfully implemented onboarding processes, some have even created “re-boarding” processes to bring their existing clients into the fold, adding value to the relationship and hopefully encouraging cross-selling opportunities. He also shared how industry-specific articles found on Vertical IQ can be used as value-added touchpoints for both the onboarding and re-boarding process.

Upcoming free webinars

May 29, 2019 at noon EDT
Save Me! Save Me Now!

Nick Miller, president of Clarity Advantage and business relationship development expert, will focus on cash flow discussions and red flags for fraud vulnerability, with a focus on poor internal controls, and the counsel you should share with every one of your clients until they are all fully protected. He will also share steps that financial pros can recommend to their clients to keep themselves safe.

June 19, 2019 at noon EDT
Building Prospecting Momentum

Banking industry sales expert Ned Miller will key in on which factors differentiate successful prospectors from less adept ones. Miller will help you assess your prospecting acumen and prioritize each day’s prospecting tasks. He will then build upon this momentum to show webinar participants how to leverage their prospecting network by integrating industry expertise into their prospecting process.