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.
Why should commercial and small business bankers get to have all of the fun? Industry Intelligence offers value across the entire bank enterprise. Take treasury management, for example. Industry Intelligence is a natural fit for treasury management officers who are looking to get a better picture of their client’s or prospect’s cash flow challenges and the solutions that may be the best fit for them.
When the treasury management team is preparing for a meeting with a new prospect, Industry Intelligence is a true time-saver. It’s the go-to source for the latest information on how an industry operates, including an explanation of their typical payment cycles, profit drivers, cash management challenges, and the payment products that are commonly used within the niche.
Better treasury-related conversations
Treasury management officers (TMOs) can take the conversation even further when they ask insightful questions, showcasing their knowledge of how the prospect’s or client’s industry works. For instance, the TMO can select from and incorporate working capital call prep questions into the conversation that dig deeper into key cash management concerns impacting financial statistics like payables and receivables. Or they can print and share current industry-focused deliverables as a value-added part of their business development tactics.
But the utility of Industry Intelligence doesn’t end there. When they do their research using Industry Intelligence, they can learn about industry-specific working capital stressors keeping the business owner up at night. Opportunities for foreign exchange, fraud prevention solutions, global trends, technology investment, and so much more, open the door to deepening the client relationship. That’s a win for the client manager, treasury management officer, and the bank!
Level up your retention efforts
Why stop there, though? Industry Intelligence can be used to continue to add value to the client even after the treasury management deal is closed. Industry news articles make a great touchpoint for client retention efforts. Print and drop the article in the mail with a personalized note: “I saw this article and wondered if you are having a similar issue within your company. If so, I may have a solution for you. I’ll call you next week to discuss.”
Another proven tactic that will really wow the client is to share industry data on their clients. This is the kind of reconnaissance that can be extremely eye-opening and valuable to a business, but that they rarely have the time or resources to procure on their own. Such insights can help them get a better handle on the external forces that come into play with their cash management.
A treasury management tool that’s right on the money
Want to learn more about how your treasury management team and other lines of business across your bank enterprise can use Vertical IQ’s Industry Intelligence to save time and win more deals? Contact Vertical IQ today for a free demo!
Image credit: Giorgio Trovato via Unsplash