The concept of a credit union is unique among financial institutions. Rather than striving to earn dividends for Wall Street or shareholders, credit unions operate as nonprofits, serving the needs of everyday people in their community. Any profits are returned to these member-owners, often in the form of better rates or lower-cost financial services.
More recently, some credit unions have expanded their traditional consumer member base to work with Main Street — seeking out small to mid-sized businesses (SMBs) that can benefit from reasonably priced financial products and services. But like any change, this evolution can’t happen overnight. Credit unions have first needed to scale up, expand their employee headcount, and broaden their knowledge base.
The Challenge
One credit union widening their scope to include business members is Diamond Credit Union, a full-service, community-chartered credit union in southeastern Pennsylvania. Diamond has been meeting the financial needs of their members in Berks, Montgomery, Chester, and Bucks Counties since 1947.
In 2023, the Diamond board made a strategic decision to pursue more business relationships, but how would their salesforce gain the acumen needed to successfully pursue this new business services market? Afterall, as a credit union, any change has the potential to impact all of their 64,000 members.
Diamond quickly recognized that it would take the right team and, perhaps just as important, the right tools to make this move a win for the credit union as well as their members. Fortunately, their newly hired business development leader knew exactly which solution to tap to ensure Diamond’s success.
The Solution
In 2023, Steve Markley was hired as Diamond’s first Chief Business Development Officer, charged with spearheading the credit union’s new business services program. Steve had worked in the financial services sector for nearly 30 years, primarily with larger banking institutions, and was eager to take on this new challenge. But he also knew precisely which tool he needed to add to his toolkit to ensure the success of this new program and its sales team.
“I had used Vertical IQ as an important part of my development strategy in my former company,” Markley explains. “When I was hired to build out this new program at Diamond, I felt Vertical IQ was a natural fit — something I’d depended on in my past and wanted to continue to rely on to help our sales folks do what they do best.”
Markley felt confident that the Industry Intelligence on Vertical IQ would serve several important purposes in his new role.
Strategic Planning
The insights on Vertical IQ can help credit unions like Diamond, as well as other financial services organizations and professional services providers, determine which industries, as well as which geographic areas, might be a good fit for their products, portfolio, and long-term goals.
“At Diamond, I have used the insights on Vertical IQ for strategic planning and direction to help build out a pretty aggressive three- to five-year growth strategy for Diamond’s business services offering,” says Markley.
He continues: “Vertical IQ has helped us answer important questions like, ‘Where do we want to be, what business types do we want to attract, and how do we get there?’ The industry and economic intelligence on Vertical IQ have really been the foundation of the strategic direction we’ve taken. It helps us identify targeted industries that match up well to what we do — our organization’s philosophy and services — as well as where we want to be geographically.”
“The industry and economic intelligence on Vertical IQ have really been the foundation of the strategic direction we've taken. It helps us identify targeted industries that match up well to what we do — our organization’s philosophy and services — as well as where we want to be geographically.”
Steve Markley
Chief Business Development Officer
Diamond Credit Union
Building a case for additional resources
Any successful business must determine the wisest places to allocate its resources, and a credit union is no different. As Markley sought to build out the business services offering, he needed to make a solid case to leadership as to where they should invest the credit union’s dollars.
He recalls, “The industry and economic content available on Vertical IQ was and continues to be an essential part of making a fact-based, quantifiable case to the rest of our executive team about this new offering. I’m asking for spend; I’m asking for allocation of budget; I’m asking for additional team members. Vertical IQ has helped me tell a story and paint a picture of why business services are an important endeavor for Diamond’s continued success.”
Recruiting and retaining top talent
Launching a new initiative like Diamond’s venture into the business services world requires attracting and retaining top-tier talent. And to do that, you need to be able to tell prospective hires that you will provide them with all the tools they need to succeed in their role. Markley knew that Vertical IQ was essential for this purpose.
“Many of the new folks we’re recruiting to this team already have business banking experience and business banking resumes,” he observes. “One of the nice things I wanted to be able to showcase as I continue to recruit new team members is that I’ve got all the tools that your larger companies can offer, and I can provide you with all the resources that you have used in your past roles to help you here, to help your book of business, to help your business base. So Vertical IQ has helped me attract and retain some really high-quality employees to grow this new business line.”
Advancing the sales cycle
Another key benefit that Markley notes has been critical to the early success of Diamond’s business services program is how it allows his team to quickly get up to speed on a prospect’s industry prior to making a sales call.
“One of the things I like most about Vertical IQ’s Industry Intelligence is it advances or accelerates the sales cycle,” he notes. “So rather than us just having a very generic call with a prospective business owner, we can actually go out and have a detailed conversation with them and know what the challenges of their industry are in advance. It really helps us prepare for the call as a whole.”
Informing new product development
You have to give the people what they want. And as a member-driven credit union, Diamond wants to be certain they are not only keeping up with larger financial organizations but they are also providing members the products and services they need to thrive.
“We have several initiatives where we’re building out new product solutions for our member base,” says Markley. “The data and insights on Vertical IQ have helped us stack rank which ones would be our priorities from a product point of view. We didn’t want to invest in products that only have a 2% utilization rate from business members. It helped us think about which services would be most beneficial in the product set, and then helped us prioritize them.”
Saving time, wowing prospects, winning deals
Stephanie Ziegler has been a business development officer at Diamond Credit Union for about two years and remembers what it was like trying to prepare for prospect calls and meetings with business owners prior to getting access to Vertical IQ. “I did my own research online just to see what I could pull, but it was very time-consuming and tough to know if the information was reliable or current,” she recollects.
But once Markley introduced her to Vertical IQ, Ziegler began saving time and winning more deals.
“Bringing Vertical IQ on board has saved me at least half a day of doing my own research and putting together a proposal or information that I can present to the business owner,” explains Ziegler. “It definitely helps facilitate conversations and bridge the gap exponentially better.”
Ziegler also notes that being able to generate industry-specific reports to share with business owners has been a game-changer for her sales. As she explains, “Going into it, my understanding was, okay, we’re going to be able to gather some industry information — that’s great. But to be able to click a couple of buttons and to generate the whole shareable report — that was an unanticipated benefit that I frequently use to help us close deals.”
She continues: “We have been able to win opportunities where we presented the industry-focused proposal and/or report to the business owner, and they were very impressed with the level of expertise we could share; it built a lot of rapport with them. They knew that they could trust us and that we knew enough about their business for them to move forward with us. When it comes to gaining background on businesses — their challenges and opportunities — and the financial solutions that they might be looking at, Vertical IQ is truly invaluable.”
“When it comes to gaining background on businesses — their challenges and opportunities — and the financial solutions that they might be looking at, Vertical IQ is truly invaluable.”
Stephanie Ziegler
Business Development Officer,
Diamond Credit Union
Tell a better story about your credit union
Although Markley acknowledges he’s tried competing products for industry information in the past, he believes that Vertical IQ is the standard bearer for the type of industry and economic insights sales professionals need to win, grow, and retain more relationships — particularly in a high-touch organization like a credit union.
He explains: “Among the many things I particularly like about Vertical IQ is the bank product utilization information as well as the Localized Industry Data and Local Economies sections. This is invaluable to smaller, community-focused financial institutions like credit unions.”
But there’s also another aspect of sealing business product deals that Vertical IQ can assist credit unions with. Oftentimes, credit unions are vying with larger banks for businesses’ financial relationships. It might seem like a David versus Goliath situation, but Industry Intelligence from Vertical IQ can even the score.
As Markley explains: “The credit union movement is uniquely designed to help the community do the right thing: track clients that need help at a fair price. Vertical IQ helps us tell that story and provides business owners the same exact guidance that they could have gotten at the largest bank in the country or world, but now they can do it right in their community, and we know the same things that their bank may know. So it’s helped us level the playing field from an industry insights perspective.”
Ziegler has experienced the differentiating power of Vertical IQ’s Industry Intelligence first-hand in her business development role. “A comment that I often hear is that the bigger banks don’t necessarily care as much about the relationships as we do,” she observes. “Being able to quickly and easily gain knowledge about a business, create that rapport, and build the relationship — Vertical IQ definitely gives us a leg up compared to the relationships that business owners have experienced with the larger institutions.”
As Diamond Credit Union looks to further expand their market base, broaden their business strategy, and recruit new talent, Vertical IQ’s industry and economic insights will be there to help guide the way. “Overall, I just feel like Vertical IQ helps us tell our story better than other industry insights providers,” says Markley. “Vertical IQ is more current; more modern. It’s easy to navigate so it’s easy to find the things you’re looking for. It’s easy to use; it’s intuitive. And it gives you instant credibility with a business member. It’s just a phenomenal tool that’s been impactful for us here at Diamond Credit Union. We can’t rave about it enough.”
“Overall, I just feel like Vertical IQ helps us tell our story better than other industry insights providers. Vertical IQ is more current; more modern. It's easy to navigate so it’s easy to find the things you're looking for. It's easy to use; it's intuitive. And it gives you instant credibility with a business member.”
Steve Markley
Chief Business Development Officer
Diamond Credit Union
Our successes are always co-authored with our customers.
To learn more about how Industry Intelligence from Vertical IQ can give your bank an edge, contact us at 919.787.4600 or info@verticaliq.com.
Diamond Credit Union is a Pennsylvania state-chartered and federally-insured credit union serving Berks, Montgomery, Chester and Bucks Counties by offering low cost financial services with world class service since 1947. As a not-for-profit financial cooperative, it is owned and operated by its members and is one of the area’s largest member-owned credit unions.
As an independent mutual bank working with customers throughout New Hampshire and Vermont, Claremont Savings Bank prides itself on putting customers first and keeping decisions local. The bank offers a diverse selection of retail and commercial deposit products along with specialized lending solutions. It also provides access to investment and insurance services provided through Claremont Financial Services, a division of Claremont Savings Bank.
The Challenge
Julie Martin started her career at Claremont Savings Bank as a teller 19 years ago, working her way up to her current role as vice president of business services. She and her team handle the financial needs of the bank’s larger commercial relationships.
Like most banks, Claremont Savings Bank is striving to increase their deposits and loans, which means prospecting new customers and deepening relationships with existing ones. “We’re a smaller community bank, and we have a small geographic footprint, so we’re trying to utilize every possible strategy to set us apart from other competing banks,” notes Julie.
But when researching a prospect or customer, Julie and her colleagues often found themselves spending an inordinate amount of time trying to sift through internet search results — results they weren’t even certain were accurate.
The Solution
Ultimately, what Claremont Savings Bank was searching for was a reliable resource for industry insights that could save bankers’ time, boost their confidence, and improve their close rate. When they found Vertical IQ, their search was over.
For Julie and her team at CSB, the Industry Intelligence on Vertical IQ has become an integral tool for their pre-call research and planning. “Call preparation and being prepared are so important, particularly if I’m reaching out to a brand-new prospect that I’ve never had contact with,” says Julie.
With the focused, concise Industry Intelligence she now has in her toolbox, Julie is able to save a substantial amount of time on her pre-call research. She explains: “Before, when we were solely dependent on Google, my call prep would often take me an hour or more, depending on how in the weeds I got. Preparing using Vertical IQ — and in particular their Call Prep Sheets — saves me a huge amount of time as compared to doing internet searches, which can take you in too many different directions. Now, thanks to Vertical IQ, I can feel well-prepared in just 20 minutes.”
Julie says that she and her colleagues appreciate that Vertical IQ was created by bankers, for bankers. “You can tell that they’ve been in our shoes. The content is specifically geared toward us with banking terminology as well as important topics like industries’ credit risk, trends, capital financing needs, cash flow, and common banking products.”
She likes the industry-specific terms shared on each Industry Profile as well, which enable her to speak a business owner’s language. “I once met with a car dealership prospect, and I remember one of them saying that they were pleasantly surprised that I had taken such an interest in their business — that I had used their terms and touched on industry-relevant points that no other banker had touched on for them,” Julie recollects.
Julie and her team also take advantage of Industry Intelligence when interacting with existing customers as a way to add continuous value and deepen relationships. “I like to find a timely, industry-focused news article or copy and paste the latest industry trends to send to my customer and say, ‘Hey, just saw this and thought of you. Is there a good time for me to come out and talk with you about this?’ It gives me an in to have that conversation with them — to check in on them and it be a personal visit versus just sending a generic touchpoint.”
Julie continues: “We so often communicate with our customers through email, and it’s easy to lose that person-to-person touch. At Claremont Savings Bank, it is important to us that we keep that personal connection with our customers. Sharing industry content from Vertical IQ jumpstarts those conversations for us.”
Annual relationship reviews can also become more valuable to both the bank and the customer by incorporating Industry Intelligence into the discussion. “I review the Industry Profile for the customer’s niche to make sure that I am aware of any major industry changes. I look at sections like the trends, the working capital summary, capital financing, and financial insights to try to figure out what their working capital situation may be,” Julie shares.
“When I’m going out to talk with a customer to recap their year, I make sure that I bring up any interesting points I found — anything notable that has changed for their industry as a whole,” she notes. “I then share what CSB may be able to do to help address any related banking needs. I’ve found that these kinds of industry-focused annual reviews add value to the relationship from the customer’s standpoint, as well as uncover upsell and cross-sell opportunities that can benefit the bank.”
Preparing using Vertical IQ — and in particular their Call Prep Sheets — saves me a huge amount of time as compared to doing internet searches, which can take you in too many different directions. Now, thanks to Vertical IQ, I can feel well-prepared in just 20 minutes.
Julie Martin
Vice President of Business Services
Claremont Savings Bank
Boosting Focus, Building Confidence
Bankers at Claremont Savings Bank are finding a variety of benefits to incorporating Vertical IQ throughout the sales process. Among them, using Industry Intelligence
helps them focus their prospecting. “It gives us the ability to see if there is an industry that we should be going after that we haven’t been pursuing,” Julie observes.
Vertical IQ also personalizes CSB’s outreach efforts while boosting bankers’ confidence during conversations. “You can only be an expert on so many things,” Julie concedes.
“Vertical IQ makes it very easy for us to be able to get a quick industry overview or to dig deep into the industry if needed — showing us what products and services the prospect or customer might need. I like to have that Call Prep Sheet in front of me to help steer conversations, and I like to use the news articles as a personalized touchpoint. It really sets us apart.”
Julie expounds: “One of the biggest impacts of using Vertical IQ that we’re seeing is that our newer bankers are gaining the confidence to be able to go into a sales meeting with a prospect and say, ‘Okay, this is what you do, and here’s what we can do to help you.’ They have the talking points they need to feel empowered and sound very knowledgeable on a call, which has been huge for them.”
A Helping Hand for Credit Analysis and Underwriting
The credit team at Claremont Savings Bank is also finding value and time-savings by incorporating Industry Intelligence from Vertical IQ into their analysis and risk management processes.
“Our credit analysts use it for the background information they need, as well as for their annual reviews,” says Julie. “Our lenders really enjoy the monthly e-newsletters as well as the industry trends, which they share with their customers or prospects.”
Becky Cook, a commercial credit analyst at Claremont Savings Bank, says she uses Vertical IQ for the majority of the commercial loan proposals she prepares, focusing in particular on the valuable information in the Industry Overview and Current Conditions sections.
“An important component of our credit analysis is to conduct a risk assessment based on up-to-date market and industry conditions for the specific industry in which our prospective borrower operates,” Becky explains. “Vertical IQ provides detailed and current developments for each industry with credible, professional sources and trend analysis. It’s extremely helpful in understanding the track an industry is on and how economic factors are impacting that industry. From there we can better analyze projections provided by borrowers to ensure their anticipated results coincide with industry demand, as well as assess the potential risk of downward revenue trends if there are concerning industry factors that we would otherwise be unaware of.”
The Credit Underwriting and Risks section within Vertical IQ’s Industry Profiles is also instrumental in Becky’s industry analysis, she shares. “In my proposals, I always cite the Industry Risk Rating provided by Vertical IQ, as well as the risk factors that categorize each industry such as business exit rates, cyclical sensitivity, financial summary, and the compound annual growth forecast.”
A key part of credit risk analysis is benchmarking a business against others in the same industry. Becky notes that the ability to get this type of “apples-to-apples” comparison is crucial to making informed credit decisions.
“Financial ratio analysis is meaningless unless compared to other industry peers and the baseline within each industry,” she says. “Vertical IQ is priceless in understanding how a borrower truly operates within its respective industry and how well they are performing in relation to the average industry competitor.”
Having such credit-related content right at your fingertips is a tremendous timesaver for the credit team at Claremont Savings Bank. But the real benefit, from the credit perspective, is the bank’s ability to accurately gauge the creditworthiness of a business — and the resulting deals that are successfully inked. For example, Becky attributes closing a $70,000 deal in part to her use of Vertical IQ.
She shares the details: “I had a loan proposal to prepare for a start-up food truck business. This was an industry I was unfamiliar with — one that was just emerging and gaining popularity in our area. Being a start-up, the borrower did not have historical financial data to provide and instead provided projections that I had nothing to compare to in order to determine the reasonableness of the figures.
“Vertical IQ provided Financial Benchmarks for the food truck industry, NAICS code 722330, which allowed me to see what the typical income statement accounts of other businesses within the industry amounted to in relation to revenues. I was able to adjust the prospect’s projections to better reflect the industry data and build comfort and confidence in our financial analysis to obtain approval for the loan. Today, the business is successful, but it was the tools provided by Vertical IQ that allowed us to do thorough, accurate due diligence and better assess the credit risk.”
Vertical IQ is priceless in understanding how a borrower truly operates within their respective industry and how well they are performing in relation to the average industry competitor.
Becky Cook
Commercial Credit Analyst
Claremont Savings Bank
Continuous Product Support and Improvements
In order to get the most value out of any tool, users need to understand how to use it effectively, and this is another area where the bankers at CSB note that Vertical IQ really shines. Julie and Becky both pointed out that the training opportunities provided by Vertical IQ have increased their understanding and usage of the tool.
But like any good company, Vertical IQ isn’t resting on its laurels; it is continuously improving its capabilities and upgrading the content it offers. For example, a recent enhancement included the addition of Localized Industry Data to each Industry Profile — information about a vertical down to the metropolitan statistical area (MSA) and county level. This has been a boon for community banks like Claremont Savings Bank.
As Julie explains: “We’re a very small county around here, so I like that we can now see what’s really happening with an industry in our specific area. Vertical IQ’s Localized Industry Data allows us to drill down deeper and to have even more of that local focus to figure out exactly what will benefit our customers — which, of course, also benefits the bank in the long run.”
I like that we can now see what's really happening with an industry in our specific area. Vertical IQ’s Localized Industry Data allows us to drill down deeper and to have even more of that local focus to figure out exactly what will benefit our customers — which, of course, also benefits the bank in the long run.
Julie Martin
Vice President of Business Services
Claremont Savings Bank
A meaningful Differentiator for Community Banks
The banking space is crowded, with other banks always trying to poach their competition’s best customers. Bankers must find a way to set not only their bank apart… but also themselves. They need a differentiator, and this is perhaps especially true for smaller community banks that may not have the same name recognition as the bigger players.
“Sometimes we feel like we’re the little guy on the block trying to play ball — like David versus Goliath,” Julie observes, “but with Vertical IQ, we have the Industry Intelligence we need to put us in the same arena and to hold our own. We are able to differentiate ourselves from those bigger guys by virtue of making all of our decisions locally, but Industry Intelligence helps us get our foot in the door when we can say to business owners, ‘Hey, we understand that a lot of people in your industry are dealing with this issue, and here’s how we can help you overcome that.’”
Julie emphasizes that as a community bank, Claremont Savings’ bankers truly take pride in knowing what their customers do. “Vertical IQ makes it quick and easy to keep my finger on the pulse of my customers’ industries. It also gives us an edge and keeps us top of mind when we have valuable industry content we can share and say, ‘I was reviewing this and thought of you, so I wanted to reach out.’ Business owners really appreciate that.”
Sometimes we feel like we're the little guy on the block trying to play ball — like David versus Goliath, but with Vertical IQ, we have the Industry Intelligence we need to put us in the same arena and to hold our own.
Julie Martin
Vice President of Business Services
Claremont Savings Bank
Our successes are always co-authored with our customers.
To learn more about how Industry Intelligence from Vertical IQ can give your bank an edge, contact us at 919.787.4600 or info@verticaliq.com.
Claremont Savings Bank was chartered in 1907 by an act of the General Court (Legislature) of the State of New Hampshire. It is and always has been a Mutual Savings Bank, which means it is owned by depositors and overseen by trustees. The bank prides itself on putting customers first and keeping decisions local. The bank offers a diverse selection of retail and commercial deposit products along with specialized lending solutions. It also provides access to investment and insurance services provided through Claremont Financial Services, a division of Claremont Savings Bank.
With several hundred branches across the Southwest, this mid-sized bank aims to support their customers’ unique needs with a stellar lineup of financial products and services. They strive to be the bank that businesses turn to when looking for a partner for success – someone who will understand them and their business.
These goals align perfectly with the benefits of using Vertical IQ, so the bank has woven Industry Intelligence into both its sales processes and its customer-centric culture, ensuring their team is always ready to step up to the plate and shift from being great bankers to establishing themselves as trusted advisors.
The Challenge: Competing Amid Economic Turbulence
Although the bank was already in a great position to combat economic turbulence, sales leaders realized there was something missing: They had used tools for the credit side, and they had resources for lending – but they did not have a truly differentiating solution for sales and relationship management.
“We had been using a different tool for credit and the commercial side, but we needed something to set us apart and enable us to really go after deposits and thrive in the C&I space,” said one sales executive. “We needed to be more conversationally competent with business owners because the more you think like a business owner, the better a banker you are. We needed to adjust our conversations to reflect that.”
Part of the challenge was making it easier for this cultural shift to happen. And this is where Industry Intelligence was welcomed into the dugout.
The Solution: A Trusted Teammate
Given recent events and economic headwinds, it speaks volumes that this particular bank has been able to stand tall and continue to thrive – and Vertical IQ is becoming a more prominent part of their starting lineup. One of their sales leaders has been using the Vertical IQ platform for several years, so she had already experienced firsthand the value of using Industry Intelligence solutions for sales enablement. The organization first signed with Vertical IQ in 2022, and – just one year later – they upgraded to a three-year enterprise deal. They’re already reaping the benefits, and even the sales leadership team didn’t initially realize the reach it would have across different branches of their organization.
“We’ve gotten just as much usage from the retail side as the commercial side,” one sales exec said. “Our credit team uses it, in part, because of Vertical IQ’s partnership with RMA. We had previously used an industry research competitor, but Vertical IQ made more sense because of the compatibility of the two products, the depth of the insight provided, and the ease of use on the platform.”
“Everyone agreed that it was also better for sales and that Vertical IQ met the needs of both teams,” this leader continued. “The branch managers, who make outside calls intended for commercial, were also using it for retail. Its usage morphed to other parts of the bank, and although that wasn’t necessarily expected, it was a welcomed development.”
If you want to have a solution that really helps with the sales side and the questions your bankers should be asking their customers – as well as what the answers to those questions mean – Vertical IQ is the best option available for engagement.
Senior Sales Executive
The versatility of the Vertical IQ platform – as well as its sales enablement and call preparation features that help build credibility and make engagement with customers easier – is one of the primary reasons the bank has implemented usage across multiple departments. They have especially seen the platform’s value in terms of call preparation, financial insights, and its Salesforce integration.
Call Preparation
If there is one chief reason bank leadership sees value in using Industry Intelligence, it is in the collection of call preparation resources on each of Vertical IQ’s Industry Profiles – and in the specialization and variety of niches within those industries.
“We’ve found the call preparation resources to be very effective,” one sales manager elaborated. “We actually used them for a training class in Scottsdale with a real dental practice in Tulsa. We had commercial bankers prepare for deposit calls and talk to people who don’t borrow. They quickly read the Call Prep Sheet on the platform and looked at the Industry Profile to give them confidence and credibility prior to the calls.”
“The platform means a lot more when you see something like ‘dental laboratories’ or ‘dental spas’ in addition to just ‘dentistry.’ It’s specialized. We make sales calls using the ‘homework’ from reading the information on the platform, which is easy to consume and saves time. Because of this ‘homework,’ our bankers don’t have to say, ‘What do you do?’ Instead, it’s a more focused conversation.”
Financial Insights
Given the push for deposits, the business and commercial banking teams have reaped the benefits of the timely, specific, and focused Financial Benchmark data and insights found on the Vertical IQ platform to help assess risk and identify cash-intensive industries for deposit opportunities.
“What we’ve really been using is the financial insight section – which includes the Financial Benchmarks and Working Capital chapters – to see how industries receive money and how they pay, and I think bankers are really seeing value in that part of the platform,” one business banking manager said. “As the economy changes, the value of targeting deposit-rich industries is increasing – and in turn, Vertical IQ adoption is increasing in our organization. Most bankers weren’t worried about deposits before, but now that it’s become such a big focus in our industry, we’re working on training our bankers using these chapters so they can identify deposit opportunities.”
Salesforce Integration
Vertical IQ’s integration with Salesforce has not only boosted sales enablement for this bank – it also has made it easier for bankers to effectively engage with customers in specific industries because of the ease of access to the platform directly from Salesforce.
“It wasn’t long before we started using Vertical IQ that we adopted Salesforce on the commercial side,” a sales executive explained. “We wanted Vertical IQ to live in Salesforce. If we’re logging a call to a veterinarian, for example, Vertical IQ is right there. You click one button, and you’re in. Putting it right in front of somebody’s face in Salesforce makes it easy for them to access it in a snap. It reinforces the message that Vertical IQ is quick and easy to use, and it helps with accountability for our bankers logging calls in Salesforce.”
An Organizational Adoption – From Coach to Player
This mid-sized bank’s dedication to implementing and executing sales processes from the top down has made a positive impact on the rest of the team, and the encouraged usage of a solution like Vertical IQ across the organization – starting with the people in charge – has helped contribute to a culture of trust and unity.
“Our sales executive has been here a long time. He goes out to different markets on sales calls, and his requirement for all of them is that they need to have Vertical IQ so that he can be prepped,” said one sales director. “That drives a message. It speaks volumes when someone who has been in the industry for a long time is changing and adopting a message. Are the questions leadership asks the bankers the questions that bankers are asking their customers? It’s important that Vertical IQ and the customer-centric culture it helps foster are adopted from the top and cascade down to the salesforce with consistent messaging.”
But it’s not just about the Industry Intelligence itself, explained the sales director – it’s about the reason behind using it.
“The challenge was that we weren’t using what we had before for the right reasons,” he said. “It came down to shifting the culture and showing the value in how Vertical IQ can help us change the conversation to better engage with our customers and talk about what’s happening in their world. If we’re preaching to them that they need to adopt Vertical IQ – and offer that reason – the desire to use the platform and be more successful as a result are there. They realize it saves time, makes things easier, and that the prep is already done. If they’re sensing a shift in an industry they’re selling to, they have it right at their fingertips. So it’s really all about using it to their advantage and to its full potential.”
“It’s a simple yet powerful concept – having the knowledge, confidence, and credibility to talk about what customers want to talk about rather than what bankers want to talk about.”
When you work with a team that is already top-notch, it can feel like trying to convince Willie Mays that he needs coaching. Why would our bankers need coaching if they’re great at what they do? Mays had natural talent, and his bat was the best tool in his arsenal, but he needed to be taught how to use the bat and continue to train with it, just like our bankers need to be taught how to swing the bat. In this case, Vertical IQ is the bat.
Sales Director
Cultivating Trust Through Differentiation
With the liquidity crunch and the race for deposits looming large for a lot of banks, it can be easy to get caught up in the sales side of customer interactions. Falling into the trap of “banker-speak” instead of “customer-speak” is more prone to happen when bankers are increasingly desperate to close deals.
So, in the face of economic turbulence, this financial institution stayed its cultural course and doubled down on relationship-building. A bank sales leader said that if one thing is true more than anything, recent events are driving home the fact that bankers need to be relationship managers and not lenders. So what does that mean for this particular bank?
“It means our best practices have to change to adapt to that,” she said. “It’s obviously important now, but it’s going to be even more important in the future to build a relationship rather than just a transaction. Transactions are easy to leave. Relationships are difficult to maintain but important to sustain. They need to be viewed as a differentiator.”
And differentiation, she posits, can spell the difference between striking out and getting that clutch hit.
“If you don’t have the volume of loans you need or the highest ratings on deposits, you need to find a way to differentiate yourself,” she said. “You can’t do that unless you seek to understand. It’s hard to pull that off otherwise.”
“I’ve used Vertical IQ for a long time. I show it to the bankers, and I’m such a believer that relationships, as well as being a trusted advisor and an expert, are what it’s all about. Vertical IQ has helped us change our engagement strategy to reflect that culture shift, and it’s working.”
A Home Run Resource
This banking team has recognized the value of Industry Intelligence with regard to its sales enablement. Their bankers have leveraged the platform to become part of a unified cultural shift to speak the business owner’s language, identify and win new deposit opportunities, and deepen relationships with customers and prospects. The solution has aligned perfectly with the bank’s goals to protect their customers’ futures and build trust in uncertain times – and this bank continues to stand tall and hit home runs as a result.
Our successes are always co-authored with our customers.
To learn more about how Industry Intelligence from Vertical IQ can give your bank an edge, contact us at 919.787.4600 or info@verticaliq.com.
Founded in 1825, Liberty Bank is the oldest and largest independent mutual bank in the country and is the second largest bank headquartered in Connecticut. Liberty has over $7 billion in assets and operates 56 banking offices across Connecticut and one in Massachusetts. In 2022, their Retail Lending team generated $340 million in residential mortgages, as well as $186.3 million in home equity and home equity line of credit (HELOC) loans.
The Challenge
Smaller banks can offer a variety of advantages. For instance, Liberty Bank prides itself on providing customers with personalized service and products tailored to their individual needs. The bank is actively engaged within the communities it serves in Connecticut and Massachusetts, as well. But being a smaller bank, Liberty also has to carefully manage their loan portfolio — including residential lending.
“As the manager of our retail lending business, it is important for me to stay attuned to the latest trends,” explains Matt Cammarota, who has been head of retail lending at Liberty Bank for just over two years. In addition, he is also partly responsible for managing the credit risk of residential lending, and developing data-driven lending policies and product guidelines.
When the COVID-19 pandemic struck in early 2020, one unexpected result was the impact it had on the residential real estate sector. This market tumult put Cammarota in search of a resource to help Liberty Bank make more informed decisions about residential loans and valuations. Thankfully, he remembered a tool he’d used in his role at a previous employer, so in 2021, he encouraged Liberty Bank to get access to Local Market Monitor.
The Solution
Local Market Monitor (LMM) provides timely assessments and forecasts of more than 300 Metropolitan Statistical Areas (MSAs), 2,000 counties, and 20,000 ZIP codes across the U.S. Cammarota’s past experience with Local Market Monitor convinced him that it was the solution Liberty needed to make data-driven residential lending decisions and policies, particularly in the uncharted waters of the post pandemic market. “I have been a big fan of Local Market Monitor since my time working at a previous bank, so, I suggested we get this tool on board at Liberty,” he says. And it has proven to be a wise move.
Cammarota and the residential lending team at Liberty Bank depend on Local Market Monitor’s proprietary Equilibrium Home Price model. This award-winning tool monitors the extent to which actual home prices are higher than the Equilibrium Home Price, which provides a measure of how much price adjustment will eventually take place and also measures the risk that actual home prices will fall. This was essential insight during the past few years’ market fluctuations.
“Approximately two years ago, we began monitoring Local Market Monitor values as part of our ongoing credit risk management and to make policy and guideline adjustments as needed,” Cammarota recollects. “In a fluctuating lending environment, such as the one our nation has experienced over the past few years, having the latest, most accurate residential real estate valuation data and risk projections were essential to Liberty making the best-informed business decisions to ensure our bank’s continued prosperity.”
Cammarota continues: “The information provided by Local Market Monitor has helped us gain a really solid understanding of the real estate market. From an ROI perspective, it enables us to better monitor our portfolio’s risk and make data-informed policy and guideline decisions to manage credit risk of new originations. It is the primary tool we use when we’re looking at loan-to-value from a policy perspective.”
The information provided by Local Market Monitor helped us gain a really solid understanding of the real estate market. … It is the primary tool we use when we're looking at loan-to-value from a policy perspective.
Matt Cammarota
Head of Retail Banking,
Liberty Bank
A valuable resource throughout housing market cycles
The pandemic real estate bubble created by low home inventory coupled with supply chain issues that drove up building material prices has begun to subside, but Liberty Bank continues to find value in their use of Local Market Monitor’s data and forecasts.
“Even today, post-pandemic, every person I share an LMM report with is excited about the information that it captures,” says Cammarota. “I have a quarterly credit risk review meeting on retail lending, and I always pull Local Market Monitor’s home value information from at least one MSA to share with our credit risk and retail lending teams during that meeting. It’s information our teammates find very useful and informative.”
“From a risk management perspective, Local Market Monitor is invaluable,” Cammarota continues. “It gives us the ability to get down into a very specific geographic area with their ZIP by ZIP Analysis and Investor Metro Analysis.”
Liberty continues to find even more advantages to tapping into Local Market Monitor’s data and tools. “LMM’s portfolio tool [which allows you to upload your bank’s portfolio numbers and run forecasts] is outstanding,” Cammarota explains. “As markets fluctuate, it is definitely a tool we will continue to rely on.”
A time-saving tool from a trusted partner
As Liberty Bank approaches its bicentennial, they know that data-driven retail lending decisions will help ensure financial success in their next 100 years. And having the right partners by their side is crucial.
“The Local Market Monitor team is great, very responsive,” observes Cammarota. “If I ever have an issue, they’re extraordinarily responsive and helpful, and I’m very grateful. You just don’t find that. I, and many others, don’t look for vendors; we look for strategic partners, and I definitely put Local Market Monitor in that category.”
But as Cammarota notes, the biggest benefit of his access to Local Market Monitor is the platform’s data and forecasts for specific local geographies, which are especially critical to a bank like Liberty.
He expounds: “A regional or national bank can look at general indices, or some big banks even use their own indices to adjust their portfolio values up and down. But for a smaller bank like Liberty, Local Market Monitor has improved our ability to manage credit risk effectively. From a retail lending perspective, it gives us a really strong understanding of what’s happening for new originations but also on the portfolio. It’s an incredibly helpful, time-saving tool.”
The Local Market Monitor team is great, very responsive. If I ever have an issue, they’re extraordinarily responsive and helpful, and I'm very grateful. You just don't find that. I, and many others, don't look for vendors; we look for strategic partners, and I definitely put Local Market Monitor in that category.
Matt Commarota
Head of Retail Banking,
Liberty Bank
Our successes are always co-authored with our customers.
To learn more about how Industry Intelligence from Vertical IQ can give your bank an edge, contact us at 919.787.4600 or info@verticaliq.com.
Founded in 1825, Liberty Bank is the oldest and largest independent mutual bank in the country and is the second largest bank headquartered in Connecticut. Liberty has over $7 billion in assets and operates 56 banking offices across Connecticut and one in Massachusetts. In 2022, their Retail Lending team generated $340 million in residential mortgages, as well as $186.3 million in home equity and home equity line of credit (HELOC) loans.
Cornerstone Bank, headquartered in Worcester County, Massachusetts, is a mid-sized community bank committed to delivering personalized financial services to individuals and businesses in central Massachusetts.
Their corporate tagline sums it up well: Cornerstone Bank is focused on forming client relationships that are “Built on trust.” The credit team was facing a common challenge that was hampering their ability to consistently live up to this mission, however. Commercial lenders and credit analysts were reliant on Google searches when researching an industry.
The Challenge
The advent of the internet has put near-infinite amounts of information at our fingertips. From a banker’s perspective, it has simplified a number of essential tasks, from pre-call planning to credit analysis. But like so many other financial services professionals, the credit lenders and analysts at Cornerstone Bank found it challenging to cite reliable sources. The information was often fragmented, making it time-consuming to sift through various internet search results to find trustworthy information.
Cornerstone had a “Google conundrum” – they were spending an exorbitant amount of time on these online searches but also lacked confidence in the information they found. What’s more, this research process was creating challenges when calling on clients and prospects, as well as when developing credit write-ups. Cornerstone Bank needed a reliable, time-saving, up-to-date source for Industry Intelligence.
“We were going to Google for pretty much everything,” recalls Cornerstone credit manager Chelsea Prizio. “Occasionally, we would have an article that was given to the lender and then passed along to credit, but for 95% of our information, we were relying on any industry research that the analyst could find online.”
On top of that, when they did find trustworthy information on the web, the credit team at Cornerstone kept running into paywalls. Prizio explains: “To understand the operations of the industry we were calling on or for background for our credit analyses, we could take snippets out of an industry research website, but it would only give you a couple paragraphs of free information, and then you’d have to purchase the whole report to get more details. The cost of those reports can really add up.”
“We needed a reliable source of information, and we needed to improve efficiency,” notes Prizio. And as it turns out, the Industry Intelligence on Vertical IQ was exactly what they’d been searching for.
The Solution
In the spring of 2023, Cornerstone Bank began exploring industry information platforms. They considered the various products on the market, but ultimately selected Vertical IQ for their Industry Intelligence needs.
“Not only was their pricing more competitive, we found the Vertical IQ platform to be much simpler to use than the other options we looked at,” recalls Prizio. “I also really liked the ability to print Vertical IQ reports and be able to hand those to our customers with our bank logo on it so it looks like it’s a document prepared by us. That was a big selling point for me,” she continues.
Once Cornerstone selected Vertical IQ for their Industry Intelligence needs, the rollout process was seamless. Prizio notes: “It was probably one of the easiest implementations and launches I’ve ever gone through, so that was huge. The Vertical IQ platform is very user-friendly; you just click and go.”
It was probably one of the easiest implementations and launches I've ever gone through, so that was huge.
Chelsea Prizio
Credit Manager,
Cornerstone Bank
Industry Intelligence That Builds On Success
The credit team at Cornerstone Bank is already reaping the rewards of having trustworthy Industry Intelligence at their fingertips. “Vertical IQ saves us a ton of time by providing very succinct, reliable industry information to include in our credit presentations,” Prizio says.
She continues: “The time savings per analyst on each deal that they’re researching has been at least cut in half, if not more, because we’re not spending hours on each relationship searching for information that we feel in our gut to be true. We can go right to Vertical IQ, pull the industry info, and roll with it. From the analyst perspective, that has helped tremendously to make their role more efficient and streamlined.”
But the benefits don’t stop there, Prizio notes. “Vertical IQ also has given our analysts and lenders a tool to quickly educate them on what they should be asking — questions related to a company’s balance sheet and income statement based on the industry that they’re in. So, it’s really narrowing down the information that people need to know.”
Vertical IQ saves us a ton of time by providing very succinct, reliable industry information to include in our credit presentations.
Chelsea Prizio
Credit Manager,
Cornerstone Bank
Peter Kovago, a highly experienced senior credit analyst at Cornerstone Bank, has seen first-hand the ways that Industry Intelligence from Vertical IQ can save time while boosting credibility and confidence.
“I use Vertical IQ almost every day,” Kovago explains. “It helps me verify what I think I know and gives me a consistent, dependable resource to reference. As a credit analyst, a big part of our job is identifying what the risks are of a certain deal and of a particular business in a specific industry. I have a lot of historical knowledge, but I still go into Vertical IQ to be sure my ideas are in line with the risks they note for a particular industry. It’s made my job a lot easier, and it’s kicking my write-ups and annual client reviews up a notch for sure.”
In addition, Kovago notes that Industry Intelligence from Vertical IQ can be a key differentiator in customer conversations. “Before you go into a meeting with a new prospect or even an existing customer, you go into Vertical IQ and you read through some of the insights. That business owner truly appreciates that you took the time to understand their business.”
He continues: “My experience is that business owners love what they do; they love their business; they love to talk about it. To be able to have an industry-focused conversation with them can help quite a bit on the prospecting front as well as with existing relationships. It shows that you care, and it builds trust, which is our mission.”
I use Vertical IQ almost every day. It helps me verify what I think I know and gives me a consistent, dependable resource to reference. … It's made my job a lot easier, and it’s kicking my write-ups and annual client reviews up a notch for sure.
Peter Kovago
Senior Credit Analyst,
Cornerstone Bank
Cornerstone Bank has realized an unexpected perk of using Vertical IQ as well: helping newer members of the credit team get up to speed quickly on key industries. “For our newer analysts and lenders, Vertical IQ gives them more to think about and more to analyze instead of just restating the numbers and financials the client is telling us,” Prizio observes.
Kovago agrees: “For a new lender or analyst, Vertical IQ is a great resource that gets you up to speed quickly on an industry. For us more seasoned bankers, it can reinforce what you think is correct. It has all the information that you need so you know the right questions to ask the lender or the customer, and it even has the right answers in there. It can make anybody an industry expert.”
Conclusion
The credit team at Cornerstone Bank looks forward to discovering new ways that Industry Intelligence can make their jobs simpler while improving the service they provide to their clients. One example is identifying more potential cross-sell opportunities.
“Vertical IQ shows what bank products a certain industry typically uses, what their capital needs might be, what machinery and equipment they use and even how much it costs,” Kovago observes. “If our lenders start tapping into that information, I’m confident that some borrowing opportunities they’re not always seeing today will become clearer, opening the door for deepening relationships and profitable cross-sells.”
With ready-access to reliable Industry Intelligence, streamlining the credit team’s research processes to improve efficiency, Cornerstone Bank is building an even stronger foundation of trust with their clients and prospects.
Our successes are always co-authored with our customers.
To learn more about how Industry Intelligence from Vertical IQ can give your bank an edge, contact us at 919.787.4600 or info@verticaliq.com.
Cornerstone Bank is based in Worcester, Massachusetts, they currently operate 10 branch offices. Cornerstone Bank is a local, community bank that delivers a personal touch that only a local bank can offer. They are dedicated to providing high quality, personal customer service and convenience for individuals, businesses and community organizations in Central Massachusetts. Working to connect you with opportunities through a broad range of deposit and loan products and services to meet your financial goals.
ADP is perhaps best known for their payroll services, but in recent years, their offerings have expanded well beyond tabulating and printing paychecks. They now provide dedicated channels and expertly designed business process outsourcing tools for accounting, HR, talent, benefits, and compliance. This includes their award-winning cloud-based solution, Accountant ConnectSM, a free portal utilized by over 80,000 accountants that is revolutionizing the way they work with their clients.
In addition to providing easy online access to small to mid-sized business clients’ payroll ledgers, Accountant Connect also offers users simplified client onboarding, report generation, and document transmission, among other helpful features.
When ADP decided to integrate Industry Profiles from Vertical IQ into Accountant Connect, they discovered the many ways that Industry Intelligence could benefit not only CPAs and their clients, but also ADP’s own team.
The Challenge
Staying Attuned to Business Owners
Today’s small and mid-sized business (SMB) owners are clamoring for personalized service tailored to meet their unique needs. They are looking for accountants, payroll firms, benefits coordinators, and other outsourced service providers that understand the nuances of their industry and can help them identify and tackle issues.
The ADP Research Institute conducted a survey of SMB owners revealing that 62 percent felt that their accountant was in a position to offer them both HR and compliance advice. It’s that desire for additional advisory resources that inspired ADP to consider ways to incorporate industry-specific insights into their Accountant Connect platform.
“What’s happening within industries is extremely critical to accounting professionals as their clients are craving additional intel and guidance pertaining to verticals,” noted Heather Sperduto, Vice President of Channel Sales for Small Business Services at ADP.
“Our thought process with the Accountant Connect technology is that, at their fingertips, accounting professionals should be able to go in and interact with the data for our mutual clients – the ones that also utilize ADP,” Sperduto explained, “but we also wanted to enable accountants to tap into other best-in-class resources to help fuel their own client advisory services and educate themselves about topics like industry-specific compliance changes or getting a handle on issues occurring within a particular market or industry.”
Speaking to accounting firms' needs
It’s important to remember that many CPAs are themselves business owners. They too are eager to work with service providers who understand the unique aspects of their business, and they are looking for partners who can add value to the relationship.
With this in mind, the ADP team was exploring how they could take their prospecting and relationship development to the next level and differentiate from their competitors by meeting this expectation.
Sperduto continued: “We strive to arm our small business sales leaders and associates with the training and tools they need to succeed. In addition to strategy, program development, and execution, we also help our salespeople create a process and understand the accountant channel, our solutions, and how we help accountants. It’s vital that they fully understand the specific challenges and opportunities faced by accounting firms and how our solutions can solve them.”
Educating your sales force is just the first step in the process, of course. You also need to identify differentiators that can help you get a foot in the prospect’s door, noted Jennifer Gesing, Vice President of Sales Operations for the Accountant Channel at ADP.
“We are always looking for ways our team can provide valuable resources to accounting firms,” observed Gesing. “For these prospects, our sales associates need ways to gain access, especially with cold firms, or even warm firms that may not be as willing to meet with us on a regular basis.”
Once ADP has landed a client, the work is not over. They must continue to nurture that relationship with memorable touchpoints that add value from the client’s perspective. And we know that business owners crave partners that provide advice that can benefit their firm and boost their success.
“For accounting firms that we do have an existing partnership with,” Gesing said, “we try to create reasons why a firm should sit down and talk to us more frequently. We want to stay at the forefront of their mind so when they’re meeting with their own clients, they think of ADP to refer first over any of our competitors.”
How could ADP provide…
…a helpful tool for the accountants utilizing Accountant Connect?
…a resource to educate their sales force on the landscape of the accounting industry?
…a valuable asset to nurture existing relationships and differentiate from the competition?
There was a single answer: Industry Intelligence from Vertical IQ.
The Solution
“We were looking for a complementary tool that we could use as we approach accounting firms and to educate and empower our own associates as well,” recollected Sperduto. “We know that you need an area of expertise as you prospect within specific industries, and we wanted a consolidated place where we – and our accountant clients – could tap into some of those industry insights, benchmarks, and statistics in a very user-friendly, easy-to-digest fashion. Vertical IQ checked all of those boxes.”
But before making a commitment, ADP wanted to be certain they were selecting the best option for both their needs and their clients’ needs.
“We did a lot of due diligence on our side before we made the decision to launch the Vertical IQ partnership program,” Sperduto noted. “Internally, we had some of our team members review several of the Industry Profiles to gain insight about how they would use them within their daily activities – whether it’s as a prospecting tool or to reinforce some of the conversations they’re having with our centers of influence [COI].”
ADP also wanted to ensure Vertical IQ’s Industry Intelligence would prove beneficial for their accountant clients. Sperduto continued: “Externally, we tested the reports with some of our partners in the accountant community. We asked them to review how the information was presented, what aspects of the reports they felt would be most useful, and how they would actually use them in their practice and interfacing with their own clients.”
The feedback, both internal and external, was overwhelmingly positive, and beginning in August 2022, ADP added 23 carefully curated Vertical IQ Industry Profiles to the Accountant Connect platform – 20 industries that are consistent plus three additional ones that are selected quarterly based on seasonality. Select members of the ADP team also gained access to the full Vertical IQ platform for training curriculum and collateral development.
Winning Results
Since launching their Vertical IQ integration, ADP has been reaping the rewards of incorporating Industry Intelligence into their own training, collateral, and relationship management processes. Their accountant clients are benefiting as well, not only with their new access to insightful industry information via Accountant Connect but also through the value-added, tailored touch points they receive from their ADP account manager.
“Vertical IQ’s Industry Intelligence is our go-to as we build training curriculum because we want our associates to be able to go out to the market with prescribed tools and resources that they can leverage in their conversations to help gain access and then effectively run meetings,” explained Sperduto.
“When we’re determining how to roll out a specific topic internally to our associates, Vertical IQ is our first stop as well because we want to have a finger on the pulse of what’s going on in the market,” she continued. “Their benchmarks, trends, and statistics help validate and confirm what’s happening within an industry, so that becomes a crucial starting place.”
ADP also is using content from Vertical IQ for value-added prospect and client touchpoints. “We’re always looking for a ‘snackable’ one- or two-pager to take into a firm,” Gesing observed. “Our associates like the fact that they can print a relevant chapter of the Industry Profile or pull an industry-focused news article from Vertical IQ that applies to a client or prospect’s industry, and they can leverage that to gain access. They send that kind of thought leadership or news about what’s happening in that particular industry to their COI or their CPA partner, and they’re then able to have an intelligent conversation based on that one article.”
Gesing continued: “Our CPA firms tell us they appreciate the continuing education coming from us – whether it be on a product, a solution, something happening in the marketplace, a challenge – any of our thought leadership, and Vertical IQ definitely brings us this type of valuable industry expertise.”
“We hear a lot from accounting firms, and even brokers in the small business marketplace, who really like these insights,” said Gesing. “Their eyes lit up when I showed them the Industry Profile and what it looked like – especially the Call Prep Questions. They really liked this type of Industry Intelligence for their newer associates since they don’t have the experience or industry expertise that a more tenured accountant or broker would have.”
“The real value of utilizing Vertical IQ is that it allows us at ADP to be an advisor to our CPA firms that are then advising their own clients,” Gesing continued. “We’re able to bring them an Industry Intelligence solution that makes it super-easy for them to do their job and for them to brush up on or go a little bit deeper into an industry that they may not be as familiar with. It’s trusted research that’s quick, easy, and convenient for them to have at their fingertips. Knowing that this outstanding resource is coming from us at ADP – it just elevates the partnership, and it’s an additional value-add that we offer to them.”
But the advantages don’t end there, Gesing observed. “Those CPAs also will extend this Industry Intelligence to their own clients, so it’s almost like a free deliverable that they’re able to provide to their clients as well, which is a huge value-add. Vertical IQ is a differentiator, allowing us to separate ourselves from our competition – to be that advisor who advises the advisor, which is the accountant. So, it helps them be the hero.”
Members of ADP’s leadership are even finding value in their access to Vertical IQ’s Industry Intelligence. “Personally, I use it in my daily activities,” Sperduto noted. “If I’m going out into the market, and I uncover that the accounting firm that I’m going to meet with specializes in construction or real estate, I find that I’m using the corresponding Industry Profile as I prepare for those meetings and interactions throughout the day.”
Vertical IQ is a differentiator, allowing us to separate ourselves from our competition – to be that advisor who advises the advisor, which is the accountant. So, it helps them be the hero.
Jennifer Gesing
Vice President of Sales Operations, Accountant Channel
ADP
The Vertical IQ Difference
With Vertical IQ, ADP has found an ideal solution to their Industry Intelligence needs.
“When the Vertical IQ team demoed their product, it absolutely wowed me,” recalled Gesing. “Their platform is more modern, more user-friendly, and there are a lot more features that they offer. Plus, it is updated so frequently, so you know the information is current.”
Sperduto concurred: “We had used other industry insight resources in the past, which were fine for accountants, but in some cases, the volume of information was really a bit overwhelming to our sales associates. For us, Vertical IQ was a nice balance of a tool that we could use in both capacities: for accountants and for our own sales team. It gave us the best of both worlds.”
However, when selecting a partner, there is more to consider than just the product or service they offer, and that is yet another area in which Vertical IQ was able to shine during the ADP vetting process and rollout.
“I like to say that the customer service experience is best when you don’t need it,” quipped Sperduto. “I’ve used the word ‘user-friendly’ before, but that term really has permeated all aspects of our experience with Vertical IQ – from our exploration of the product, through our transition, to the onboarding, and for the ultimate rollout and the training. The Vertical IQ team simplified it in a way that it became very natural for us to be able to embark on utilizing the tool. They are very proactive in terms of sharing with us the usage and the analytics too, so we can see what Industry Profiles are being used.”
Gesing agreed, adding, “I would say you’re one of the most user-friendly partners that we work with. For me, the key difference with Vertical IQ is the usability and the depth of the Industry Profiles. You also provide great training collateral that makes it easy for us to then demo and explain the tool to our boots-on-the-ground sales associates. You make it easy for us, and you’re an easy company to work with, so it’s easier to deploy it to the field.”
I like to say that the customer service experience is best when you don't need it. I’ve used the word ‘user-friendly’ before, but that term really permeated all aspects of our experience with Vertical IQ, from our exploration of the product, through our transition, to the onboarding, and for the ultimate rollout and the training. They simplified it in a way that it became very natural for us to be able to embark on utilizing the tool.
Heather Sperduto
Vice President of Channel Sales, Small Business Services
ADP
In Conclusion...
For accountants as a benefit of utilizing Accountant Connect, for sales associates learning about opportunities within the market, for marketing developing industry-focused collateral, and for tailored touchpoints with clients and prospects – ADP has discovered the many uses of Industry Intelligence from Vertical IQ.
“For us, it’s a huge differentiator from our competition,” Gesing noted. “Our competition doesn’t offer anything like Vertical IQ – and especially the depth of the Industry Profiles – so it’s a good way to open the door. There are quite a few CPA centrics [account managers] across the country who get requests from the firms in their portfolio on a regular basis requesting a report on a specific industry. So it’s a touch, and it’s a conversation that we can have with that firm, and then we’re able to perhaps turn it into scheduling an appointment or pulling a referral, which is our ultimate goal.”
“Vertical IQ is impactful across the board for every aspect of our business,” Sperduto continued. “Whether we’re talking to that COI, whether we’re talking to a business owner, or whether we are developing our own skillset to be able to go out there into the market, it makes a game-changing difference.”
When your team demoed Vertical IQ, it just wowed me. Your platform is more modern, more user-friendly, and there are a lot more features that you offer. Plus, it is updated so frequently, so you know the information is current.
Jennifer Gesing
Vice President of Sales Operations, Accountant Channel
ADP
Our successes are always co-authored with our clients. To learn more about how Industry Intelligence from Vertical IQ can give your business process outsourcing or accounting firm an edge, contact us at 919.787.4600 or info@verticaliq.com. To learn more about ADP go to: adp.com/accountant.
It’s difficult to assess if home prices are too high or too low in a given market. Given that banks extend credit with the home as collateral, it’s difficult to know how much credit is too much – especially in a given market when there are swings in values.
One of the unforeseen impacts of the COVID-19 pandemic was a sudden surge in home prices beginning in the spring of 2020. It was a perfect storm of sorts with supply not meeting demand for existing home sales, while building material supply chain issues and labor challenges boosted the cost of new home construction. Yet even as the world returned to some degree of normalcy in 2022, high real estate prices lingered.
Many consumer and residential lending professionals knew the real estate situation was alarming Including William from a Regional bank with more than $50 billion in assets. “Going into 2022, I was very concerned about the growth of home prices over the previous two years,” he shared.
“As a credit risk management leader, I’m responsible for managing credit risk for the bank’s residential mortgage and home equity lending programs. I develop the organization’s policies and guidelines relating to lending transactions and decisions.”
“When it comes to a residential mortgage or home equity transaction,” William explains, “the bank’s risk is mitigated in two ways. The first is by the individual credit risk of the borrower — that’s generally things like FICO score or income. The second is, should the borrower default, you have your collateral — the property — which reduces loan losses.”
This is where calculating accurate home values and pricing forecasts becomes mission critical for a bank. “Learning from the industry’s experiences during 2008’s recession, I try to build lending advice that can survive most scenarios, but COVID created a very different market situation,” notes William. “The home prices jumped significantly during the pandemic, and I knew they had to come back down, which would impact the value of our borrowers’ homes and thus our collateral.”
So, when the stakes are this high, how do you formulate sound financial guidance on a real estate market that is in uncharted waters? Simple: You consult the data.
The Solution
Since 2011, William and his bank have been using Local Market Monitor to analyze home prices to ensure they are managing risk and providing sound lending decisions. He incorporates Local Market Monitor’s data into his monthly presentation to the bank’s chief credit officer.
He explains: “My presentation and its proposed lending guidance applies to any residential or consumer lending product we offer — predominantly residential mortgages and home equity. It also includes an economic home price section, which is intended to support what’s going on in both residential lending and home equity lending.”
To simplify this monthly effort, William utilizes Local Market Monitor’s award-winning Equilibrium Home Prices, as well as their home price three-year forecasts and Metropolitan Statistical Area (MSA)- and state-level statistics. “The data provides powerful insight required to tell the story,” he notes.
The equilibrium home price forecast provided by Local Market Monitor provides an indication if a market is overvalued or not. I include it in a monthly credit presentation that our team uses to make lending decisions. It helps the team understand where home prices are going.
William
SVP,
Consumer and Residential Lending
But the narrative this real estate pricing data tells is important for more than just risk management purposes. “It’s really important for the team to understand what the housing cost environment looks like and then understand my perspective about the credit environment. I consider it to be the why and nobody wants to have surprises, especially when considering a credit guideline change.”
William continues: “The worst thing is when you have a disconnect with the sales team and they’re asking, ‘Why are you pulling back? What’s causing the change in risk?’ I’m able to say, ‘Here’s the data. You can’t argue with data.’ They need to see the numbers so they understand the reasons behind the adjustments.”
Local Market Monitor was also extremely helpful with a recent audit for the bank as they were lending in areas outside of their core market. “We needed reliable, independent, timely information that could be used to monitor those markets where we were less familiar,” said William. “Local Market Monitor provided the insights we needed for those specific client engagements.”
I appreciate how Local Market Monitor analyzes real estate prices: short-term home prices depend upon supply and demand, and longer-term prices are based predominantly on income trends. That alone has been very helpful in understanding home price trends.
William
SVP,
Consumer and Residential Lending
A Time-Saving Tool, A Risk-Mitigating Resource
Showcasing the local economic conditions that drive success at the state, MSA, and even the county level — key drivers such as housing prices, construction, employment, and wages — Local Market Monitor offers valuable data for credit risk analysis and underwriting, as well as banks’ sales and marketing teams. You’ll also find timely assessments and forecasts for more than 300 MSAs, 2,000 counties, and 20,000 ZIP codes across the U.S.
Bankers also will be better equipped to analyze real estate values using Local Market Monitor’s award-winning Equilibrium Home Prices. It’s a time-saving, risk-mitigating resource to add to your bank’s toolbox.
We needed reliable, independent, timely information that could be used to monitor those markets where we were less familiar. Local Market Monitor provided the insights we needed for those specific client engagements.
Wiliam
SVP,
Consumer and Residential Lending
Our successes are always co-authored with our clients. To learn more about how Local Market Monitor, a Vertical IQ product, can give your team an edge, contact us at 919.787.4600 or info@verticaliq.com.
First Bank Virginia takes great pride in the individualized experience they provide to each customer, as evidenced by their tagline: There’s Power in One. They also actively seek out innovative ways to address customers’ unique financial services needs. As it turns out, incorporating Industry Intelligence from Vertical IQ into their credit processes helped them achieve both of these goals.
Challenge
A $1.4 billion community bank headquartered in Strasburg, Virginia, First Bank has been serving individuals and businesses since 1907. Their 209 employees and 20 bank branches (plus numerous ATMs) located in the Shenandoah and Roanoke Valleys, central regions of Virginia, and city of Richmond serve a broad array of companies. But this diverse portfolio often made it difficult for bankers to stay up to speed on the ins and outs of each business customer’s industry.
“Our challenge was to develop a more focused calling plan,” explained Jim Youngblood, EVP/Senior Loan Officer at First Bank Virginia. “We didn’t want our calling officers to rely on that canned ‘How can we help you?’ question.”
“We wanted to have a more tailored conversation that actually added value for the business owner and highlighted our personalized customer service,” Youngblood continued. “Our credit analysts were using RMA for spread comparisons, but all of our other research was done via Google searches to try to figure out the industry of a new company we were trying to finance.”
In 2017, First Bank got access to the Vertical IQ platform as a time-saving way to learn more about a customer’s industry prior to a call. “The concise nature of the Industry Intelligence available to us via the desktop and mobile Vertical IQ platform is what really sold it for me,” recollected Youngblood. Yet usage wasn’t as high as they hoped among their bankers.
Then in 2020, the pandemic struck, exacerbating First Bank’s challenge of getting time on business customers’ and prospects’ calendars.
“When I think about the ideal call pre-pandemic, I envision calling officers going to the customer’s place of business, sitting down, and having a conversation about the challenges they face in their business. But more and more, that’s not the case,” Youngblood explained.
He continued: “COVID forced us to conduct our customer calls in other manners like phone calls or video calls. I believe a lasting effect of the pandemic is this shift in meeting format, which has made our customers more conscious of the time that they give up to do such calls.”
“Even now that we have returned to normal business practices, for our calling officers to reach out and ask someone if they can come out and visit them is almost viewed as an intrusion,” noted Youngblood. “Since business owners are now more hesitant to say, ‘Yes, I’m going to give you that time,’ you really must find a way to take full advantage of that time and give them something valuable. This new reality solidified where we stood in 2017 that originally brought us to Vertical IQ.”
The Solution
From Youngblood’s first experiences using Vertical IQ back in 2017, he recognized the power of Industry Intelligence to save time on call preparation. “I knew that Vertical IQ would help us to come up to speed on the customer’s or prospect’s industry so we could have an intellectual conversation about what they do — customers like to talk about what they do,” he observed.
But since the pandemic era, Youngblood and his team of calling officers have increasingly come to appreciate the ability to save time and bring value to each interaction with a business owner by incorporating Industry Intelligence from Vertical IQ. As a result, Vertical IQ is now an integral part of First Bank’s call preparation, sales, and credit analysis processes.
Call Preparation
Preparing for a meeting with a customer or prospect once required a major time commitment, but no more, thanks to Vertical IQ.
“To do good prep for a call to a new customer, it used to take us an hour and a half,” explained Youngblood. “Vertical IQ cuts that call prep time at least in half, so it saves our calling officers easily 45 minutes of research time. You could do call prep in much less time, of course, but when talking about a new prospect in an unfamiliar industry, we would be so scattered without the concise information available on Vertical IQ.”
Sales
“What I really love about Vertical IQ is the industry-focused deliverables that calling officers can use to present as a value-add to the customer,” Youngblood said. “In particular, I love to share the Vertical IQ Quarterly Update for the customer’s industry or a recent industry news article. Sure, there are other ways to share the content with them, but it makes for a nice excuse to drop in, say hello, and hand them something that may be helpful to them and their business.”
He continued: “It reinforces the fact that we were curious enough about them and their industry to do that research. We can give them something during the call that lets them know we prepared for the meeting, we want to do business with them, and we want to learn more about them.”
Credit Analysis
The credit analyst team at First Bank also benefits from integrating Industry Intelligence from Vertical IQ into their tasks.
Youngblood explained: “Vertical IQ has so much more content than other industry research products, and it’s really helpful and beneficial to our analysts. We can see industry numbers, we can see ratios and benchmarks of how the average business in a certain industry performs and compare that to our customer. But there’s also all the content about how these industries operate — that’s good information for our lenders too, but our analysts are able to weave those industry insights into the story they tell in their write-up.”
Set Up For Success
There has been an unforeseen benefit that Youngblood and the First Bank team have realized as a result of their Vertical IQ use, as well.
“I had a new lender who knew a lot of the fundamentals of lending thanks to his time spent previously working in a branch. A lot of the basics are the same, but commercial lending requires being a lot more thorough than consumer lending,” observed Youngblood.
“I had not anticipated how Vertical IQ could help get new lenders up to speed on industries,” he continued. “When I came up, we didn’t have a tool like this; it was all about leaning on someone who had more experience than you, and then later it was Google. Vertical IQ is a streamlined compilation of a lot of content, particularly for a new lender. They can see what this industry is supposed to benchmark, how it makes money, and how it typically borrows money from banks. It’s a useful summary that is there whenever a new lender needs it.”
Vertical IQ is easy to navigate, and it provides in-depth industry knowledge quickly. It’s a valuable resource that makes my job easier and helps me manage a larger group of bankers. Without it, lenders would be coming to me as the senior lender, asking if we want to do business with a particular industry. Now, if they take just a few minutes on Vertical IQ, they can see what the industry does and what bankers can do for that industry.
Jim Youngblood
SVP and
Senior Loan Officer
First Bank Virginia
A Winning Resource
Carol Dodson, SVP and business development officer for commercial loans, who has been with First Bank since 2019, has experienced first-hand the power of using Vertical IQ. She was calling on a large non-profit that was looking to grow its footprint and open another location.
“I went to Vertical IQ, reviewed the information on this industry — particularly the Call Prep Questions and Financial Benchmarks — which gave us a more in-depth look when evaluating this opportunity,” Dodson recalled.
“Vertical IQ has a great deal of value, and it’s a fantastic resource with a lot of useful information,” she continued. “I find it extremely helpful as a lender working in support of my clients but also in my loan write-ups to share within the bank’s management and loan committee. It’s a timesaver because the information is all in one place on Vertical IQ as opposed to having to Google it and go through countless different sources.”
Vertical IQ is an excellent resource of information that is valuable even for long-time bankers to gain information that will help you when calling on new customers as well as helping existing customers consider what might be around the corner in this ever-changing world we live in.
Carol Dodson
SVP & Business Development Officer for
Commercial Loans
First Bank Virginia
One Powerful Resource
The credit team at First Bank has discovered just how powerful Industry Intelligence can be. Their lenders’ renewed commitment to incorporating Vertical IQ into their processes is helping them win new deals, deepen existing relationships, and even shorten the learning curve for newer bankers. It’s an innovative solution that helps them achieve their mission of offering an individualized experience to each customer.
First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, two customer service centers in retirement communities, and 20 bank branch office locations located throughout the Shenandoah Valley, the central regions of Virginia, the Roanoke Valley, and in the city of Richmond. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc., which owns an interest in an entity that provides title insurance services.
This Vertical IQ regional bank customer currently has over $14 billion in assets and more than 2,000 employees. It is known for having an influential culture focused on its clients and employees, and building value for stakeholders. But this wasn’t always the case.
“In 2012, we were trying to get our organization to focus on the client rather than just the services our bank offered,” explained the bank’s chief lending officer (CLO). “To extend our reach, we wanted to deepen our discovery process and focus on the prospect or client, rather than on what our bank or bankers provide.”
“It was important to us to find a solution that would help us grow our business; but we also were looking for a vendor that aligned directly with our core values and culture,” the CLO continued. “We chose Vertical IQ because we could see that their culture and values were as balanced and sustainable as ours.”
Success from the Start
The bank began using Vertical IQ to set the stage for engagement and quickly discovered the power of Industry Intelligence across the entire new client business acquisition cycle and customer relationship process. Since 2012 — the year they implemented Vertical IQ — the bank has increased its volume of business loans, but more importantly, it has transformed how its bankers engage with business owners, which has resulted in increased referrals, expanded brand recognition, and greater client retention.
“At the very beginning, when I’m initially looking at a new prospect, I’ll go straight to Vertical IQ, especially if it’s an unfamiliar industry,” said one small business banker and branch manager. “I can quickly get up to speed to have valuable introductory conversations that set the stage for further engagement.”
Another business banker agreed that they too rely on Vertical IQ Industry Intelligence for prospecting and building relationships. “As soon as I know the industry of my prospect, I immediately go into Vertical IQ, and the research I need is already there,” the business banker shared. “I can quickly see and understand their issues, industry trends, risks, and forecasts, how they operate, and the terminology they use, so I sound like an insider from the start.”
This was the case during a recent prospecting meeting with a funeral home. “I didn’t know anything about the industry, so I went straight to Vertical IQ and identified the Death Care Services Industry Profile,” the business banker said. “It helped me quickly understand their operations and discover new industry trends and terminology. When I brought up green burials, which eliminate toxic chemicals previously used to preserve bodies, they were thoroughly impressed, and it helped us win their business.”
The business banker continued: “My job is to educate and provide value rather than sell. With Vertical IQ, I don’t have to search all over the internet trying to find relevant information for prospects or customers.”
In less than 15 minutes, I have more insight to share than if I had spent an hour on Google trying to discover how industries are structured, their trends, risks, financial data, and more. It's a one-stop-shop that saves me over an hour’s worth of work preparing for initial calls and meetings.
Strengthening New Relationships
Once they’re in the door, bankers use Vertical IQ to keep in touch and strengthen new relationships. “I use quarterly industry updates, trends, and news articles to stay in front of all my clients and demonstrate to prospects that I’m always going to bring something valuable and specific about their industry to the table,” said one business banker. “It’s a great way to share critical insight and keep my email address right in front of prospects if they have a need. Vertical IQ helps me stay tenacious without being offensive. I’ve never heard anyone say they didn’t want more information on their industry.”
Another business development officer (BDO) expressed how Vertical IQ gives him the confidence to reach out to cold prospects and how that confidence has paid off.
“I recently used Vertical IQ with an apparel manufacturing client and an electrical contracting business,” the retail BDO recollected. “We won a large deposit relationship with the apparel manufacturer along with a line of credit — and we’re now working to refinance a real estate loan of close to $1.5 million. For the electrician, we used Vertical IQ to stay in touch and share valuable insight after our initial meetings. We started with a five-figure SBA line of credit and are now helping the company purchase a new building.”
I can quickly find and gather knowledge regarding industries I wouldn’t have even approached in the past. I feel much more confident once I understand industry trends, insights, and the questions I need to ask. Vertical IQ gives me the tools to be a proactive relationship manager.
Expanding Established Connections
The bank relies on Vertical IQ to strengthen and expand relationships with current clients as well. “I love using Vertical IQ’s regional and local economic profiles,” said one commercial relationship manager. “Right now, they’re helping me highlight local trends for clients in manufacturing, real estate, and a heating and cooling [HVAC] business. Vertical IQ uncovers trends and insider insights from any market anywhere in the country. Just because our clients are doing business in one area doesn’t mean they’re not selling products elsewhere or looking to expand,” she said.
During annual reviews, reps use the trends and financial benchmarks on Vertical IQ so clients can see how their financials are stacking up against the competition and their peers. “There is so much more to banking than deposits and loans, and we can dive into multiple business aspects using Vertical IQ,” noted the relationship manager.
Long-Term Success
With today’s rapid technological advancements and “rip-and-replace” attitudes, few businesses rely on one tool for years, yet this regional bank customer has used Vertical IQ for more than a decade.
“Vertical IQ is an amazing product, and they don’t treat us as a number or generic customer,” the bank CLO explained. “They are a true partner that is extremely responsive. I feel like they are a part of our bank.”
You will win more deals and expand existing relationships because Vertical IQ...
Is designed specifically for sales call preparation and winning more customers. Our Industry Profiles meet the call preparation needs of advisors and sales professionals who are calling on businesses. Featuring concise videos, call prep summaries, client-shareable content, and summary dashboards, each profile includes tailored call prep questions and industry news articles to help prepare for sales calls quickly.
Helps teams incorporate Industry Intelligence into their sales process. Our proprietary SalesKit offers tools to help your team incorporate industry insights into sales activities throughout the sales process. We even provide videos with tips from proven sales experts. Vertical IQ delivers more than just industry research; we give your team the tools to help put that research into action.
Has more timely content: Our Industry Profiles are updated monthly with new industry news articles, employment figures, and wage data, and we also include Quarterly Insights for each profile. Our competitors only make updates to their profiles every six months. Plus, we review the entire profile at least annually.
Includes customizable content. We allow our customers to add their own customized content to their user interface for each Industry Profile — for example, highlighting their credit risk appetite for that industry. We also allow users to add their own notes to each industry. There are no customization options offered by the competition.
Offers local economic data.In order to offer expertise in your local markets, we provide up-to-date local economic and real estate data for over 3,400 metropolitan statistical areas and counties in the U.S. Our competition provides little or no local economy data.
Offers robust credit underwriting content and industry risk ratings. The enhanced Credit Underwriting and Risks insight contains useful data to inform lenders’ credit decisions. It includes all of the platform’s previously available industry and company risk-related content, plus a proprietary Industry Risk Rating, key industry and economic performance metrics, a Financial Comparison Toolkit, and industry-specific credit underwriting-related questions to consider before lending.
Has banker-specific intelligence. Our Industry Profiles contain certain banking-specific content, such as banking solutions for specific industry issues, bank product usage by small businesses, examples of capital equipment purchases, and working capital challenges. The competition doesn’t.
Lists and analyzes financial benchmarks. Our Industry Profiles include industry averages for common financial benchmarks such as current ratio, quick ratio, days inventory, days receivables, etc. We also include average income statements and balance sheets for use in analyzing the financial strength of a prospective customer. You won’t find this on the competition’s site.
TESTIMONIALS
Vertical IQ makes the first appointment feel like the third.Matt Zonno, Senior Vice President & Market Manager, Northwest Bank
Vertical IQ is one of the most powerful tools sales professionals can use to start more conversations with their prospects, clients, and COIs! Brynne Tillman, CEO | LinkedIn Author | LinkedIn Sales Trainer | Sales Navigator Trainer Social Sales Link
Vertical IQ provides me a leading edge to be able to build trust with the client, to be able to gain knowledge with the client that they didn’t really know that I had going into it. And it helps create a client from day one that can last throughout my career.Walt Parker, Business Development Officer
Industry Intelligence plays a big part in training our branch managers and helping them prepare for business appointments. We saw value immediately when an associate on-boarded a valuable new relationship to the bank using Vertical IQ just weeks after training.Michael Torrielli
First Vice President, North Regional Manager,
Cambridge Savings Bank
I was calling on a well-known restaurant and hotel investor in California. I knew that he was working with a major hotel chain, so I began sending him Vertical IQ’s Quarterly Emails. Since he already had a lot of experience in the hotel industry, he didn’t immediately see the value of these emails. However, as I persisted, the investor’s target market started to expand, and he began to see the value. He was able to use the “Financial Benchmarks” knowledge in negotiations and saw great success. The investor promised that because of my help, any new hotel purchase would be financed through me.Susan Mackey, Vice President Relationship Manager, Banner Bank
Vertical IQ helps us deliver greater value to our business customers by reducing time spent navigating through the clutter we often encounter when researching business trends and characteristics — we’re more effective in the field which equates to greater mutual success.Lori Dufficy, Director of Sales and Service, Chelsea Groton Bank
THE INSIGHTS YOU NEED TO SUCCEED
Want to increase your team’s IQ?
Vertical IQ’s Industry Intelligence has been incorporated into the successful relationship management processes of organizations of all types and sizes. Now, discover the power of Vertical IQ for yourself. Let’s get started today!
Relationships with business owners are essential to Lakeland Bank whose staff adheres to the philosophy that they live and work in the communities they serve. They’ve built a strong reputation and brand loyalty with deep community involvement, superior customer service, and the physical presence of friendly staff.
Lakeland Bank has a high concentration of commercial real estate dependent loans and would like to diversify its portfolio to include more owner-occupied, Commercial and Industrial (C&I) customers.
Yet, the next generation of business customers rarely step into a brick-and- mortar bank — and the COVID-19 crisis has taken face-to-face meetings and handshakes off the table for now. Staying connected with business owners in this rapidly shifting landscape takes more planning, insight, and flexibility.
“Our bankers have to be chameleons to match the unique requirements of the customer they are serving at the time,” said Ken Bostwick, Senior Vice President & Director of Retail Sales for Lakeland Bank. “The question for Lakeland is always; How can we help our advisors connect with businesses of all sizes and types with various demands and desires?” The answer for Lakeland was Vertical IQ.
Solutions
Vertical IQ is now embedded at Lakeland Bank, helping advisors accelerate discovery, prospecting, and relationship building. Detailed insight into a wide array of industries helps generalists identify current client challenges, then match and solve them with Lakeland’s products and services. Industry Profiles with quarterly alerts keep bankers apprised of market changes that could impact clients — boosting confidence and serving as an outreach reminder and value-add that can be forwarded to customers.
“Vertical IQ fits Lakeland Bank’s strategies and philosophy for targeting prospects in an intelligent manner and building great relationships with our customers,” said Karen Garrera, Executive Vice President and Chief Retail Officer of Lakeland Bank.
Vertical IQ is available to Lakeland bankers on their desktops and via a mobile app accessible on any device, so the Industry Intelligence they need is always just a click away. “The industry insight available through Vertical IQ helps Lakeland representatives talk intelligently on business calls, promote the solutions we offer, develop relationships, and deepen trust with clients,” she said.
Lakeland Vice President and Business Banking Officer Jason Rivera agrees. “Everything you need to prepare for a call and deliver real value is easily accessible with Vertical IQ, so you can ask key questions or share trends specific to the customer, even if you’re not familiar with their industry,” he said. “By using Vertical IQ, I have much deeper insight about my prospects’ and existing customers’ concerns — so I can explain exactly how Lakeland can help them with working capital, financing, a line of credit, or something else,” emphasized Kenneth Partyka, Vice President and Area Manager for several of Lakeland’s NJ offices. “Having a stronger understanding of their concerns and what they may need from our bank demonstrates genuine interest and creates an excellent dialogue right from the start.”
Why would you use anything else when Vertical IQ has everything you need to give you an edge against your competitors and with your clients?
Edward Stahl
Vice President and
Branch Manager
Lakeland Bank
Seeing Success
Lakeland provides an expansive set of business services, including commercial loans and lines of credit, commercial real estate loans, asset-based lending, equipment financing, small business loans and lines, cash management services and more. “Having detailed insight across multiple industries, that drills down into geographic regions, helps our bankers stand out and align our services with our customers’ requirements,” added Bostwick.
Bostwick saw Vertical IQ in action while shadowing a younger banker during a sales call. “On the way to the meeting, she used Vertical IQ to review key business drivers, current industry news, along with key phrases and questions she could use to connect with the client. By the time we sat down with the customer, I could see how much more comfortable she was talking about the issues impacting their business and how we could help. I didn’t have to say a word — and this was a banker who had never presented to a car dealership in her life!”
Edward Stahl, Vice President and Branch Manager for Lakeland also experienced the impact of Vertical IQ first- hand. “With Vertical IQ, I have more informed, intelligent conversations with clients, who are often surprised by my industry knowledge and love getting follow-up emails or leave-behinds packed with highly-specific industry and even regional intelligence they can use to address key challenges and grow their business,” he said. “I recently called on an art dealer, chiropractor, cosmetic dentist, and auto repair shop – prepared with know-how on their business and borrowing patterns and ready to ask smart questions to a very diverse set of customers and prospects.”
Having detailed insight across multiple industries, that drills down into geographic helps our bankers stand out and align our services with our customers requirements.
Ken Bostwick
SVP & Director of
Retail Sales
Lakeland Bank
Future Forward
“Today’s climate requires more targeting and planning by bankers — with increasingly shorter timelines and now less face-to-face meetings,” said Garrera. “With Vertical IQ, our bankers always have the information they need to relate to clients with confidence. It’s a great tool for them.” Vertical IQ is also a central component of the bank’s future- forward digital transformation. “When our bankers are preparing for a call or meeting, they turn to the Vertical IQ platform,” said Garrera. “It’s an incredible time saver, as our bankers and representatives don’t have to go searching for the info they need to connect with clients and win new business.”
Edward Stahl added, “Why would you use anything else when Vertical IQ has everything you need to give you an edge against competitors and with clients?”
Vertical IQ has been instrumental in ensuring adoption and success for daily users. Their Vertical IQ Customer Success Manager works directly with the bank’s team to create and adjust a roadmap to optimize the results from the platform. “The whole Vertical IQ team is fantastic and responsive,” said Bostwick. “They’ve provided group and one-on-one trainings, and even recognize and celebrate top performers to drive engagement.”
Bostwick summed up this powerful relationship by saying, “Vertical IQ listens and understands our bank. They provide best practices and critical insights to fit our specific needs. It’s more than a vendor relationship. It’s a true partnership to develop business and make us more successful.”
A wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), Lakeland Bank manages an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, N.Y., Recognized as one of New Jersey’s #1 Best-In-State Banks by Forbes and Statista, rated a 5-Star Bank by Bauer Financial, and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ, the Bank continues to build on its infrastructure of financial strength, profitability, efficiency, and quality service as it moves into the future. Learn more at www.lakelandbank.com.
Sometimes, winning a customer requires a custom solution.
Our Industry Intelligence spans over 97 percent of the U.S. economy, but now and then, there’s a niche or region you need to know more about. If there’s something you need, let us know! We’re ready to provide:
Comprehensive research into highly niche industries
Custom communications and reports
Detailed analysis of complex financial and market data
We’ve been in sales a long time, and when it comes to Industry Intelligence, we wrote the book. Let us help you use all of the tools you now have at your fingertips.
Tailor your conversation to show your client that you have taken the time to learn about their industry.
Get to the heart of the matter by examining industry-specific challenges and trends the client may be facing.
Become a consultative partner by offering solutions customized to their unique needs.
Demonstrate and deliver real value from day one with actionable Industry Intelligence and ready-to-work tools.
Propel prospects past “I’m interested” to “I’m sold” with our Saleskit.
Steer conversations with the 30-40 questions you should be asking (and why).
Easily sort and target specific industries.
Dive deeper with detailed local and regional data and financial comparisons.
Make your mark with in-depth, shareable thought leadership content, including quarterly email alerts, industry-specific business news, co-branded prospecting templates, and more.
Leverage Industry Intelligence’s power and convenience across the buyer’s journey and sales cycle without interrupting established processes or impacting IT.
Ramp up fast with a simple, logical, uber-organized SaaS-based platform.
Access the insight you need any time, from anywhere, with our sleek Mobile App.
Integrate Industry Intelligence seamlessly with our intuitive open architecture and APIs.
See and share customer-focused Industry Profiles and quarterly updates with the click of a button.
Forget the ‘spray and pray’ approach to prospecting. Focused Industry Intelligence targets the issues that matter most, so you and your team can hit a bullseye with clients every time.
Get the right amount of info and insight to be ready for every call and meeting -- without ever being overwhelmed.
Hone in on the issues that matter most to small- and medium-sized businesses (SMBs).
Move beyond introductions and industry basics with super-specific info that shows you’re not just aware of their business -- but here to help.
TIMELY
Stay ahead of the pace of change and address current events impacting business today with timely, highly relevant data and insights.
WAY BEYOND ‘WHO’
Go way beyond who they are to what success looks like to prospects, what’s keeping them up at night, and how you can add value and build trust.
YOU NEED WAY MORE THAN A NAME
Industry Intelligence picks up where traditional sales intel leaves off -- going well-beyond ‘who’ with the super-relevant info and insights to connect with clients and consistently deliver more value.
We show you HOW to use Industry Intelligence to win and keep more business with call prep tools, targeted sales questions, best practices and superior support.
Take action WHEN current events are impacting your current and prospective customers along with directions for moving their business forward.
CONFIDENCE
Start every call with the confidence that you have everything you need to win, keep, and grow their business.
COMPETENCE
Demonstrate your knowledge, skill, and capacity to understand and address all the intricacies of their business today and into the future.
CREDIBILITY
Exhibit absolute credibility during every meeting and touchpoint to develop trust and establish long-lasting (and more lucrative) relationships.
TURN FIRST IMPRESSIONS INTO LASTING RELATIONSHIPS
Industry Intelligence is the missing piece.
Industry Intelligence lets you understand and share industry- and business-specific information with context, care, and a plan of action so you can step out of the traditional sales role and start acting as a trusted strategic advisor from the start.
Step right into the role of trusted ally and tilt the sales advantage in your favor.
Armed with Vertical IQ, you’re ready for every engagement faster and easier than ever before. Our actionable, convenient, and focused Industry Intelligence gives you the edge — every time.
INDUSTRY INTELLIGENCE
Capitalize on the power of Industry Intelligence to conduct more productive sales conversations and make more connections. With Industry Intelligence, you get direct access to WHAT impacts prospects today and HOW you can help -- not just WHO they are.
Go beyond the basics of traditional sales tools with actionable, convenient, and focused Industry Intelligence that helps you quickly grasp the complexities of your prospects’ and customers’ businesses and industries so you can solve their most pressing problems.
We’re not just collecting and delivering data. We are passionate about training and coaching, providing custom services, and maintaining an industry-leading customer experience. Plus, we’re super nice, easy to work with, and we really want to help you win.
Organizations of all sizes from a small business to a large company rely on Vertical IQ to win, grow, and retain more business. Find out what they’re saying about us and how they use Vertical IQ to skip over sales obstacles and close more deals.
Join Our Conversation with Walt Parker - Business Development Officer
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Trust is Everything
In Part 1 of our conversation with Walt Parker, a business development officer in Raleigh, North Carolina, we unpack what the statement of “Trust is Everything” means for Business Bankers and other Small Business Advisors. If a customer can’t trust you to deliver, they can’t operate their business effectively.
In this interview, Walt describes how Vertical IQ gives him the knowledge and trust needed to provide the best experience for his client relationships
Adding Value
In Part 2 of our conversation, we dive into the importance of adding value to your business relationships. Having industry intelligence readily available allows you to ask better questions so your clients know you’ve done your research and understand their specific needs.
Walt explains how he uses Vertical IQ throughout each stage of a business relationship. Asking the right questions and offering specific solutions adds value and trust with customers.
Relationships & Competition
In Part 3 of our conversation, Walt discusses the changes he’s seen in the banking industry over the past 24 years, and what he believes it means to maintain great relationships. We also narrow in on one of the biggest challenges in the banking world: competition.
When it comes to understanding clients, Walt relies on Vertical IQ to gain their trust, become a partner in their business, and maintain a strong relationship.
Want to Register? Looking for Training? Need a Little Help?
Our Customer Success team is ready to lend a helping hand with any of the following:
Wanting to register, we will provide your company’s unique registration link.
Looking for Vertical IQ training, we can help you sign up for an upcoming session.
Can't find an industry, we will find what you need.
Any other questions or concerns about Vertical IQ's product.
Please contact our Customer Success Team using the following:
919 787 4600
support@verticaliq.helpscoutapp.com
TESTIMONIALS
Vertical IQ makes the first appointment feel like the third.Matt Zonno, Senior Vice President & Market Manager, Northwest Bank
Vertical IQ is one of the most powerful tools sales professionals can use to start more conversations with their prospects, clients, and COIs! Brynne Tillman, CEO | LinkedIn Author | LinkedIn Sales Trainer | Sales Navigator Trainer Social Sales Link
Vertical IQ provides me a leading edge to be able to build trust with the client, to be able to gain knowledge with the client that they didn’t really know that I had going into it. And it helps create a client from day one that can last throughout my career.Walt Parker, Business Development Officer
Vertical IQ helps us deliver greater value to our business customers by reducing time spent navigating through the clutter we often encounter when researching business trends and characteristics — we’re more effective in the field which equates to greater mutual success.Lori Dufficy, Director of Sales and Service, Chelsea Groton Bank
I was calling on a well-known restaurant and hotel investor in California. I knew that he was working with a major hotel chain, so I began sending him Vertical IQ’s Quarterly Emails. Since he already had a lot of experience in the hotel industry, he didn’t immediately see the value of these emails. However, as I persisted, the investor’s target market started to expand, and he began to see the value. He was able to use the “Financial Benchmarks” knowledge in negotiations and saw great success. The investor promised that because of my help, any new hotel purchase would be financed through me.Susan Mackey, Vice President Relationship Manager, Banner Bank
Industry Intelligence plays a big part in training our branch managers and helping them prepare for business appointments. We saw value immediately when an associate on-boarded a valuable new relationship to the bank using Vertical IQ just weeks after training.Michael Torrielli
First Vice President, North Regional Manager,
Cambridge Savings Bank
Regional Bank Transforms Relationships with Vertical IQ
Read how Regional Bank uses the power of Vertical IQ's Industry Intelligence to deepen the discovery process and forge enduring relationships with clients and prospects.
Vertical IQ makes the first appointment feel like the third.Matt Zonno, Senior Vice President & Market Manager, Northwest Bank
Vertical IQ is one of the most powerful tools sales professionals can use to start more conversations with their prospects, clients, and COIs! Brynne Tillman, CEO | LinkedIn Author | LinkedIn Sales Trainer | Sales Navigator Trainer Social Sales Link
Vertical IQ provides me a leading edge to be able to build trust with the client, to be able to gain knowledge with the client that they didn’t really know that I had going into it. And it helps create a client from day one that can last throughout my career.Walt Parker, Business Development Officer
Industry Intelligence plays a big part in training our branch managers and helping them prepare for business appointments. We saw value immediately when an associate on-boarded a valuable new relationship to the bank using Vertical IQ just weeks after training.Michael Torrielli
First Vice President, North Regional Manager,
Cambridge Savings Bank
I was calling on a well-known restaurant and hotel investor in California. I knew that he was working with a major hotel chain, so I began sending him Vertical IQ’s Quarterly Emails. Since he already had a lot of experience in the hotel industry, he didn’t immediately see the value of these emails. However, as I persisted, the investor’s target market started to expand, and he began to see the value. He was able to use the “Financial Benchmarks” knowledge in negotiations and saw great success. The investor promised that because of my help, any new hotel purchase would be financed through me.Susan Mackey, Vice President Relationship Manager, Banner Bank
Vertical IQ helps us deliver greater value to our business customers by reducing time spent navigating through the clutter we often encounter when researching business trends and characteristics — we’re more effective in the field which equates to greater mutual success.Lori Dufficy, Director of Sales and Service, Chelsea Groton Bank
THE CUSTOMER IS THE CENTER OF WHAT WE DO
Companies throughout North America rely on Vertical IQ to win, grow and retain more business.
Introduction
