She Has My Old Job

While using the drive up ATM in the drive up service area of the bank where I used to be a teller, I overheard a young woman talking to a customer over the intercom. She was using the exact - and by exact I mean it was almost word for word what I would have said in the same situation three years ago - techniques that I used to help the customer improve and expand his relationship with the bank. I felt proud of her. I figured I probably taught the person who taught the person who taught the person who taught her. (Yes, there is a lot of turnover as the people who are not that good burn out and the people who are good get promoted rapidly.)

First she mentioned that the customer's money could be working harder for him - a good opening with a benefit stated right away. "Yeah, I keep most of that somehwere else," he replied. The next thing I didn't quite hear, but I assume it was some mention of the benefits of having at least some of your investment money and/or long term savings at the same place where you have your main checking account. (I, for example, might have mentioned that a savings account is the least expensive form of overdraft protection.) This is called "overcoming objections" and when it's done just right, a second benefit can be thrown out as well. (Features tell, but benefits sell!)

He said he would think about it, by which he meant he would forget all about it and take no further action. She mentioned that bankers were available inside and could make the changes right away in about five or ten minutes. "No, I've got to get going today." She said she could have a banker give him a call, to which he said "sure." She confirmed the best number and time at which to reach him, sent out his receipt for the transaction and thanked him. Perfect. She'll be on the beach in Hawaii (as I was, did I mention?) in no time if she keeps that up.

As much as I'm glad I'm out of retail banking, mainly because of rude customers who had no respect for anyone, I did like the element of helping the decent people better manage their money and avoid fees they didn't have to be paying and that's exactly what the woman I heard was doing. The fact that employees like her (and formerly me) are given incentive pay, regular reliable raises, free trips, encouragement, and promotions for doing so is a big part of the reason that bank's stock (with which I was also compensated, btw) split shortly after I left and continues to ascend even in the current crisis. Building deeper relationships with existing customers certainly works better as a guiding principle than buying a bunch of bad debt!