For years business bank leaders have relied on RMs as the key differentiator and primary source of value for customers. But changes to business customer behaviors, continued economic uncertainty, and the capabilities of business bank staff mean that Relationship Banking is no longer the best strategy. But the question remains, “What comes next?”
We on the research team believe we have entered the era of “Business Performance Banking.” Today’s business owners are pressed for time and uncertain of future prospects. Rather than valuing RMs who advise on critical business decisions, business customers look for providers that are responsive and can help them quickly and competently navigate to a solution that best meets their most pressing financial needs. Banks that succeed in this new age will rely less on dedicated, relationship-oriented RMs and will reconnect with business customers by developing a multi-faceted approach that focuses on how the bank can help the business optimize performance.
On Thursday, October 13th the Board will be hosting our annual executive retreat where we plan to discuss these trends and how the best business banks have developed a more efficient sales model that better meets customer needs and preferences. Board members, learn more about the retreat and how to register at our website. We would be delighted to host you.