Omega Performance Knowledge Series » Podcast Main Omega Performance: Improving Business in Financial Services

Many organizations are looking to implement a best practice referred to as onboarding. Today’s topic will address the importance of implementing an effective onboarding strategy because when done right, organizations experience an increase in cross-selling and customer loyalty and retention.

For many years, financial institutions have believed that there is a “stickiness” that makes it difficult for business relationships with loans, a checking account and other products to switch to another institution. Today’s constricted credit environment and tougher credit standards have created a sense of uncertainty for even the best business borrowers, who now are more willing to consider other options. The imperative to build and maintain strong commercial relationships has never been greater. Financial institutions that are able to do so are taking quality relationships from weaker competitors. What is your institution doing about it?

With only 21 percent of prospects being converted into customers, according to recent research, it is more important than ever for salespeople to include key questions on their pre-call plans to make sure they involve Decision Makers in the sales process.

A new cottage industry is rising from the ashes of the credit crisis, exemplified by a company called “You Walk Away” that helps borrowers in foreclosure by finding flaws in their mortgage documents. These flaws make it difficult or even impossible for the lender to collect or liquidate the collateral; and the borrower walks away. Accurate and complete loan documentation has always been important, but in this environment it is critical to the lender’s ability to collect. How well do your loan documents protect your
bank’s interests? This podcast exposes the loopholes and provides advice you can use.

 

It’s no secret—with a downward economy come layoffs, cutbacks, and downsizing. While this provides critical relief to the bottom line in the short-term, research indicates that cutting back on your organization’s training function could impact your organization’s competitiveness in the long-term. How can you keep your global competitive edge despite these inevitable challenges? Listen to the podcast to learn more about current trends in training that have been prompted by the economic slump and ideas for how your L&D function can help your organization pull through it, and even become stronger.

This year we are finally seeing evidence that the global financial crisis has impacted commercial and industrial lending (C&I loans). Recent data points to a declining trend in the volume of new C&I loans originated. Aside from the obvious concern about credit quality in the C&I portfolio, commercial institutions are now challenged with saving and winning commercial relationships in a world where credit is no longer king.