Meaningful Motivation: Maximizing Bank Agent Work Engagement with CRM for Banks

October 14th, 2014 No comments

The more highly engaged an employee is to their work (and their organization), the more an organization benefits from the employee’s diligence and productivity.

Think about it: If an employee doesn’t care about what they’re doing, or about the bank they work for, are they going to put extra effort into their tasks? Will they go the extra mile to satisfy a customer, or be proactive in resolving an issue?

Most likely, no. And this creates a significant cost: according to Gallup’s 2013 State of the American Workforce report, 70% of employees are either not engaged or actively disengaged in their work, costing the U.S. $450-550 billion annually in lost productivity.

To keep business growing, banks must maximize their employees’ time, energy, and talents. Read our three tips on how CRM for Banks helps financial institutions motivate employees and connect them more closely to their work.

Set Clear Goals

If an employee does not know what is expected of him or of his job role, then it makes it very easy for him to slip into non-activity. A lack of understanding quickly leads to a lack of drive, as well as a lack of caring – which inevitably impacts a bank’s ability to best serve its customers.

Outlining a clearly defined set of goals to each individual employee, and communicating to the employee the importance that accomplishing them has to the organization’s overall business goals, is an essential way to support employee performance.

CRM for Banks allows financial institutions to assign individual goals to sales and customer service representatives, and measure the status of each of those goals. With data entered into the system updated in real time, managers also rest assured that statuses are accurate and up-to-date, giving them a clear insight into their team members’ performance and progress.

Set Clear Goals

With CRM for Banks, managers can designate different quantitative goals to different team members, and then measure them accordingly. The CRM for Banks dashboard enables that information to be displayed in real-time.  

Forge Connections between Employees and Managers

The ability to quantitatively measure employee statuses on their assigned activities is an important factor in creating an effective and productive employee-manager relationship. Performance evaluations that are based on an objective set of criteria help employees feel secure that their work is being assessed fairly and impartially.  

Because if an employee feels that their work is not being assessed fairly, and that the deck is stacked against them, it will not inspire them to do their best.

Managers also benefit by being able to identify and address any potential problems quickly – before they become major issues. For example, a manager can see if a sales person is falling behind on his goal, and can figure out how to best correct it.

For example, perhaps new prospects are not getting assigned to him; a manager can step in and correct it. Or perhaps a customer service representative is not getting all of her cases completed because she is tackling all of the urgent, high-priority cases that take up a lot of time and energy. A manager is able to delve into this information and work with the employee on finding the most effective solution.

This information also helps the manager to build a better rapport with their team. With CRM for Banks saving time on pulling data and reports, the manager can then focus on how to best serve the needs of his individual team members, providing the right coaching and support when it’s needed.

Forge Connections between Employees and Managers

With Microsoft Dynamics CRM, managers are able to view the activities of each individual agent, allowing managers to better understand their team members’ performance, and thus provide coaching or support when needed.   

Recognize Performance Excellence

It’s a no-brainer: recognizing people for their hard work and accomplishments creates the desire to earn more.

But to make that performance recognition even more impactful, it is best to make it timely and specific.  For example, compare which approach has more power for a customer service rep: a general acknowledgement of a job well done at the end of the year, or a call-out in the weekly executive newsletter of how the rep successfully solved a particularly difficult customer issue. Naturally, the second option.

Specific recognition not only signals appreciation for an employee’s work – it also conveys the value of that person’s individual contributions to the organization. If an agent thinks he’s just a number to the bank he works at, what would inspire loyalty in him to that organization? On the other hand, if an agent knows his efforts and achievements will not be overlooked (and are in fact monitored), then it encourages him to go above and beyond to excel. 

With CRM for Banks offering organizations detailed insight into individual and team progress, managers are able to instantly spot the people who are surpassing their goals, and can organize the appropriate acknowledgement.

Recognize Performance Excellence

The above “New Customer Adds by Salesperson” chart holds salespeople accountable for their goals, and displays performance in an easy-to-digest manner.

The Benefits of Agent Engagement

While it’s not easy ensuring that bank agents are engaged in their work, banks that focus on doing so reap significant rewards. Not only are those employees more productive, but they also maximize their customer interactions – employees’ drive and passion translate effectively into becoming highly positive brand ambassadors for the financial institutions they work for (which strengthens those all-important customer connections). 

For more information on how CRM for Banks helps financial institutions empower their agents, please email us banks@ignify.com.

Ashley Harbaugh is a Marketing Coordinator at Ignify. Ignify is a technology provider of ERP, CRM, eCommerce, and Point of Sale software solutions to organizations. Ignify is winner/finalist of the worldwide Microsoft Partner of the Year Award in 2014, 2013, 2012 and 2011. Ignify has been included as the fastest growing businesses in North America for seven years in a row by Deloitte, Inc Magazine and Entrepreneur Magazine from 2007 to 2013.

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