Are bank branches just a refuge for older consumers who haven’t fully made the transition online or are they the vanguard of a new era of relationship banking?
The folks at Scotiabank say branches can be positioned in the vanguard, and this innovative company is at the forefront of making that happen. During the Banking Growth Forum, Janet Boyle, Vice President of Real Estate Secured Lending, Canadian Banking, at Scotiabank, will share what her organization is doing to equip Scotiabank branch advisors to engage with mortgage-seeking consumers in a whole new way.
Underscoring the importance of this initiative, results of a recent Scotiabank poll showed that while 89% of Canadians find it easy to find information about mortgages online, 77% do not always have confidence in the information and 73% say they will still always seek advice from an expert. Scotiabank wants to offer that expert advice in its branches.
How are they doing it? When I spoke with Janet a few days ago, she told me her organization has developed and is deploying a value-based pricing strategy application for its front-line branch advisors. But this isn’t a task-oriented tool (i.e., put-in-some-numbers/push-a-button/get-a-price). Rather, it’s a conversation-oriented solution —the app guides advisors to conduct a thoughtful, meaningful dialog with prospective customers in order to discover not only what they need, but what they value and what is most important to them. It also helps branch advisors fully explain the products and services available to the customer, making sure they clearly understand their choices.
Scotiabank’s experience, says Janet, is that when people are treated in this fully transparent and respectful way they often become incredibly loyal. Not only that, but being able to engage with customers in this manner greatly increases the job satisfaction of branch advisors. “It’s a big boost for morale and performance when you can give the branch folks something new to work with where they immediately see the benefits.”