Customer expectations are rising everywhere, and the banking industry is no exception. In order to compete, banks need to shorten their lending timelines and be more creative with the options they offer borrowers.
How does that happen? That’s the focus of Chapter 4, the latest installment of Earn It: Building Your Bank’s Brand One Relationship at a Time.
Last month we delved into the two aspects of pricing – Price Setting and Price Getting – in Chapters 2 & 3. In Chapter 4 we’ve started to expand on the Price Getting concept. We’ve titled the chapter “Moving the Price Forward,” a name that has a dual meaning. In order to make progress with pricing improvements, banks need to move the process away from the “back” of the bank and forward to the “front,” the place where lenders are working to create and sustain customer relationships.
It’s easier said than done, of course. Banks that move pricing forward provide feedback on deals to lenders while they’re with customers, not as part of a quarterly report. Giving lenders that sort of power means learning to trust they’ll use it wisely.
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