Banks have all sorts of C-suite officers, from chief executive officers to chief risk officers to chief loan officers. But for some reason, there’s no chief pricing officer.
There really should be.
Making the case for the CPO is the focus of Chapter 5, the latest installment of Earn It: Building Your Bank’s Brand One Relationship at a Time.
In the previous chapter we outlined the reasons why a bank should take the pricing process out of the “back” and move it to the “front,” where lenders are working to create and sustain customer relationships.
Embracing that as a concept is one thing, but turning into a strategy – and then turning that strategy into executable tactics – is something else entirely. It’s a task that’s immensely difficult if no one is clearly in charge of the process.
Thus the need for the Chief Pricing Officer. In Chapter 5 we’ll outline the CPO’s job description, as well as the skills that person needs to bring to the position. And we’ll share a real-life story of a bank that created a CPO-like position and is now reaping the benefits.
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