Franklin Savings Bank - Current Project Opportunities
Contract & Vendor Analysis; Position Status: Open
Franklin Savings Bank is approaching the end of a contract for their digital merchandising (inLighten) vendor relationship. In addition to knowing their vendor options for this service, they also need to research the cost and scope of upgrading their branch audio system due to outdated hardware. They would like to conduct a review of branch digital merchandising and audio ‘white noise’ options. This would include analyzing vendor offerings from a list provided to include key variables such as: ease of message creation, feasibility of offering both visual and audio from the same vendor, cost to upgrade hardware, etc. They are especially interested in options focused on millennials as the target audience.
Target Completion Date: June; Priority Project
Retail Research and evaluation; Position Status: Open
What products should they keep? Update? Discontinue? Are there any new products/services they should be offering? Make written recommendations and present to management team. Address the possibility of designing a student checking account, and research what the appropriate steps to take are, in order to be successful. Given customers’ hesitations to switch banks and now that banks have convenient online access, location is not as important as it used to be. Do they need this product to attract customers at a young age? Develop strategies for attaining a new relationship when an individual comes of age and has a need for banking services (focus on: core checking account).
Target Completion Date: June; Priority Project
Commercial Loan Model Design; Position Status: open
Design a pricing model for commercial loans. They are currently using a model called Precision Lender, but would like to create their own in-house models. The models help to determine ROE and profitability for various loans based on risk weightings, interest rate, term of the loan, floor rates, adjustable rates and future values of loans at repricing. They would like to explore various models for various loan types such as short term lines of credit, term loans and commercial real estate loans.
Electronic Channel Strategy development; Position Status: Open
Develop strategies to identify customers electronic channel needs and increase adoption and usage of the Banks electronic channels (such as e-Statements, Online Account Opening, Online Banking, Bill Payment, Person to Person Payments, Mobile Banking, Buzz Points Debit Card Rewards, Online Appointments, All Point ATMS, Debit Cards, etc.), My FSB CardCreation, CardValet, Online Mortgage Approvals.
a) Electronic channel and service Investing - Establish a better means to understand what customers are really looking for with regard to electronic channels and services before they invest money to bring a new service in which they may or may not have an interest. The bank considers itself a differentiator, to be the first to the market with new offerings, however, if customer response is not present, then they end up investing a lot of money and resources for little to no return. Examples of this include their first debit card rewards program, custom photo debit cards, and business remote deposit capture.
b) Create new ways to “connect the dots” for customers, and show how they could personally benefit from utilization of the bank’s electronic channels. For example, their Person to Person Payments system is seldom used, but is a great tool to send money to a college student, as the monies will arrive in their account next day. As part of this review, identify a target audience for each channel as well as strategy on how to reach them. They would like to have this information in writing, and also presented to a group of managers. They would then look to implement this information into their training programs.
c) The Bank invests a great deal of money and resources to provide these channels to our customers, but how may they earn service fee income to help offset costs? They have had customers say they would be willing to pay a monthly checking account fee to have a certain bundle of services. Currently, their primary checking account is free. Do most millennials feel this way, as well as their clients, in different demographics? They do not charge a fee for these services nor do most other banks. Interest rates are low and margins between loan and deposit rates are minimal. This, along with rising costs from the additional services, have had a real impact on the bottom line. How would they get customers to realize that there is enough value, that they would be willing to pay for products and services?
They would like to have these findings provided in writing and presented as recommendations to their management team.
Social mEDia strategy development; Position Status: open
Develop a social media strategy that targets the following points of interest:
a) How can they get business from the above channels, and generate revenue?
b) Target Audiences for each platform
c) Specific campaigns by platform
d) Do they need a Pinterest Page? If yes, set up a Pinterest site and develop content and a strategy for ongoing use. Train Bank staff on usage.
e) Should they be on Twitter? If yes, set it up and develop ongoing strategy for Twitter to include the types of things we will tweet about. Set up future posts in the Bank’s social media management tool. Train Bank staff on usage.
f) Should they have an Instagram page? If yes, establish an account, develop content and an ongoing strategy and train Bank staff.
g) Should they be on Snap Chat? If yes, establish an account and develop an ongoing strategy and train Bank staff.
h) How should they be using LinkedIn to get business? Establish an ongoing strategy, future posts and train bank staff. Develop a recommended profile and train staff on setting up their profile to get attention.
i) Create digital content which could be used for future posts to social media. This would require a knowledge of graphic design.
j) Help them understand the reporting available for each platform – how should success be measured? What are good metrics?
k) Getting leads and paid advertising option planning
l) Ongoing oversight of efforts made? Social Media Committee?
m) Convince management (ROI) it is worth investing time and money into social media and how it could help FSB.
All of these items would be presented in writing and via a formal presentation to Management with appropriate training and planning occurring with the Bank's Social Media Team.
Customer Service Consultant; Position Status: Open
What are some ways they can “WOW” a customer in all areas of the Bank where they have customer interactions. Develop strategies with which they can surprise customers, go above and beyond and help them to provide a level of service other banks/credit unions are not providing. (Should they walk customers out to their cars with an umbrella during a rainstorm, providing fresh cookies baked in the office consistently going above and beyond expectations to meet client needs.) They want to provide the client with something to talk about and hopefully they will share their experience and encourage others to bank with FSB. Research all client interaction areas (front and back office) and provide written suggestions and recommendations on how to accomplish this. Provide a cost estimate for items which may have to be expensed.
Smile Squad consultant; position status: open
The Bank currently has a Smile Squad who plan and conduct surprise events in the community where they randomly do nice things for people – such as pay their bill for lunch, pay for their gas at the pump, pay for their purchase at a convenience or grocery store, or pay off outstanding school lunch bills, etc. They have also given away flowers, food goodies, and gift baskets for things like accountants at tax time. The Smile Squad is dressed as a team in bright, lime green team shirts and do not sell anything. They simply ask the folks receiving the gifts to pay it forward to someone else – not necessarily involving money. These random acts of kindness are a great differentiator for FSB; they want to make sure they are getting the maximum results for their efforts such as creating awareness encouraging people to choose FSB. They are looking for recommendations and ideas as to how they can enhance this program as well as ideas for the future events.
They are also looking for some fresh ideas on things that could be done for Customer Appreciation Days, Old Home Day parades, Community Day events, etc.
Advertising Consultant; Position Status: Open
Given the concentration of banks, the size of the population in our markets, how can they draw a more meaningful number of non-millennial consumers to Franklin Savings Bank without overpaying for business? More specifically, what can they do to make Franklin Savings Bank the customer’s preferred bank when determining their core or primary financial institution? Develop strategies to assist them with this, and provide them in writing and present to Management.
Millenial-hiring consultant; position Status: Open
Brainstorm ideas for how FSB can attract and retain millennials both for careers at FSB and to attract and retain new/existing deposit and residential loan clients who will buy their first home through Franklin Savings Bank. They are looking for ways in which they can better connect with millennia’s so that they want to work here – they are reading articles that say banking is not a profession millennials want to go into as it is not very exciting to them and since the financial crisis banks have been broadly painted as all the same and a contributor to the great recession. This is certainly not the case for most community Banks who have operated consistently with sound principles through good times and bad. Develop strategies for attracting millennials to work here as well as to bank there. Put these ideas in writing and present to the Management team.
Investment Consultant; Position Status: Open
Create ROI models for various projects and initiatives to determine the tangible and perhaps intangible benefits to their bottom line. The bank has many different lines and services to perform this study for example, is the overall cost of the Bank’s Buzz Points program providing a positive ROI to the Bank? Although some individuals are heavy users, do these types of programs, when looking at the entire customer base as a whole, have a significant impact of customer retention, attraction or behaviors over the long run? FSB is a smaller bank and they do not have infinite resources, so they need to be sure that when they do invest in something it will have a meaningful impact on their bottom line. Conduct research and develop a report on this. Present this report to Management.
Review and Apply Customer analytics Data; Position Status: Open
Better use of Bank Reporting/Customer Analytics to gather usable data to help expand existing relationships and develop new relationships. The bank has lots of data available but are not always utilizing that data due to time constraints and staffing levels.
Research innovative and effective onboarding systems; Position Status: Open
Research effective client and value added (for the client) onboarding systems and methods for clients. Maybe there’s a tool out there that they don’t know of? Different types of onboarding based on product/service/channel used? For example, when a customer opens an account, what are the follow-up activities we should perform and at what frequency? Which of these touch points can be automated to create efficiencies? Meet with management to determine needs, evaluate vendors, conduct demos, evaluate price and provide a recommendation and overview to Bank Management.
Maximize CRM system use; Position Status: Open
The Bank has a Customer Relationship Management (CRM) System (360 View) which could be better utilized. They would like to have an intern who could work with the system and provide feedback on how the following could be better accomplished:
a) Creation of reports
b) Prospect Lists/Demographic reporting
c) Better targeting of customers in need of product/service
d) Use of Smart Pops (a pop up message that prompts the FSB employee)
e) Building of Campaigns
f) Other CRM uses?
Change management & technology Utilization; Position status: Open
a. Develop techniques and ways in which they can receive better acceptance of change and help staff to be more willing to change.
b. Develop strategies for further utilizing the technology they currently have.
c. How do they change processes that they have been doing for years? For example, they have lots of spreadsheets for information which some of their systems can handle generating a report, instead; however, the preference is still to utilize the spreadsheets.