Does Your Bank Provide World Class Relationship Management?

While many financial institutions claim to offer good relationship management, few truly do.  So, what constitutes great client relationship management and why does it matter? Here are a few insights based on decades of engaging with hundreds of banks:

Proactive & Responsive – Client managers who are proactive with client engagement and are responsive on inbound queries standout.  This positive approach sends a strong message to clients – you matter and your business matters. Great relationship managers are not just transaction oriented.

Team Support – Relationship managers must be part of a well-coordinated team.  Clients are bank clients and are not owned exclusively by the relationship manager. A great relationship manager brings in multiple professionals within the bank to engage with clients.  That collaborative team approach deepens the bank-client relationship.

Opening Doors – Effective relationship managers take the time to understand clients’ businesses and their banking requirements.  Armed with these foundational insights, the relationship manager seamlessly introduces the client to relevant bank capabilities. These open doors include regular access to both senior management and to lower-level operational team members.

Accessible Compliance – Most banks prohibit clients from communicating directly with internal bank compliance professionals. However, there are real benefits for direct compliance-client communication. Direct contact allows for open communication that builds trust and further deepens the relationship. It also gives bank compliance staff an unfiltered view of the client that they would not otherwise have if they were prohibited from direct client contact.

Culture – What’s the culture of your bank like?  Do they have regular staff turnover or have client managers been with the bank for 20 or 30 years? Do they answer your calls right away?  How long does it take them to respond to your email? A strong bank culture inspires deep loyalty among staff which results in lower turnover and ultimately better client service and happier clients.

So why does this all matter?  Effective client management builds strong, deep, and long-lasting relationships where both the bank and the client receive exceptional value. Taking client relationship management seriously demonstrates a bank’s commitment to helping your business succeed.