23 Apr 6 Steps to Grow Your Treasury Department Revenue
At BASYS, we meet with banks all over the country, so we’re familiar with the struggles of building a successful treasury department. To increase your revenue, it’s vital that your branch employees are discussing treasury products with new and existing customers. Here are six steps to get started:
Step 1: Leadership Creates a Top Down Directive
Everyone from the bank president to newly-hired employees should realize and emphasize the importance of treasury revenue. In other words, your bank can’t rely on branch staff to carry the program. To improve revenue, leadership must make treasury products a priority.
Every region, bank, and individual employee should be on board. To accomplish that, there should be a top-down directive from upper management on the importance of cross-selling treasury products.
Step 2: Set Goals and Metrics for Employees
Once bank leadership has communicated the importance of treasury products, it’s time to set measurable and attainable goals for branches and staff.
Monitor your numbers often and follow up on them. Your reporting should compare goal numbers with actual numbers, and track progress over a period of time. Don’t forget to recognize bank employees that meet or exceed expectations. Recognition will keep your staff motivated.
Step 3: Run an ACH Report
Tap into your existing customer base with ACH mining. BASYS works with our partner banks to provide a list of ACH descriptors that will allow you to pinpoint existing bank customers that are currently processing elsewhere. From there, you’ll just need to determine which other products the customer is utilizing. This is an easy way to determine where there is an opportunity to cross-sell.
It’s important to mention that these leads are invaluable. As existing customers, they already trust you with their banking needs, and are likely to trust you for other services as well. You should assign each customer on these reports to a bank employee for follow-up.
Step 4: Incentivize Referral Activity
Incentivize bank employees to promote treasury products through referral bonuses, commissions, referral campaigns, and recognition. You’ll be amazed at the promotion your treasury products receive when an incentive is on the line.
These campaigns should be utilized regularly, but make sure you’re changing them up for top-of-mind awareness. If you’re not sure where to start, BASYS frequently sponsors quarterly referral campaigns. We’d be happy to discuss options with your bank.
Step 5: Require Treasury Products with New Business Loans
To boost treasury department revenue, consider requiring certain treasury products as a loan covenant for new business loans. Of course, you want to listen to the needs of your prospective customer before requiring a product.
This means it’s vital that your treasury management specialist is involved in initial meetings. After a proper needs assessment, they’ll be able to offer a customized proposal that includes treasury products that will be most useful to the customer.
Step 6: Educate Your Staff
Bank employees will always be hesitant to bring up products that they don’t fully understand. They might be afraid to be asked a question they don’t know the answer to. This is why education is so important.
Implement cross-training seminars so bankers are educated on all your product offerings. Training should be ongoing to keep employees engaged, and can include webinars, lunch-and-learns, new employee boot camps, and more.
BASYS Processing as a business partner
If your processor isn’t delivering top-notch customer service and strategies to help grow your program, please call BASYS Processing at (800) 386-0711. Let’s talk about creating a true business partnership that will help you meet and exceed your goals.
BASYS Processing features:
– 90% + Customer Retention Rate
– Live operator when your merchant customers need support – no automated voice systems
– Dedicated relationship manager for questions and concerns
– Proactive contact with every merchant to walk through the annual PCI process
– In-house PCI Team to assist with questions and concerns
– Founded by a family who previously owned a bank
– Track record of successful bank partnerships
– Thorough Market Analysis followed by mutual plans and goals to grow your portfolio
– High-quality service mentality, similar to your bank
– Vested interest in protecting your bank’s hard-earned reputation
– In-depth initial bank training
– On-going bank training via weekly call and boot-camp programs
– Open line of communication between BASYS, you, and your customers
– Quick response time for your questions and concerns; you are a priority
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, and solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personalized Payment Processing.
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