Delivery channels have morphed from ATMs and call centers to mobile banking. Recently, ITMs have become the newest way to reduce branch staffing requirements. How do you determine which advancements are right for your bank? How do you better manage the channels you have?
Making good channel management decisions involves a deep understanding of your unique value proposition, market share and the concentration of the market leaders. Unfortunately, if you still produce monthly channel reporting that is focused on an income statement and a balance sheet, you may be missing critical information. There are several challenges with traditional measurement that must be overcome so that you have the best perspective for managing delivery channels effectively.
To best maximize your delivery channels:
- Know your unique value proposition.
- Don’t try to be everyone else – be the best YOU that you can be.
- Create appropriate metrics that align with your value proposition and measure to a fine detail with appropriate tools.
- Engage everyone in owning success.
- Be realistic.
- Don’t be afraid to sit out the newest shiny object.
- Channel management requires a broad skill set and has elements of art as well as science.
- Identify leaders in your markets and watch them closely.
- Don’t be married to your core vendors.
- Remember the basics.
- Be honest with your ability to handle the change.
Profit Resources specializes in identifying profitability improvement areas for financial institutions through revenue growth, cost control, streamlining processes, and effective use of technology. Contact us to learn more about our personalized approach to effectively managing delivery channels to strengthen profitability.