Treasury Management with the Client in Mind, Part 1

Competing in the treasury management space is becoming more challenging as technology expectations grow. It’s also a highly desirable (and profitable) space for the FI to play in. So, what can the FI control when serving the all-important treasury management client base? They can provide a client-centric experience from start to finish. 

Control and streamline the sales process 

  • Resist pushing products without identifying critical business needs. The FI should know what keeps the business owner up at night. Aim to identify pain points, how the business moves money and handles cash flow. When you listen to the underlying needs, you’re in a better position to provide effective solutions. 
  • Provide straightforward and streamlined paperwork for set-up. The FI should identify and review all products and services that the client currently utilizes or needs, including an admin within the company, dual control and notifications/alerts. Utilize system workflows, where appropriate, to fill in as much information as possible and provide the ability to eSign for client signatures. Set expectations with the client for Service Level Agreements (SLAs) for set-up times, generally 24 to 48 hours. Finally, implement a quality assurance process to ensure set-up is correct. 

Control the onboarding process 

  • Have a defined onboarding agenda but cater to the sophistication of the client. The FI will review the set-up paperwork to ensure everything is covered and schedule a time for client training on the systems. Offer recorded training sessions as an alternative.
  •  Develop SLAs around ongoing support. Ensure that the FI and client know who owns the client relationship and who will answer questions and resolve problems. These can include the relationship manager, the treasury management support staff, operations or the call center. Agree upon the best communication method, whether phone, email or chat, and have a defined process for escalation.

In the next blog, we will discuss controlling the internal FI commitment and the handling of merger/acquisition treasury management clients to ensure a client-centric approach.

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 propel growth and improve profitability.

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