The Client Experience at BB&T
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The Client Experience at BB&T RICKY K. BROWN Sr. Executive Vice President Banking Network Manager March 21, 2010 The Client Experience Higher expectations of quality exist during times of economic turmoil ¾ The client seeks: ¾ A trusting relationship An advisor for financial education A true partner to depend on for solutions and advice The client experience must permeate the entire organization and be central to its strategies ¾ Executive Management must embrace, support, and expect superior sales and service ¾ Best Bank in Town Since 1872 2 Who We Are ¾ Southeastern regional bank located in 12 states and DC ¾ Established in 1872 Grown to over 1,800 branches Structured within 37 regions under our community banking model Serves over 6 million clients A value-driven, highly profitable growth organization During the 1990’s and early 2000’s, growth came largely from mergers due to compelling economics Recently, focus has been more on organic growth Best Bank in Town Since 1872 3 Market Coverage IN 2 Branches TN 57 Branches $2.5bn Deposits #6 Rank TX 22 Branches $810mm Deposits #53 Rank MD 130 Branches $6.6bn Deposits #6 Rank WV 78 Branches $5.3bn Deposits #1 Rank DC 12 Branches $1.2bn Deposits #7 Rank KY 90 Branches $4.2bn Deposits #3 Rank VA 392 Branches $20.0bn Deposits #3 Rank NC 359 Branches $33.7bn Deposits #2 Rank BB&T AL 93 Branches $5.8bn Deposits #4 Rank SC 116 Branches $6.3bn Deposits #3 Rank GA 178 Branches $11.1bn Deposits #5 Rank FL 308 Branches $16.4bn Deposits #5 Rank January 1, 2010 Deposit Market Share as of June 30, 2009 BB&T OFFICES BB&T BB&T Corporate Headquarters BB&T Branch BB&T Capital Markets BB&T Governmental Finance Lendmark Financial Services, Inc. BB&T Commercial Finance BB&T Sheffield Financial AFCO/CAFO/Prime Rate Regional Acceptance Corporation Scott & Stringfellow Grandbridge Real Estate Capital Sterling Capital BB&T Equipment Finance BB&T Insurance Best Bank in Town Since 1872 4 Who We Are ¾ Our fundamental strategy is to deliver the best value proposition in our market ¾ Recognizing value is a function of quality to price, our focus is on creating high quality resulting in the perfect client experience Our over-arching purpose is to achieve our vision and mission consistent with our values with the ultimate goal of maximizing shareholder returns Best Bank in Town Since 1872 5 The BB&T Experience ¾ Not just sales or service – it is BOTH Sales and service strategies are inextricably linked Focused on the client; embraced by employees ¾ Consultative ¾ Relationship-oriented ¾ Embedded in the entire organization ¾ Reinforced by Executive Management through practiced and structured models ¾ PCE Council IRM Council Best Bank in Town Since 1872 6 Sales & Service Culture Model BB&T Vision BB&T Mission Clients Employees Communities Shareholders Community Banking IRM Decathlon/Sales Management Consultative Sales & Retention Process Store Ownership Branch Value Sales & Service Process Perfect Client Experience Best Bank in Town Since 1872 7 The Perfect Client Experience (PCE) Where Sales & Service Begins Reliable I am dependable and my clients can count on me Responsive I act quickly to help my clients with their needs Empathetic I listen to my clients and am sensitive to their feelings Competent I am equipped with the skills and knowledge to help my clients Best Bank in Town Since 1872 8 The Experience Lives In The Value Promise ¾ Serves as a common language emphasizing strength, stability, how we do business, and our service commitment to clients and prospects ¾ Encourages employees to think beyond his or her business responsibility and consider how the entire enterprise can assist the client’s need Best Bank in Town Since 1872 9 BB&T Decathlon How Sales & Service Are Reinforced Daily ¾ Provides a standardized, systematic structure of events designed to consistently execute BB&T’s sales and service process MONDAY TUESDAY -Sales meeting -Morning Huddle (Branch, City, Region, Banking Network) -Product Knowledge Meeting WEDNESDAY -Morning Huddle THURSDAY FRIDAY -Morning Huddle -Morning Huddle -Perfect Client Experience Meeting -Debrief Meeting Role Plays, U-Practice Sessions, Coaching, Joint Calls, & Prospecting take place all week Best Bank in Town Since 1872 10 BB&T Decathlon Applies to both retail and commercial ¾ Emphasizes to sales leaders the importance of proactive client relationship management ¾ Focuses on ensuring balanced performance results that require a consultative sales process ¾ Best Bank in Town Since 1872 11 Consultative Sales & Retention Process Be the trusted advisor ¾ Deepen relationship management ¾ Increase value to the client ¾ Best Bank in Town Since 1872 12 Commercial Consultative Concept “The Five Buckets” Capital Formation Payment Solutions Employee Benefits Risk Management Personal Financial Needs Best Bank in Town Since 1872 13 Consultative Sales & Retention Process Identify client and prospect market Take care Learn more Care enough Prepare for the call Contact Management Client Retention Deliver PCE Commitments & Behaviors Schedule contacts Integrated Relationship Management Proactively service and resolve needs promptly Determine portfolio Sales & Service Designations Sales Process Execution (Pipeline Management) Close & determine next steps Identify & present solutions Prioritize needs O V E R C O M E Best Bank in Town Since 1872 Identify critical IRM partners Build/Cultivate relationships with IRM Partners Uncover reciprocal referral opportunities (Revenue Opportunities) Discuss current financial relationships & explore future needs Expand knowledge of company Warm Up and Build Trust O B J E C T I O N S 14 Retail Banking Consultative approach applies equally to Retail Banking ¾ Two segments of the Retail Bank ¾ ¾ Small Business Consumer Managed by Financial Center Leaders in the branches Best Bank in Town Since 1872 15 Small Business Consultative Concept “Bucket Light” Creates a seamless transition between the retail and commercial sides of the bank ¾ Utilizes a simplified approach to the commercial 5 bucket concept for small business clients ¾ Trains retail employees to identify commercial opportunities ¾ Encourages retail team to develop the basic relationship and escalate to commercial teams where necessary ¾ Best Bank in Town Since 1872 16 Consumer Consultative Concept ¾ Helping to manage the client’s household ¾ Financing the client’s lifestyle ¾ Life insurance, P&C, liability umbrella insurance, HSA Growing the client’s money ¾ House, car, boat (Direct Retail and Mortgage lending) Managing the client’s risk ¾ Checking, debit/credit cards, online banking (bundling) CDs, savings, Investment Counselor/Private Banker services Managing the client’s life events Education, inheritance, retirement, estate planning Best Bank in Town Since 1872 17 Branch Value Sales & Service Process Provide World Standard Service Display a Professional Image TLC Create quality referrals Client Retention Identify & Prioritize Prospects and Clients Contact Management Explain Alternative Banking Services Deliver Client Servicing Expand & Deepen Client Relationships Ensure Problem Resolution Effectiveness Ensure Process & Compliance Excellence DECATHLON COACHING IRM Exhibit Ownership and Empowerment Best Bank in Town Since 1872 Educate the Client Close the Sale of the Bundle Deliver the Assumptive Sale of the Bundle Schedule Contacts Prepare for the Call Six-Step Sales Process Provide the Client Service Commitment and Thank Client Determine Contact Frequency Why bank with BB&T? Welcome the Client 18 Store Ownership How Sales & Service Are Empowered Own the Market Best Bank in Town Since 1872 Own the Client Experience Own the Team Own the Own the Processes Economics & Compliance 19 Integrated Relationship Management - IRM Consultative Process Built On Integration ¾ ¾ ¾ ¾ The most critical element of IRM is a TEAM mutually committed to delivering the mission of BB&T to a client BB&T owns the client The Team owns the client relationship and experience A Relationship Manager coordinates that relationship Best Bank in Town Since 1872 20 Achieving The Perfect Client Experience Consultative Sales & Retention Process (CSRP) Store Ownership PCE IRM Best Bank in Town Since 1872 21 Community Banking Structure Where Sales & Service Thrive Provides strong foundation for our client-focused culture ¾ Empowers regional leadership to deliver customized local solutions to clients ¾ Reinforces more intimate bank/client relationship ¾ “We’re as big as you need us to be and as small as you want us to be” Best Bank in Town Since 1872 22 The Employee Experience ¾ Hire selectively ¾ Onboard consistently ¾ Focus on training and cross-training ¾ Recognize high performers and manage non-performers ¾ Result = Turnover at historic lows All of our models and strategies mean nothing without having the right people in the right jobs doing the right things Best Bank in Town Since 1872 23 The BB&T Leadership Model BELIEFS COACHING RESULTS Best Bank in Town Since 1872 BEHAVIORS 24 The BB&T Coaching Model KNOW COACHING GROW Best Bank in Town Since 1872 SHOW 25 Our Mission To make the world a better place to live by: Helping our CLIENTS achieve economic success and financial security; ¾ Creating a place where EMPLOYEES can learn, grow, and be fulfilled in their work; ¾ Making the COMMUNITIES in which we work better places to be; And thereby: ¾ Optimizing long-term return to our SHAREHOLDERS. ¾ Best Bank in Town Since 1872 26 Our Vision TO CREATE THE BEST FINANCIAL INSTITUTION POSSIBLE “The Best of the Best” Best Bank in Town Since 1872 27 Our Values Best Bank in Town Since 1872 28 Sales & Service Culture Model BB&T Vision BB&T Mission Clients Employees Communities Shareholders Community Banking IRM Decathlon/Sales Management Consultative Sales & Retention Process Store Ownership Branch Value Sales & Service Process Perfect Client Experience Best Bank in Town Since 1872 29 The 5 “C” Employee Cheerful Committed Confident Best Bank in Town Since 1872 Cultured Competent 30 The Client Experience - Results Current internal client service measurement scores are at an all-time high ¾ J.D. Power rated BB&T Above our primary competitors in the Southeastern region for retail banking satisfaction1 Second Best Small Business Bank2 ¾ Won more 2009 Greenwich Excellence Awards than any other bank in history3 ¾ Best Bank in Town Since 1872 1 Top Southeastern competitors included Bank of America, SunTrust, and Wachovia 2 Tied for second with Huntington National Bank 3 First time Greenwich had Small Business Banking and Middle Market Banking Awards in the same year. 31 The BB&T Experience - Summary Performance Zone Performance Zone Best Bank in Town Since 1872 Positive Prepared Persistent Productive Passionate 32
