Can Technology Modify Your Behavior?

Colin Piper, Credit Union Magazine
April 20, 2007

Can technology modify your behavior? If you answered “yes,” you're probably correct. There are few things we do today that aren't affected by technology.

Credit unions have recognized the opportunity to use technology to modify members' and employees' behavior. For example, the increased popularity of the Internet means more members now use online banking and bill payment, which is more cost-effective for the credit union and more efficient for the member.

Credit union employees also use technology to modify their behavior to maximize competitiveness and productivity to increase sales effectiveness.

In today's credit union it's more crucial than ever for the front-line staff to capitalize on cross-selling opportunities. However, according to the “Front-line Mystery Shop” study from Los Angeles-based Cohen Brown® Management Group Inc., 74% of front-line staff don't recognize the clues of a sales opportunity.

This means opportunities are being missed, and a negative front-line employee retention cycle is being created. While several factors may play a part in this phenomenon, lack of training is at the top of the list. To break this cycle, credit unions must provide the tools and support staff need to be successful.

As we all know, some employees simply aren't born salespeople. But that's not to say specific training can't prompt them to think as salespeople. True sales effectiveness tools serve as an investment in cross-selling. They focus on training and enabling a credit union's tellers and service representatives to anticipate and meet members' financial needs. Using technology solutions that effectively combine components of customer relationship management functionality with components of sales effectiveness consulting, front-line technology can empower credit union employees to permanently and positively improve front-line behavior to the point (ideally) of listening to and anticipating members' needs.

By monitoring and tracing human behavior, employees can identify and implement performance changes that improve member retention and increase member relationships. This further maximizes competitiveness and productivity, and creates an improved environment for the front line. Even the smallest of adjustments can have a positive ripple effect on both sides of the counter. Being successful in sales further provides front-line staff with a sense of value as part of the overall credit union culture and members with a sense of attention and inclusion. In order to truly succeed, this concept and philosophy must be embraced by a credit union's entire culture. While many credit unions have a wish list of sales effectiveness goals and tools, increased competition and diminishing accounts and deposits are forcing many credit unions to move quickly in adopting and working to achieve the goals on their list.

Colin Piper is president of Econiq, a Boston-based company that provides an enterprise suite of software solutions to maximize competitiveness and productivity for financial institution by enhancing frontline sales effectiveness.

This story first appeared at www.creditunionmagazine.com and is reprinted with permission.