Every year, you visit your doctor to answer questions and run tests to ensure you are in good health. Similarly, as a bank representative, your job is often to poke and prod into the well-being of your customers by conducting a “financial checkup”. While each banking institution may use various sets of guidelines and practices when performing a service review, there are some questions all reps should keep in mind when talking with their business merchants.
Here are three questions you should research and relay to your customer:
- How has the merchant’s evolution changed their needs for different services/accounts?
As their organization evolves, so does their banking needs. Whether they’ve opened a new location or streamlined their brick and mortar efforts to reduce overhead costs, there may need to be adjustments made to their accounts/services to reflect their business’s changes. Check to see if there are redundancies in their accounts or if any services should be consolidated. Not only does this save the merchant from paying for services that aren’t being fully utilized, it also helps them build a stronger trust and relationship with you, leaving your customer assured you have their best interest at heart.
- What is the function of each specific service they have?
This is also an opportune time to review and explain each service the organization currently uses in detail. While reviewing, you and your customer can better determine if it sill fits the business’s requirements. If it’s been a while since you’ve reviewed their banking services, you may also suggest services that you believe might be a better fit for the merchant’s current needs.
- If a new product/service is being offered, what previous services are being replaced?
Weigh the pros and cons against suggesting a new service to your client. Will the new service be replacing a current one? Check to see if the addition would cause any redundant or overlapping services and adjust as needed. Be sure to sufficiently explain why the new product is a good choice for their business so that the merchant fully understands the benefits.
Your conversation with your business merchants can help determine what services can be adjusted or streamlined to best suit their needs going forward. Remember, as their business grows and evolves, so does their banking needs. Ensure you clarify how each product works and how it benefits their needs. Your merchants should leave feeling confident that the services they are utilizing are the right fit.