Customer-centric initiatives require a deliberate strategy that speaks to individuals' needs, rather than a one-size-fits-all approach.
For Om Kundu, first vice president, treasury and payments solutions, product management, at SunTrust Banks, executing and synchronizing such a strategy depends on partnerships formed within the organization. "Forming partnerships across, down, and throughout the organization is an imperative, and so is a strong culture of accountability and recognition," Kundu says.
Kundu says that investing the time and work in creating alliances and partnerships at SunTrust helps teammates appreciate what is ultimately right for the client and for the greater enterprise. "It's about being able to applaud and recognize folks within the team, as well as in cross-functional teams," he says, "and being able to call a spade a spade."
It's also about actively engaging teammates by seeking their input. Creating processes to "bubble up" frontline feedback helps build value and innovation for SunTrust and for its clients. "It helps to drive better client experiences and replenish the pipeline of growth," he says. "As the number of channels through which we deliver our products continues to proliferate, success lies in our ability to transform our leading-edge product capabilities into solutions that makes things 'fast, easy, and simple' for our clients."
A robust 360-degree delivery model and personalization strategy can also help support the bank's loyalty framework. Client interactions aren't based solely on a single product purchased, but rather on the number of product-relationships a client has. He calls this relationship currency. So if a client has a money market account and a checking account, they should receive relevant product-offers and incentives based on both. Only by teammates working together across the franchise is this possible.
"The most gratifying part of it for me is when our clients and teammates tell me that what we're doing is making the institution one that everyone wants to bank with."