TECHNOLOGY BOOSTS SALES CULTURE AT SOUTHBRIDGE SAVINGS BANK

What is the toughest task facing bank management? Changing the bank’s culture from “wait-and-serve” to active sales. Southbridge Savings Bank in Southbridge, Mass. has done the job, tripling overall sales performance in the last two years through focused management and automated sales tracking technology.

“We are convinced that the bank’s long term viability requires a concerted sales effort,” said Joseph W. Sandagato, III, Director of Sales and Marketing for Southbridge Savings Bank. “Senior management recognizes that new product sales are a fundamental component in long-lasting customer relationships. That’s why we invested in tools and training to change our traditional operations focus to one of proactive consultants.”

Making that change required the bank to gain an accurate view of sales performance. Southbridge Savings found its answer in the Sales Incentive component of COCC’s Pathfinder Product Suite. The product is a sales referral, tracking, and incentive compensation system developed by NSS Corporation and tightly linked with COCC’s INSIGHT core processing system.

The COCC Sales Incentive system quickly became the centerpiece of the bank’s sales effort and was a key component in its culture change.

Before using COCC’s Sales Incentive system, the bank tracked sales by hand, based on cross-sales volume by employee for standard loan and deposit products. The sales tracking process never inspired management confidence.

By contrast, the Sales Incentive system collects sales information each day automatically from the COCC core system. Every month, the system condenses the sales figures into a variety of snapshots which are circulated to managers throughout the bank. Managers use the data snapshots to pay sales incentives and to coach front line employees on their selling skills.

“Part of our challenge was to ensure that the right people were getting the right information,” said Todd Tallman, Chief Financial Officer. “Prior to the COCC Sales Incentive system, we spent six hours each month producing, checking, and correcting reports. We realized that the simple sales incentive plan we developed to support our first supermarket branch wasn’t going to work bankwide.”

The COCC Sales Incentive solution reduced Southbridge Savings’ six hours to a mere hour and a half per month – a 75% reduction. Tallman says the system automatically produces reports the way his staffers need them. “When you’re sales focused, reports should be accurate and timely,” said Tallman.

The program and philosophy behind it contributed to a tripling of overall sales volume at Southbridge Savings. Tallman reports that assets have grown 17% since the sales tracking system was installed, from $340M in 2003 to $400M at the close of 2005. “Certainly this growth is the result of several strategic moves,” Tallman commented. “But we can’t underestimate the sales side of the business.”

Tallman added that the system relies on a strong partnership between NSS Corporation and COCC. “We liked the people, the product, and the relationship between COCC and NSS,” said Tallman. “With both vendors committed to the relationship, things get done and the results are strong.”