National Iron Bank Uses Advanced Technology to Reach Out and Serve
By Steve Cornell, Executive Vice President, National Iron Bank
National Iron Bank has succeeded over the past several years just as it has for the last 150 – by controlling overhead and increasing income-producing activities.
Our mortgage business is brisk. Our customers have embraced lower cost delivery channels, such as debit cards, home banking, and eStatements, and we look forward to further cost savings through paperless service options.
To keep our expenses down, we outsource as much as we can and leverage technology to control costs. This approach has enabled National Iron Bank to nearly double our assets per employee since we selected COCC for outsourced technology services.
COCC’s advanced, integrated technology has enabled us to automate a number of processes, from core processing to eBanking. National Iron Bank has used COCC’s business intelligence platform to streamline workflows, keep our staff informed and to drive our “sales time” program that connects each teller to the sales process.
We generate lists of single service accounts, maturing CD accounts and dwindling balance accounts for our tellers to call. We also select data for our marketing agency to analyze. They identify income opportunities and develop a product phrase for each week for our tellers to use on their calls. The results have been very strong.
We reduced the number of dormant and inactive accounts from several hundred to just 12. When the rules changed for overdraft protection, we called our customers to inform them of their choices. Thanks to our calling program, we retained 90% of our overdraft protection customers.
Our conversations with customers have benefits beyond retention and sales. Too often we find that consumers and small businesses don’t understand what the bank has to offer or what they need to improve their financial futures.
For example, many consumers believe that home banking is not safe because of well-publicized crimes committed through the Internet. By discussing the facts about Internet-based risks and traditional paper-based banking risks, we can dispel misconceptions and demonstrate the greater security of Internet banking.
This may be an old fashioned way to do business, but we consider old fashioned to be high praise. If it’s old fashioned to treat banking as a profession, and to offer our professional services in a friendly and helpful manner, then we must plead guilty and proudly remind our public that National Iron Bank has been serving each of our customers the same way since 1847.